CoinbaseNFTs are a great way to get involved.

On Tuesday, the cryptocurrency exchange announced that it will launch a platform where users can create, trade, and collect NFTs (non-fungible tokens). The company stated that users can join a waiting list to get early access to this feature.

The NFT is a unique digital asset that can be used to signify ownership of rare items or trading cards. The NFTs can not be exchanged for other currencies or bitcoin, but they aren’t transferable.

These tokens are in high demand and have seen a boom in sales this year. NFT markets topped $10 billion in transaction volumeDappRadar tracks information on crypto-based applications and predicts that it will reach the third quarter in 2021.

Some notable items include: almost $70 millionA digital collage created by Mike Winkelmann (also known as Beeple), was purchased for $350,000. first-ever tweet

Coinbase stated that their NFT marketplace Coinbase NFT will include “social functions” and tap into “creator economies,” an umbrella term for people making money online by sharing videos or other content.

NFTs can be used to fairly compensate artists whose incomes have declined because of the availability of online media. Critics view NFTs as another crypto bubble that is about to burst.

Still, a move into the NFT space could be a way for Coinbase to branch out into new revenue streams — the company is currently heavily reliant on exchange feesYou can find out more. The company would face off against several other cryptocurrency start-ups, such as Binance, Gemini, and OpenSea. OpenSea is also backed early by Andreessen Horowitz (Coinbase investor).

OpenSea surpassed 500,000 users last month admitted insider trading took placeOn its platform. According to DappRadar, the company is far and away the largest NFT marketplace.