With the NFT market exceeding $41 billion in 2021, and forecasted to reach $130 billion by 2030, it is clear that they cannot be ignored. As a result, an increasing number of exchanges are integrating dedicated NFT marketplaces into their platforms to cater to the growing number of NFT enthusiasts in the crypto ecosystem.
Prominent crypto exchanges such as Binance, FTX, and, more recently, Coinbase, have all announced the launch of NFT marketplaces on their platforms as part of a strategy to expand their business. While numerous exchanges are following suit, they will face stiff competition from existing platforms such as OpenSea and others, which are wholly dedicated to NFT sales.