The massive number of registrations crashed the website on the day of the announcement. The waiting list represents 1.5% of Coinbase users and is larger than OpenSea’s monthly active users.
Expectations grow around the first effort of Coinbase in the space of tokens non-expendable (NFT), and many people are eager to be the first to join the project.
In less than a week, more than a million users have signed up for the waiting list for the recently announced NFT platform of Coinbase. Brian Armstrong, co-founder and CEO of the exchange, reported in a tweet on the massive waiting list, which represents about 1.5% of the total users of Coinbase.
Over 1M people have signed up for Coinbase NFT since we launched yesterday ????https://t.co/pNE3nfFmyW
– Brian Armstrong (@brian_armstrong) October 14, 2021
According to data published by the company during the second quarter of 2021, the exchange has accumulated some 68 million verified users. This means that the million people waiting for the launch of the new platform translates into 1.5% of existing users of Coinbase.
As reported Decrypt this thursday, the list has reached a figure of 1.4 million users, so it is expected to break 2 million before the end of the week.
Thousands of people wait for Coinbase NFT
As reported DailyBitcoin, Coinbase, the main exchange cryptocurrency exchange, announced Tuesday that it will soon launch a platform for trading digital collectibles. The platform, called “Coinbase NFT“Represents the exchange’s first foray into the NFT space, a promising sector that has grown rapidly this year.
Initially, the platform will support the ERC-721 and ERC-1155 token standards based on Ethereum, with plans to expand support to other blockchains in the future. It is expected to launch later this year.
As part of the announcement, Coinbase opened one waiting list for all those interested in having early access to the initiative. Only people over 18 years of age and residing in the US can join the waiting list, as the platform will initially be available only to users in that jurisdiction; although the exchange has indicated that it plans to add more countries in the future.
But even though it is only for customers in the US, the massive number of registrations for the waiting list seems to be crashing the exchange’s website. Prior to tweet Armstrong, Vice President of Product for Coinbase, Sanchen Saxena, had already highlighted the same Tuesday that high user traffic was disrupting the web portal. He wrote on Twitter:
We are getting a LOT of subscriptions, so thankful for all your interest. We are seeing crazy loads on our servers and our team is working hard to solve it. Check back soon!
Soon after, Saxena confirmed in another post that the problems had been fixed and that the page was operational again for early registrations.
Competition for OpenSea, Binance and FTX
With more than a million people waiting for the launch of Coinbase NFT, the platform could become a major competitor for other markets, including the giant OpenSea.
The platform OpenSea It is one of the main NFT trading market. According to data from DappRadar, OpenSea It has a 30-day moving average of 260,000 active users who have made a combined 2.49 million transactions, for a volume of more than $ 3 billion in the last month.
Surprisingly, the NFT platform waiting list number Coinbase is almost four times greater than the number of weekly active users of OpenSea. “Coinbase’s NFT waiting list is already larger than OpenSea wallets. Probably somethingWrote user @NathanCRoth on Twitter.
Coinbase’s nft waitlist is already larger than OpenSea’s wallets.
– NATΞ R ◎ TH (@NathanCRoth) October 13, 2021
Coinbase not only will it have to compete with the reputed digital collectibles platform, but also with some of the major exchanges who have also decided to expand into the growing NFT space. This week, cryptocurrency exchange FTX announced the official launch of its marketplace for NFT trading, with support for Solarium and soon for Ethereum.
In the meantime, Binance, the largest cryptocurrency exchange in the world, has also ventured into this sector with the launch of its own NFT platform.
Hannah Estefanía Pérez’s version / DailyBitcoin
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