Coinbase Brings Support for Non-Fungible Tokens (NFTs) in Its Browser Wallet

Coinbase’s browser wallet now supports NFTs giving users the ability to view their NFT collections as well as get access to leading NFT marketplaces like OpenSea. 

Non-fungible tokens (NFTs) have taken the crypto markets by storm this year in 2021. Over the last few months, every big player has been jumping into the NFT game and testing waters. As the use of NFTs among retail players also expand, US cryptocurrency exchange Coinbase announced some fresh upgrades to its self-custody wallet. On Tuesday, Coinbase announced the support for NFTs to its desktop browser wallet. This will give users the ability to view their NFT collections as well as get access to leading NFT marketplaces like OpenSea.

Support of NFTs by Coinbase Wallet

Although Coinbase didn’t mention the exact date of the rollout, it noted that users will need to have installed the latest version of the browser extension installed in order to access the features.

Moving ahead in 2022, Coinbase is planning to expand the support for non-fungible tokens (NFTs). It also plans to improve the accessibility and affordability of its native decentralized exchange trading feature. Coinbase Wallet also features a DEX integration allowing users to convert their holdings through different decentralized exchanges (DEXs).

With the NFT mania all over the crypto market, the NFT sales are likely to top $17.7 billion by the year-end. As per data from Nonfungible, the NFT weekly sales peaked out at $1.6 billion in August this year.

Additional Upgrades to Coinbase Wallet

Apart from introducing the NFT feature, Coinbase is also working for providing better support for testnets and alternative networks. The recent upgrade to Coinbase Wallet will display users’ token balances across all supported networks such as Avalanche, Arbitrum, Fantom, Binance Smart Chain, Polygon, etc.

Furthermore, the Coinbase Wallet will also support EIP-3085. Thus, whenever the Coinbase wallet interacts with decentralized applications EIP-3085, it will lead to a better user experience for the end-user. Another good thing is Coinbase is also integrating decentralized exchanges (DEXs) directly in the Coinbase Wallet interface. It will also use platforms like Uniswap and 0x for those trades. Via its native DEX feature, Coinbase also collects a 1% fee on trades.

The upgrades that Coinbase is bringing to its Coinbase Wallet caters to some of its Web 3.0 initiatives. The company seeks to provide ways for crypto users to interact with DApps.

Blockchain News, Cryptocurrency news, News

Bhushan Akolkar

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.