Like the entire crypto space, the creation of NFT marketplaces has begun to pick up speed. The latest, and one of the most anticipated, is Coinbase NFT, which recently launched its beta version on April 20th.
The Basis of Coinbase
Coinbase, accompanied by its Coinbase Wallet mobile app, is a secure online platform for buying, selling, transferring, and storing digital currencies like Bitcoin, Ethereum, Litecoin, Dogecoin along with many others. Coinbase is the largest U.S.-based crypto exchange, trading nearly 100 cryptocurrencies.
Coinbase has been described as a great tool for beginners, making buying cryptocurrency as easy as buying a stock through an online brokerage. However, some critics have been skeptical of its fees, which can be confusing and higher than some of its competitors.
Coinbase NFT Beta Marketplace
Last October, Coinbase announced Coinbase NFT, a Web3 social marketplace for NFT collectors. The company launched the beta version of its marketplace with a focus on trying to create a social community for both buyers and sellers. You can check it out by visiting nft.coinbase.com.
“This product is more than just buying and selling,” says Sanchan Saxena, Coinbase Vice president of Product for Coinbase. “It’s about building your community. It is about making sure that you can connect and engage with them on the platform.”
Beta Testing
A select group of beta testers will be able to create a Coinbase NFT profile and use it to buy and sell NFTs using their preferred wallet, whether that’s Coinbase Wallet or a third party provider.
Similar to competitors like OpenSea and LooksRare, NFT collection authenticity on Coinbase NFT will be verified using verification badges and already includes big project names we’re all familiar with.
As with all Beta testing, the kinks and bugs will need to be worked out. And, if QA doesn’t find them, we degens surely will.
A Focus on Community
Coinbase says it wants Coinbase NFT to be “a place that helps creators and collectors build and engage their communities.”
Coinbase NFT users can create a profile that best represents themselves and tells their own story by curating it with their prized NFTs. They’ll be able to follow other profiles and start conversations by leaving comments. Once signed in, users will be able to post comments directly on NFT listings, and can up/down vote comments as conversations unfold.
NFT Twitter had some mixed emotions when it came to the newly announced social features.
Looking ahead
For a limited time, there won’t be any Coinbase transaction fees on the platform. Coinbase has noted that they are indeed coming but we can enjoy a fee free zone for a limited time. The company has promised to notify users in advance when this changes.
In addition to offering the ability to buy and sell NFTs on the secondary market, over the next weeks and months, Coinbase plans to continue partnering with artists and NFT projects to introduce new NFTs on the platform.
Coinbase also plans to add drops, minting, token-gated communities, and the option to buy NFTs with an actual Coinbase account or by using a credit card. It will also introduce multiple chains over time.
