Coinbase’s NFT Marketplace and Ethereum Layer-2 Network
- Coinbase’s chief protocol officer shared the plan for the NFT marketplace and Base.
- The company is working to change the misconception of people as it is ready to do product innovation, said the protocol chief.
At ETH Denver, Coinbase’s chief protocol officer Jesse Pollak said the company aims to change the minds of most people. As he said “If we look at the history of Coinbase and crypto over the last 10 years, it has been very commerce-centric. Our investment in Base is an investment in creating a platform that makes it easy for developers to build useful products on an on-chain platform, and then makes it easy for users to use these products through interfaces like Coinbase and Coinbase Wallet.
Base is an Ethereum layer-2 sandbox for decentralized applications. Coinbase – a crypto exchange, Base launched last month. And joining Coinbase in the launch include some blockchain companies such as oracle network Chainlink, Ethereum block explorer Etherscan and DeFi protocol Aave.
Earlier this year, the crypto exchange added new features to Coinbase Wallet. Features include transaction previews, token approval alerts, a blocklist of flagged dApps, and a spam token manager that automatically hides malicious airdrops.
Coinbase enters the NFT marketplace
Back in time, Coinbase launched a non-fungible token (NFT) marketplace last April. But it did not catch up according to the expectations of crypto exchange. Pollak said, “The first version of the product didn’t work as well as we would have liked. But we’ve iterated on that quickly over the last year, and I think we’re seeing a lot more signs of life and a lot more growth there.”
According to Pollak, the experience with the NFT marketplace is an indication of the culture of innovation at Coinbase and took big bets on some big projects like NFTs, Base and USDC. Pollak said “We launched the NFT marketplace last year and the goal was basically to help people coming from the off-chain world to access NFTs, learn about them and participate in this emerging economy.”
Together with ETH Denver, the crypto exchange announced the acquisition of a digital management company – One River Management. After acquiring the management company, Coinbase plans to enter its new Coinbase business line.
As Pollak said, this will help the crypto exchange bring in new clients as a registered investment advisor. He added “It is our mission; that’s why we’re here. We are here to create useful applications that can be globally accessible that increase financial freedom and bring billions of people into a better way of life.”
On the other hand, the recent tweet from Base says that ‘Base, Introduced’ NFT is in development.
Before that, Base also mentioned in a tweet that “the latest evolution of ‘Base, Introduced’ represents decentralization.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
