Major crypto commutation Coinbase has announced that it will be opening a waitlist for a nonfungible market it will launch later on this year.

In a Tuesday blog mail, Coinbase vice president of product and ecosystem Sanchan Saxena said the nonfungible token, or NFT, market place would allow its users to mint, purchase, discover and showcase Ethereum-based tokens. Co-ordinate to Saxena, the offering will let creators to maintain control of their artwork "through decentralized contracts and metadata transparency," with all NFTs on-concatenation.

The Coinbase annunciation comes post-obit crypto exchange FTX and its United States-based subsidiary introducing a market place wherein users are able to trade NFTs cross-chain through the Ethereum and Solana blockchains. Binance, the world's largest crypto exchange, entered the NFT market in June by launching a marketplace aimed at minimizing transaction costs.

With 68 million verified users and 8.8 million monthly agile users as of Q2 2022, Coinbase's entry into the NFT industry could provide contest for established marketplaces like OpenSea and Rarible. OpenSea's head of product Nate Chastain is facing criticism for using burner wallets to purchase NFTs on the platform so that the artwork could receive more attending on the website's forepart page. The platform mainly uses Ethereum, which dominates sales in the NFT market.

Related: Blockchains vie for NFT market, merely Ethereum still dominates — Report

According to data from DappRadar, the total transaction book on OpenSea was $viii.7 billion at the time of publication, making it the largest of the NFT marketplaces. NFT sales through the Pokemon-inspired Axie Infinity game came in second at $2.5 billion.