Nearly 1.1 million people have signed up for the Coinbase NFT waiting list

 Coinbase’s NFT platform has had more than 1 million signups since the waitlist launched on Oct. 12.

Coinbase introduced the waitlist via a blog post announcing its upcoming NFT platform, which is expected to launch later this year. Dubbed "Coinbase NFT," the platform will initially support ethereum-based ERC-721 and ERC-1155 token standards, with plans to expand support to other blockchains in the future.

At the time of writing, there are nearly 1.1 million people waiting for early access to NFT platforms. Sanchan Saxena, Coinbase’s vice president of product, tweeted that “crazy” traffic from the waitlist temporarily crashed the site.

If Coinbase's user base (as of the second quarter of 2021, Coinbase has about 68 million certified users and 8.8 million monthly active users) is true, then the Coinbase NFT platform may soon become a serious competitor to giants such as OpenSea. According to DappRadar, OpenSea has an average of 260,000 active users over a 30-day period, and they have conducted a total of 2.49 million transactions in the past month.

According to the fine print, the Coinbase NFT platform will initially be available to U.S. customers over the age of 18, before expanding to international markets in the future.

Coinbase’s foray into the NFT space follows rival crypto exchanges FTX and Binance launching their own NFT marketplaces. Binance NFT, which launched in June, aims to offer low transaction costs, while FTX and FTX.US launched NFT platforms with limited functionality last month.

Cointelegraph reported earlier this week that FTX.US’ NFT marketplace has expanded support for the Solana blockchain.