Blockchain.com To Launch New NFT Marketplace

The crypto exchange and wallet company Blockchain.com has announced that it’s launching a new NFT marketplace soon.

Blockchain.com Announces NFT Marketplace, Opens Early-Access Registrations

The firm has announced today that a new non-fungible token marketplace is soon coming to the platform, and those looking to get early access can register themselves in the beta waitlist on the official website.

According to the company, users will be able to buy, sell, and store NFTs directly in their Blockchain.com wallet in the coming weeks.

The platform’s main aim is to make the process of purchasing non-fungible tokens as simple as buying cryptocurrencies.

Over the last ten years, we’ve helped tens of millions of people access crypto by providing an easy way to buy, sell, swap, store, and earn crypto. Now we want to make it easy for people to access the exciting, new NFT market.

Ahead of the launch of the non-fungible token marketplace, Blockchain.com has also added an NFT explorer to its website.

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“We want to make accessing the NFT market as easy as accessing the crypto market,” said the company in the announcement. “With the Blockchain.com NFT marketplace (in beta), you’ll be able to browse, buy, sell, and securely store NFTs without ever leaving your Blockchain.com Wallet.”

State Of The Non-Fungible Token Market

Earlier in the year, the NFT market had its first major boom where the weekly trading volume crossed $190 million during May. However, shortly after, the market crashed almost 90%.

This huge decline made some think the bubble might have popped and the market wouldn’t recover. But another boom started by August, and the market reached much higher peaks than in May.

At the end of August, the weekly trading volume broke $1.6 billion, which still remains the metric’s all-time high till date.

Although the volume has significantly dropped off since then, there has still been a healthy amount of interest in the market.

Related Reading | Bitcoin Expert Explains Why An NFT Armageddon Might Be Coming Next Month

Here is a chart that shows the trend in the NFT weekly trading volume over the past year:

The current trading volume seems to be around $280 million | Source: NonFungible

Incidentally, the 90% NFT collapse back in May was triggered by the Bitcoin (and the wider crypto market) crash that occurred then.

At the time of writing, BTC’s price floats around $57k, up 5% in the last seven days. Over the past month, the crypto has shed 9% in losses.

The below chart shows the trend in the price of Bitcoin over the last five days.

BTC's price continues to consolidate | Source: BTCUSD on TradingView

Featured image from Unsplash.com, charts from TradingView.com, NonFungible.com