Blockchain.com to Launch NFT Marketplace
- The cryptocurrency exchange has already opened a waiting list for the new platform, which will allow users to buy, sell, and store NFTs.
- In order to make the process of buying NFTs more straightforward and user friendly, Blockchain.com will add NFT functionality to its crypto wallet.
Shutterstock
Cryptocurrency exchange and wallet provider Blockchain.com is preparing to launch its own non-fungible token (NFT) marketplace, the company said in a blog post on 2 December.
According to the announcement, users can already sign up on a waiting list to receive access to the beta stage of Blockchain.com’s NFT marketplace, which will enable individuals to buy, sell, and hold NFTs. The company said its aim was to make the process of buying NFTs more straightforward and user friendly, which is why it will be adding NFT functionality directly to its crypto wallet. Blockchain.com said in its blog post:
“The growth and excitement in the NFT space is undeniable, but we see many of the same challenges to adoption that crypto faced in its earlier days. Specifically, accessing the NFT market is far too complex and unintuitive.”
It is no surprise that the exchange wants to enter the NFT space, considering the digital asset class has exploded in popularity this year. According to a report from analytics firm DappRadar, the trading volume of NFTs surged by 704% between the second and third quarter of this year, reaching a volume of almost $11 billion. This interest in the asset class has not only attracted the attention of sports teams and artists, but even film production companies.
Blockchain.com is not the first exchange to see the potential of NFTs and try to launch its own marketplace this year. One of the largest exchanges in the world, Binance, revealed its plans to launch an NFT marketplace back in April, while OKEx introduced its marketplace in September with the launch of its DeFi Hub ecosystem. FTX.US, on the other hand, became the first exchange to support both Ethereum and Solana-based NFTs in October.
- Users of Binance NFT can now use select blue-chip NFT collections as collateral to take out cryptocurrency loans.
- The platform will initially support only loans in ETH, and NFT collections Bored Ape Yacht Club, Mutant Ape Yacht Club, Azuki, and Doodles.
Shutterstock
- The Binance NFT marketplace said it will soon expand its multichain ecosystem, and add support for Bitcoin Ordinals, which are also known as Bitcoin NFTs.
- The platform said it will allow users to purchase and trade Ordinals directly from their Binance accounts, bypassing the need to create a separate inscription wallet.
- Magic Eden’s “fully audited” Bitcoin Ordinal marketplace will only support secondary sales of Bitcoin NFTs, though it is looking into tools to allow for easy mint of such collectibles.
- Royalties will also be unavailable from the start due to the lack of tooling on the Bitcoin network, but the marketplace is “actively looking” into the development of a new royalty standard.