Quick Take:
- Blockchain.com is launching an NFT marketplace.
- The crypto exchange and wallet provider wants to capitalise on the rising interest in non-fungible tokens.
- Users will be able to buy, sell and store NFTs.
Blockchain.com said on Thursday it is looking to introduce an NFT marketplace. The platform already offers crypto exchange services and a crypto wallet. Blockchain.com is among the first crypto platforms to offer wallet services, dating back to 2011. It now wants to explore opportunities in the rapidly growing NFT market.
The platform has already opened a waiting list for the new service as it looks to move from the current process of buying and selling NFTs, which the company explained as being complex and unintuitive.
Announcing the waiting list via a Medium.com blog, Blockchain.com said, āover the last ten years, weāve helped tens of millions of people access crypto by providing an easy way to buy, sell, swap, store, and earn crypto. Now we want to make it easy for people to access the exciting, new NFT market.ā
The waiting list gives users that sign up earlier access to the NFT marketplace, allowing them to buy, sell and store NFTs in their Blockchain.com wallets.
Currently, if someone wants to buy, sell and store NFTs, they would have to go through a crypto exchange, where they can buy regular cryptocurrencies, then transfer that crypto to a crypto wallet, before connecting the wallet to an NFT marketplace, where they can then browse various NFTs to buy and store in the wallet.
Blockchain.com wants to make it a smoother process by offering an all-in-one NFT marketplace. The platform is following the trend set by other crypto exchange platforms like Binance and FTX.US, which have launched their own NFT marketplaces.
Another major crypto exchange Coinbase launched their own NFT market waiting list in October. The company confirmed that it has already received 2.5 million emails on the waiting list.
Coinbase co-founder Brian Armstrong told Bloomberg last month that the non-fungible token market has the potential to rival, or even be greater than the regular cryptocurrency market.
In a report by Cointelegraph, NFT sales are expected to exceed $17.7 billion this year, up from about $340 million last year.
The recent surge in NFT interest seems to be driven by an influx of celebrities and athletes into the industry. Snoop Dogg became the latest artist to drop an NFT collaboration this week.
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