Almost 1.1 million people have already signed up to the Coinbase NFT waiting list

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There have already been over a million registrations to Coinbase’s NFT platform since the waitlist went live on October 12.

Coinbase opened the waitlist via a blog post announcing its upcoming NFT platform which is expected to launch later this year. The platform dubbed “Coinbase NFT” will initially support the Ethereum-based ERC-721 and ERC-1155 token standards, with plans to expand support to other blockchains in the future.

At the time of writing, nearly 1.1 million people are waiting for early access to the NFT platform. Sanchan Saxena, vice president of products at Coinbase tweeted that the “insane” amount of traffic for the waitlist has temporarily put the site on hold.

Based on Coinbase’s user base – around 68 million verified users and 8.8 million monthly active users in Q2 2021 – the NFT platform could soon be in serious competition with giants like than OpenSea. According to data from DappRadar, OpenSea has a 30-day moving average of 260,000 active users who completed a combined total of 2.49 million transactions in the past month.

According to the fine print, the Coinbase NFT platform will initially be available to US customers over the age of 18 before rolling out to international markets in the future.

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Coinbase’s plunge into the NFT sector comes after competing crypto exchanges FTX and Binance both launched their own NFT markets. Binance NFT opened in June, the platform aimed at offering low transaction costs, while FTX and FTX.US last month launched NFT platforms with limited functionality.

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UKTN reported earlier this week that the FTX.US NFT marketplace has extended support for the Solana Blockchain.