Crypto exchange giant Coinbase has announced it’s launching a nonfungible token (NFT) marketplace later this year. Meanwhile, don’t be surprised if you see Bored Ape Yacht Club images hitting mainstream entertainment before too long.
In a Tuesday blog post, Coinbase revealed it will be opening a waitlist for its upcoming NFT marketplace, which it’s dubbed, simply, Coinbase NFT.
It’s a move that follows two other major crypto exchanges entering the NFT game in a similar way. FTX launched its ETH/SOL cross-chain NFT market in September, while Binance entered the buzzy nonfungible sub-sector back in June.
Hello Punks and Penguins
Hello Cats and Kitties
Hello Apes and Art Blocks
We’re excited to announce the fast-approaching launch of Coinbase NFT, a new peer-to-peer marketplace where you’ll be able to create, buy, sell, and share NFTs.
Learn more here 👉 https://t.co/EsScpBP59i pic.twitter.com/YeMhS5cyII
— Coinbase (@coinbase) October 12, 2021
In the post, Coinbase’s vice president of product and ecosystem, Sanchan Saxena, wrote that the new marketplace will allow users to mint, buy, discover and display Ethereum-based NFTs.
And the exchange is emphasising creative control:
“We will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency,” wrote Saxena.
“All NFTs are on-chain. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. We’ll provide the best user experience, but we’ll never lock creators in.”
— 6529 (@punk6529) October 13, 2021
As Cointelegraph points out, with 68 million verified users and 8.8 million monthly active users as of Q2 2021, Coinbase’s NFT market move will likely spell hefty competition for the current nonfungible marketplace beasts OpenSea and Rarible.
Meanwhile, a “copypasta” Coinbase recruitment “joke” is being spread around several of Crypto Twitter’s NFT heads. Those guys…
Third time I see this tweet today, on separate accounts… what’s happening?
— A. S. (@a_skin2) October 13, 2021
U2 and Madonna’s manager inks deal with BAYC creators
Bored Ape Yacht Club – the NFT collectibles series that saw trading value of US$1.5 billion in five months and now has a floor price of 37 ETH (about US$128,000), could be going seriously mainstream. If Guy Oseary has anything to do with it, that is.
And he does have something to do with it, according to Variety, which broke the story yesterday.
Oseary is the founder of management firm Maverick, which represents clients including U2, Madonna, the Red Hot Chilli Peppers, Amy Schumer… and now the Bored Ape Yacht Club, which is owned and created by Yuga Labs.
Bono and Madonna in a three-way (music video) with a laser-eyed cartoonish-looking ape? Yeah, we can just about picture it.
Welcome to the club, @guyoseary ! ☠️🦍⛵️ https://t.co/PcUtD67zIF
— Bored Ape Yacht Club (@BoredApeYC) October 12, 2021
The overall ambition here is to send Yuga Labs’ creations out into the mainstream via the mediums of music, gaming, TV and film.
“Many people still have not heard of Yuga,” said Oseary in announcing the deal, as reported by Variety, “yet they are one of the highest-grossing talents of the year from any artform, including music and film.”
“They are originals, empowering their community of NFT holders by giving them IP rights to their purchased ape, and continually creating ways to add benefits and utility to the purchased artwork,” Oseary continued.
“The Apes at Yuga Labs and I have a lot of exciting initiatives for the community and we look forward to sharing them soon.”
The BAYC deal isn’t the first crypto-mainstream-entertainment crossover deal. In September, the CryptoPunks creators’ Larva Labs signed a representation deal in Hollywood with the United Talent Agency.
“Oseary is no stranger to all sides of the investing spectrum having been partnered with Ashton Kutcher for nearly two decades in their own VC firm, Sound Ventures.” https://t.co/Ff2p28nRi6
— economist 🍌 (@economist) October 12, 2021