The NFT market is growing and becoming more democratic. The niche, long in the shadows, is now becoming a vast field of initiatives that swing the lines. The latest, the Coinbase platform launches its NFT (non-fungible token) collection and exchange service, doing a double blow by partnering with United Masters, an American music distributor, which focuses on the remuneration of artists in cryptocurrency .
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[EN VIDÉO] How does cryptocurrency work? Like Bitcoin, today there are more than 6,000 cryptocurrencies in the world. These currencies are based on blockchain technology.
Cryptocurrency exchange platform Coinbase launches its own marketplace to trade and collect NFT. She took the opportunity to forge a partnership with United Masters, an American music distributor, in order to facilitate the means of payment in cryptocurrency for musicians. What if Coinbase launches into the NFTIndeed, his strategy seems rather coherent.
Cryptocurrency exchanges lack a revenue stream other than exchange fees and all non-fungible tokens traded in digital currencies. NFTs, for live not fongible (non fongible token), are digital assets issued by a blockchain, like cryptocurrencies. What makes an NFT particularly interesting for users is its unique side, it cannot be reproduced. Non-fungible tokens could well have a significant impact on the art market or even fashion for their intelligent properties.
Coinbase’s NFT marketplace will allow users to collect or trade all kinds of NFTs. This new market for non-fungible tokens has exploded completely in recent months, the volume global sales exceeded $ 10 billion in the third quarter (eight times more than the previous quarter). NFTs are widely associated with speculative cryptocurrency drifts and cause critics to fear a dangerous bubble medium term.
The waiting list of a million users!
A first waiting list has just been created to benefit from early access to the new Coinbase marketplace. In less than 24 hours, this waiting list had already reached more than 1 million users, says Brian Armstrong, the co-founder and CEO of Coinbase. For comparison, OpenSea, NFT’s most popular platform, had 200,000 active users last August.
In his article by blog, the Coinbase company explained that it wanted to create an intuitive experience to facilitate exchanges: “ If you’ve tried creating or purchasing an NFT, you’ve probably found that the user experience is lacking “, She wrote before adding that” Coinbase NFT will make buying, viewing and discovering NFTs easier than ever. We make NFTs more accessible by creating intuitive interfaces that put complexity behind the scenes ».
At the same time, Coinbase announces a partnership with United Masters, a US-based music distributor, to allow artists to be paid directly in cryptocurrency. The music business gives them the freedom and flexibility to choose whether they want to receive some or all of their salary in cryptocurrency. A risky choice all the same. Cryptocurrencies are indeed subject to a very high volatility and several American investigations are underway, particularly around stablecoins …
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