Coinbase's ability to grow and innovate at the right time has maintained its position in the crypto industry. In one final rush for 2021, the San Francisco-based crypto exchange has added support for non-fungible tokens (NFTs).
On December 14, Coinbase announced it had successfully upgraded its self-custody wallet, allowing users to add and view purchased NFTs.
Hold and Keep Your Tokens Without Stress
As part of the move, the Coinbase Wallet will now support NFTs, allowing users to seamlessly access several top NFT marketplaces like OpenSea and Rarible. Users can buy NFTs, store them, even build collections from their Coinbase Wallets.
Coinbase has yet to specify the date for the full rollout, but confirmed users will need to install the latest versions of its browser extension to get NFT support.
This isn't the first time Coinbase has talked about supporting NFTs for its customers. In October, the company announced it would launch Coinbase NFT - a peer-to-peer marketplace for NFTs allowing customers to create and sell their tokens without any arduous processes.
"Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity…. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist's experience at the forefront," Coinbase claimed.
Coinbase Fully Commits to NFTs
Coinbase added that the new NFT marketplace would give complete control to creators while expanding communities and ensuring growth for the larger creator economy. It will be interesting to see how the marketplace competes with big names like OpenSea, which already have massive followings from 2021's NFT mania.
As part of its plans for 2022, Coinbase claimed it plans to extend NFT support significantly. The company wants a decentralized crypt exchange, making its trading feature more affordable and accessible. The Coinbase Wallet already has a decentralized exchange integration, allowing users to move money and make seamless conversions across several other decentralized exchanges.
In addition to creating a wallet NFT marketplace and supporting tokens, Coinbase has also partnered with investors to expand the NFT market. On December 15, Thirty Five Ventures - a venture capitalist form run by basketball star Kevin Durant and his manager Rich Kleiman - announced they had partnered with Coinbase on NFTs.
Under the agreement, Thirty Five Ventures will create NFTs with Coinbase. The NFT drops will come with content discussing NFTs, crypto, and Coinbase's history and growth in the fledgling crypto market. The partnership will also support the philanthropic efforts of the Kevin Durant Charity Foundation.
"Historically, premium has meant brands that have been around forever, like Mercedes, Rolex, and American Express. But in five years, Coinbase has become representative of that era and is in line with our premium brand philosophy. And we're getting into this formalized agreement with a company that is just scratching the surface on where it's going," Kleiman said of the partnership.
A Great 2021 and Hope For 2022
Support for NFTs is just one way Coinbase is finishing 2021 on a high. The company had a whirlwind year, starting with its successful listing on the NASDAQ.
While the stock debut coincided with the market downturn, Coinbase showed significant resilience and maintained its place in the industry. The company's market capitalization stands firmly above the $60 billion mark, and investors are excited to see how it performs in 2022.
Apart from the massive listing, Coinbase also partnered with Novi - the digital wallet project from Meta. The partnership will ensure that Coinbase's custody service will help Novi's operation, allowing customers to keep their funds secure at all times.
Coinbase Custody is one of Coinbase's most successful products. It's become the crypto industry's leading custody service provider, managing over $180 billion in assets for customers. Under the Novi partnership, users will be able to acquire Pax Dollar (USDP) tokens with their Novi accounts. Novi will keep them safe using Coinbase Custody. Tokens will be transferable instantly, and Coinbase has assured optimal security.
There are many storylines to watch in 2022 as the crypto market heads for what could prove an even bigger year. Coinbase put itself in a strong position for the year, and all eyes will be on the company.