There have already been more than 1 million sign-ups for Coinbase’s NFT platform since the waitlist went live on Oct.12.
Coinbase opened up the waitlist via a blog post announcing its upcoming NFT platform which is slated 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, there are almost 1.1 million people waiting for early access to the NFT platform. Sanchan Saxena, the Vice President of product at Coinbase tweeted that the “insane” amount of traffic for the waitlist temporarily broke the site.
If Coinbase’s user base is anything to go by — around 68 million verified users and 8.8 million monthly active users as of Q2 2021 — the NFT platform could soon provide some serious competition to giants such as OpenSea. According to data from DappRadar, OpenSea has a rolling 30 day average of 260,000 active users who have conducted a combined total of 2.49 million transactions over the past month.
Users who hold debit cards issued by cryptocurrency exchange Bakkt will be able to convert their crypto balances to make fiat payments using Google Pay.
In an Friday announcement, Bakkt said it had partnered with Google to allow its users to purchase goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay wallet and payment system. In addition, Bakkt plans to build new analytics and geolocation functionality on its platform using Google Cloud tools. The exchange hopes that the features will expand loyalty redemption options “while providing Bakkt partners with valuable consumer behavior patterns.”
“This partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner,” said Bakkt CEO Gavin Michael.
According to Google, “millions” of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at “supermarkets, pharmacies, restaurants, clothing stores, gas stations, beauty shops” and others. The Bakkt partnership follows major crypto exchange Coinbase's June announcement that Apple Pay and Google Pay would offer support for its Coinbase Card. Gemini has allowed its users to purchase crypto with Apple Pay and Google Pay since April.
By laying the foundations of the Internet of Value, cryptocurrency and blockchain will generate more wealth than Web 1.0 and Web 2.0, said Mark Yusko, CEO of Morgan Creek Capital, in an exclusive interview with Cointelegraph.
“We haven't even gotten to the parabolic growth part of Web 3, which is going to create untold wealth,” stated Yusko.
In his career as a hedge fund manager, Yusko profited from investing in early internet technologies. He embraced cryptocurrency in 2017 after realizing their potential to power the Internet of Value — a new iteration of the internet that will allow users to exchange value directly bypassing financial intermediaries.
In comparison with the previous iterations of the internet, which revolutionized the spheres of commerce and media, the “trust net” — as Yusko called it — will generate an exponentially larger amount of wealth.
“Financial services is far bigger than information and media and commerce,” he pointed out.
However, Yusko is convinced that before entering a phase of parabolic growth, the crypto industry will need to overcome the opposition of traditional financial actors and possibly face another major correction.
“The incumbents really don’t want the disruptors to win, so they will fight really hard. They’ll throw up regulatory barriers — they’ll try to buy up the companies and shell of the technology,” he said.
This Daily Dose was brought to you by Cointelegraph.