CoinSpot to Launch NFT Marketplace Within Exchange’s Own Platform

CoinSpot said Friday it will become the first crypto exchange nationally to offer its users the ability to buy NFTs within its platform

article-image

Credit: Shutterstock

share

key takeaways

  • CoinSpot said it wants to simplify the process for buying or selling NFTs and is planning to launch an NFT marketplace atop its platform
  • The marketplace will feature Bored Ape Yacht Club NFTs as well as BossLogic artworks

One of Australia’s largest exchanges by total users said Friday it is launching an NFT marketplace within its existing platform this week in a bid to simplify the buying and selling process.

The (non-fungible token) marketplace will initially list a curated group of well known NFT projects including Bored Ape Yacht Club and Australian Creator BossLogic’s Gauntlet series.

The exchange, which is approved by the country’s transaction watchdog AUSTRAC, is the first of its kind in the country to begin offering users the ability to make purchases within its platform, CoinSpot said.

CoinSpot is expecting to add more NFTs “over the coming months” as it attempts to ease what it sees as a burden when purchasing digital assets through external marketplaces.

“No other platform currently allows users to purchase NFTs with any crypto of choice,” a company spokesperson told Blockworks. The platform said users will be able to make purchases using most well-known crypto.

Current processes for buying NFTs from marketplaces such as OpenSea involve establishing a crypto wallet, connecting said wallet to a marketplace and ensuring the right crypto is loaded to place a bid.

Most well-known projects are denominated or sold for ether. Still, CoinSpot argues the problem lay in a newcomer’s lack of education around the technology and is seeking to reduce “technical barriers.”

“If we look back at the emergence of the early internet, it’s clear that building the most accessible, easy-to-use and secure technology is the key to mass,” said CoinSpot Chief Product Officer Gary Howells. “Everyday Australians shouldn’t have to jump through hoops or miss out on accessing projects just because the current process of buying NFTs is complicated and confusing.”

He said that people should have the same access to the market despite whether they were a layperson or a high-profile individual.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report - cover graphics (1).jpg

Research

In this report, we dive into crypto private market data to gather insights on where the future of the industry is headed. Despite a notable downturn in private raises, capital continues to infuse promising projects that aim to transform payments, banking, consumer experiences, community, and more, with 2023 being the fourth-largest year for crypto venture capital.

article-image

The results mark “a major positive inflection point,” one analyst says, as the exchange carries net income momentum into a crypto rally

article-image

While the slate of 10 US spot bitcoin funds have tallied $4.6 billion of net inflows thus far, half of the field is lagging the leaders

article-image

Trading volumes totalled $154 billion in Q4, including $125 billion in institutional volume

article-image

DeFi on Bitcoin is all the rage right now and Stacks is positioned to benefit

article-image

The Boston Globe reports that lawyer John Deaton is weighing a possible bid

article-image

Ethereum’s Dencun upgrade will enable Uniswap v4 to optimize smart contracts for complex functionality