Barely 48 hours after coinbase announced the opening of it NFT waitlist. More than a million people have signed up, it was revealed.
Sanchan Saxena, the Vice President of product at Coinbase said yesterday that the “insane” amount of traffic from signing up to waitlist temporarily broke the site.
Coinbase NFT will first support the Ethereum-based ERC-721 and ERC-1155 token standards, there are plans to extend support to other blockchains in the future.
“Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace.
— Sanchan S Saxena (@sanchans) October 13, 2021
There are almost 1.1 million people waiting for early access to the NFT platform.
Coinbase’s decision to go into the NFT market comes after competitors like FTX and Binance both launched their own NFT marketplaces.
Binance NFT opened in June, with a clear objective to provide low transaction costs, while FTX and FTX.US launched their NFT platforms with limited functionality last month.