Quick Take

• Coinbase revealed it will launch a Coinbase NFT marketplace in late 2021.

• Arbitrum will upgrade its network to Arbitrum Nitro, promising cheaper and faster transactions.

• StarkWare has partnered with Nethermind to build infrastructure elements for StarkNet.

• Yuga Labs, the artist behind BAYC, has signed a deal with music manager Guy Oseary.

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Coinbase To Launch NFT Marketplace Late This Year

Coinbase has announced the launch of its own NFT platform set to go live in late 2021. Coinbase NFT will be a peer-to-peer marketplace enabling users to mint, buy, sell, showcase and discover NFTs. The initial launch will only support Ethereum based NFTs with support for other chains planned at a later date. 

Starting today, users can join a waitlist for early access to the platform. Users can boost their place in line by having others join the waitlist with a referral link. Coinbase says they will be adding social features designed for engagement. The platform will initially be available to US users with future plans for a global rollout.

The announcement came just one day after the release of an NFT marketplace from cryptocurrency exchange FTX.US. Binance has also announced recent entries into the NFT ecosystem with a planned launch ahead of Coinbase. The landing page for the Coinbase NFT platform is available at coinbase.com/nft/announce.

Arbitrum Nitro Upgrade

Arbitrum has announced an upgrade to its network, referred to as Arbitrum Nitro, which promises faster and cheaper transactions. The new iteration of Arbitrum is built on top of WASM and Geth, making it more EVM compatible and familiar for developers.

The upgrade will roll out seamlessly to Arbitrum One and does not require developers to migrate their applications. Existing dapps will continue to work and existing data will remain accessible. Arbitrum estimates the upgrade will provide a 20–50 fold increase in Layer 2 execution speed.

Nitro will first be rolled out on a standalone testnet, followed by the existing Arbitrum Rinkeby testnet, and then onto Arbitrum One on mainnet Ethereum. Arbitrum has not specified a timeline for the release.

StarkWare Partners With Nethermind

StarkWare has partnered with Ethereum tooling provider Nethermind to build infrastructure elements for StarkNet, a permissionless L2 Ethereum ZK-Rollup. The partnership has already led to the development of the Voyager Block Explorer and the Warp Solidity to Cairo transpiler.

The tools will help Ethereum developers to run Solidity smart contracts as a STARK-based Cairo program. StarkWare is a scaling platform that uses STARK technology to generate and verify proofs. Nethermind provides technology, R&D and consulting services for blockchain and DeFi platforms.

BAYC Explores Licensing Across Entertainment

Yuga Labs, the artist behind Bored Ape Yacht Club, has signed a deal with music manager Guy Oseary to explore media opportunities across various formats, including film, television, music, and gaming. Oseary is the music manager for U2 and Madonna and holds investments in Dapper Labs and OpenSea through his venture capital firm Sound Ventures.

Oseary also recently partnered with well-known crypto artist Beeple to launch WENEW, a platform that pairs NFT collectibles with physical perks. The news comes as pseudonymous NFT collector 0xb1, who owns multiple BAYC NFTs, signed a deal with Creative Artists Agency (CAA) to monetize his collection through licensing and partnership deals.

Last week, Yuga Labs announced plans to launch an Ethereum-based Bored Ape crypto token in Q1 2022. The token could be used to reward NFT holders or as governance votes in a DAO. BAYC has generated more than $1 billion in all time trading volume.

Reese Witherspoon Purchases NFTs

Actress Reese Witherspoon tweeted on Monday that she purchased her first set of NFTs. She included a robot emoji, cat emoji, and alien emoji in the tweet, suggesting that she likely purchased a Robotos, Cool Cat, and Dead Fellaz. Snoop Dogg commented on the announcement under his Cozomo de’ Medici alias, suggesting for Witherspoon to connect with Priyanka Desai, head of operations at OpenLaw and a member of the Flamingo DAO.