Quick Take:
- Cryptocurrency exchange platform Coinbase will add an NFT tab to its browser wallet.
- The tab will let users access non-fungible tokens associated with their wallets from the browser.
- Coinbase’s crypto wallet will be among the very first ones to let users access a native NFT gallery feature.
Leading cryptocurrency exchange Coinbase on Tuesday announced its browser wallet will provide access to non-fungible tokens. The company is adding an NFT tab, that will display an NFT gallery to wallet holders.
The Coinbase browser wallet will also display user token balances individually from each supported network, including Arbitrum, Avalanche, Binance Smart Chain, Fantom, Optimism, Polygon and xDai.
The company has been working on testnet support features, so the browser wallet NFT tab arrives at a perfect time, allowing users to view all their assets from a single interface.
The wallet is also designed with the Ethereium Improvement Proposal, EIP-3085 in mind. This will improve the user experience for the end-user if the Coinbase wallet interacts with a decentralized application that also supports EIP-3085.
EIP-3085 makes it easier to interact with multiple networks, by allowing dApp developers to suggest specific networks for transactions.
Coinbase launched a self-custody wallet to make it easier for users to connect to third-party developer apps using tools like WalletLink and WalletConnect.
The crypto exchange platform has gone an extra step of integrating decentralized exchanges after partnering with Uniswap and 0x, allowing users to access DEX services directly from the wallet interface. The company charges a 1% fee on trades executed through its DEX feature.
The Coinbase wallet is seen as the company’s gateway to Web3, allowing scalability and interaction with multiple blockchains.
The company is also in the process of launching its own NFT marketplace to take on industry leaders OpenSea and Axie Infinity. In a recent update, Coinbase revealed that its NFT waiting list had already surpassed 2.4 million.
The NFT market has gained traction this year because of an influx of celebrity NFT drops, with the likes of Snoop Dogg and Katy Perry, being the latest artists to launch their NFT collections. The rapid rise in popularity has driven NFT sales, with recent Cointelegraph research predicting cumulative sales of about $17.7 billion by the end of 2021.
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