Coinbase opened up the waitlist for its NFT on Oct. 12. They announced via a blog post that they will launch their NFT later this year. Since then, there have already been almost 1.1 million signups that broke the site temporarily.
The Vice President of product at Coinbase, Sanchan Saxena, tweeted yesterday that the “insane” traffic from signing up waitlist crashed their site for a while. He said in his tweet:
“We just announced the upcoming launch of Coinbase NFT (http://coinbase.com/nft/announce). We are getting a LOT of signups – so grateful for all your interest. We are seeing insane loads on our servers, and our team is working hard to get this resolved. Check back soon!”
Coinbase has around 68 million verified users and 8.8 million monthly active users as of the second quarter of 2021. Its NFT platform could give some serious competition to giants like OpenSea.
“Coinbase’s NFT waitlist is already larger than OpenSea’s wallets. Probably something.” – A user tweeted
According to DappRadar’s data, OpenSea has a rolling 30 day average of 2.6M active users who performed a total of 2.49M transactions over the past month.
Initially, the NFT platform will be available to US customers before rolling out to other international markets. Coinbase jumped on the NFT bandwagon to compete with other crypto exchanges like Binance and FTX. This year, they both launched their own NFT marketplace, considering the number of signups Coinbase will soon give them tough competition.