The market for digital, blockchain-based assets known as NFTs just got a little more crowded. Crypto exchange Coinbase said Tuesday that it is planning to roll out a marketplace for non-fungible tokens this year. The company is following in the footsteps of rival exchange FTX.US, which opened its own NFT marketplace on Monday.
These entrants could be a threat to OpenSea, the marketplace dominating NFT sales. Since Coinbase and FTX.US offer trading and other services, adding an NFT marketplace could make them more like one-stop shops for all things crypto than a specialist like OpenSea. The new entrants could also pressure OpenSea and other marketplaces to lower their cut of sales, now at 2.5% for OpenSea and 2% for FTX.US.
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