The long-awaited Coinbase NFT marketplace, which was first announced in October, is currently in beta.
The launch is a vote of confidence in the cryptocurrency’s future. It may be able to help the company recover from its shaky public debut last year.
Coinbase is a large cryptocurrency exchange, according to its website, with about 89 million members. It has a total crypto asset value of $278 billion. It also has a quarterly trading volume of $547 billion dollars.
The company is presenting a selection of NFT collections at the beta launch. Azuki, World of Women, and Doodles are among the titles. Coinbase’s principal product developer for NFT, Alex Plutzer, stated that the platform might eventually integrate more Ethereum-based blockchains. These collections will be featured on the site on a regular basis to enable consumers become acquainted with the platform’s offers.
On Coinbase, users can trade NFTs using the platform’s wallet or any self-custody wallet. For a limited time, they will be exempt from paying transaction fees on NFTs traded on the platform.
The fee will rise in the future. According to Sanchan Saxena, vice president of Coinbase’s products, the rate will be in the low single digits. She went on to say that they have succeeded in making the complexity of cryptocurrencies accessible to the general public in an easy-to-understand manner. They feel that we have a similar possibility to do so with NFTs.
Web3 Social Marketplace
The NFT marketplace, unlike its exchange, attempts to build a social marketplace. Users will be able to buy and trade NFTs as well as engage with the community.
Those at the top of the NFT waiting list will be able to build and manage profiles. They will also be able to display their sold and traded NFTs. However, as Saxena noted, only individuals over the age of 18 are eligible to join.
Users can submit images, just as on Instagram, except this time they can only publish NFTs. On the marketplace, users can leave comments, communicate with one another, and follow one another.
Some services, such as following other NFT accounts and leaving comments on NFTs, aren’t available on-chain. However, the corporation hopes to make them more decentralized over time.
Furthermore, the platform has no plans to control any NFTs that arise on the market. This does not apply to NFTs that are prohibited in the offered country.
The concept of moderation has sparked a lot of debate among crypto enthusiasts. Many people believe that what should be a free market is accompanied with an asterisk. The organization, according to Saxena, is not in the business of deciding what is good or wrong.
NFT drops, minting, and token-gated communities are among the features that will be added to Coinbase NFT in the future. Coinbase will also allow consumers to buy NFTs with a Coinbase account or a credit card as part of its expansion strategy. This will make the ecosystem more accessible to the general public.
Coinbase will collaborate with NFT musicians around the world to increase the number of people who use its platform. In the near future, these musicians will be able to do collection drops on the platform.
Meanwhile, the company’s income base has grown thanks to its previous staking products. By holding coins, individuals have been able to earn a specific amount of money. In a recent letter to investors, the corporation stated that if sales decrease, it may lower its investments.
Its venture capital arm was one of the most active in the market last year, closing nearly 150 deals.