Every bit cryptocurrency exchange Coinbase prepares to soon roll out its own nonfungible token (NFT) platform, the firm's CEO, Brian Armstrong, has assessed the importance of the company's upcoming NFT offering.

On Tuesday, Coinbase released its Q3 financial results, reporting $1.two billion in revenues, which by and large comes from the platform's transaction fees on trading cryptocurrencies like Bitcoin (BTC) and Ether (ETH). The firm is the largest crypto commutation in the Usa, with its shares publicly traded on Nasdaq.

Coinbase's NFT offering will significantly boost the exchange's operations, equally the NFT platform could potentially flip Coinbase'due south entire existing cryptocurrency business organisation. Armstrong made the statement speaking on a conference telephone call on Tuesday, Bloomberg reported.

"We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today," the Coinbase CEO said, calculation that it "could be as big or bigger" than Coinbase's cryptocurrency business.

Coinbase officially announced plans to launch its own NFT platform in mid-October, intending to allow its users to create, purchase, discover and showcase Ethereum-based NFTs. The service volition provide a social media-like experience, enabling users to follow different profiles and receive updates.

As Coinbase expects to launch its NFT platform later this year, a wide number of people have already expressed willingness to effort the offering. A few days later Coinbase started its NFT waitlist in October, more i one thousand thousand people had signed up for the platform.

The number of applicants has connected to grow rapidly, with Coinbase reportedly receiving over 2.5 million emails seeking to sign up for the marketplace so far. This is just a tiny portion of Coinbase's total 68 million verified users and viii.8 meg monthly active users as of Q2 2022.

OpenSea, the largest NFT market in the globe, processed over $1.7 billion worth of transactions over the by 30 days, with over 230,000 users interacting with its smart contracts over the catamenia, according to data from industry metrics provider DappRadar.

Related: 'Overtime, nosotros will see the NFT market broaden,' says Ripple CTO David Schwartz

Coinbase is just one of many global crypto exchanges that plan or have already launched their NFT platforms amid the parabolic growth of the NFT industry. In September, Sam Bankman-Fried'southward crypto substitution FTX became the latest crypto platform to announce the launch of a native NFT market place. Binance, the earth's largest crypto exchange, debuted its own NFT platform in June.