CoinBase’s NFT marketplace is making headlines. As Non Fungible tokens are paving the way for future technology, we can see more interest in the way exchanges are approaching the idea of creating their own marketplaces.
Coinbase NFT
CoinBase’s NFTs
This is an excellent option for them, being that they have the name and popularity, so why not give their trusted users more. As of May 4th, CoinBase has opened its beta version for public use.
The talk of their marketplace has been brewing since October of last year. Now almost seven months later, following the official release of the platform, over 900 transactions have already been made worth over 73 Ethereum.
The platform is looking into securing a portion of OpenSea’s users, the king of marketplaces. They have put into play a limited-time offer of no transaction fees for their new supporters.
The fees are said to be “low single-digit fees,” as stated by CoinBase’s VP of Products, Sanchan Saxena. They also plan on bringing in more users via their cryptocurrency exchange and turning them to the light of NFTs.
They want to expand the NFT marketplace experience for individuals, who haven’t had a taste of it yet. Connecting their exchange and marketplace will be an excellent and non-complicated way for many new individuals entering the space.
For their marketplace members, they have showcased popular NFT collections such as Azuki, Doodles, VeeFriends Series 2, and World of Women.
This is just the beginning of collections entering the CoinBase marketplace, and with that, people are following where the collections are going.
Collections on the Ethereum blockchain will be available for purchase on their marketplace, and they are planning on adding other blockchains.
As NFTs are taking over the masses, some exchanges have made it hard for individuals to use their sites. CoinBase wants to make this an easy process, so anyone can utilize the platform.
This is exciting for all current and future collectors as they will have more platform options to choose from. Their marketplace will allow engagement between users, creators and the community circulation NFTs, all on the platform.
The platform allows you to craft your own personal profile where you can showcase your NFTs and select if you would like them to be open to the public or kept private.
You will be able to follow community members, as well as collection pages. This is a great feature that CoinBase has added. It spices up the platform and gives us something new to look forward to.
You can also comment on an individual’s profile and have the ability to up-vote or down-vote comments presented by the community. This is the perfect combination of OpenSea, Reddit, and Instagram.
Buying On CoinBase
Opening an account or profile on the CoinBase platform is easy. Here are the steps to get you started:
1. Download a wallet: they are currently accepting MetaMask and their own CoinBase wallet.
2. If you are just opening your wallet, please, please, please, we cannot stress this enough, keep your seed phrases safe. Write them down and put them in a safe place.
3. Buy Ethereum and transfer it to your wallet.
4. Connect your wallet to the CoinBase platform.
5. Explore the various Ethereum network NFT collections and make your purchase.
If you haven’t opened a wallet yet, be careful due to the fact that the Coinbase wallet only works with Ethereum and Polygon. Meaning that if you purchase an NFT on Solana’s network, it will not show up in your wallet.
In comparison, MetaMask supports an array of networks. The addition of a marketplace on the CoinBase platform is truly the next big thing.
How their platform functions is something we haven’t seen yet, but the addition of community interactions is a bonus. So there you have it folks.
Make sure you check out Coinbase. And as always, let us know your thoughts in the comments section below. And while you are at it, drop your email to get insights into your inbox.
