With crypto exchange heavyweight Coinbase gearing up to release its own non-fungible token (NFT) platform in the near future, Brian Armstrong has emphasized how crucial the NFT offering is. 

Specifically, Coinbase reportedly rolled out to the public the results of its third quarter, reporting $1.2 billion in revenues, with a majority generated from the platform’s transaction fees, coming from crypto trading of coins such as Bitcoin (BTC) and Ether (ETH). 

Coinbase is reportedly the top-tier crypto exchange entity in America, with its shares publicly traded on Nasdaq.

Coinbase’s NFT offering will reportedly make a great contribution to the development of its operations since the NFT platform has the potential to overtake the whole of Coinbase’s current crypto business. Armstrong delivered his remarks during a conference call on November 9th. 

“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 Head of Coinbase further remarked, revealing that it “could be as big or bigger” than Coinbase’s cryptocurrency venture. 

Coinbase disclosed details of its official initiative for rolling out its self-developed NFT platform in October this year, with plans down its pipeline to make it possible for its users to create, purchase, discover and showcase Ethereum-based NFTs. 

The service will reportedly allow for an experience with similarities to social media, enabling users to follow different profiles and receive updates.

As Coinbase makes preparations to introduce its NFT platform later in 2021, a significant number of individuals have already shared their willing attitude towards trying the offering. A few days after Coinbase rolled out its NFT waitlist in October, over 1 million people had signed up for the platform.