It must be a ‘gm’ – for the hundreds of thousands of NFT community members who will now be able to trade their NFTs on the very new platform launched by Coinbase.
A half-year prior, Coinbase, the biggest crypto trade in the U.S. by volume, declared that it was launching an NFT marketplace, but shared minimal information regarding when it would really show up. Quick forward to the present time: “Coinbase NFT” launches its beta mode with collections of NFTs on the Ethereum blockchain.
Coinbase now sets to offer a seamless experience for NFT Buying and Selling, “just as Coinbase helped millions easily and safely access Bitcoin for the first time,” wrote a company spokesperson by email. Coinbase NFT marketplace would compete with Opensea which is currently the most popular NFT marketplace in the space. Coinbase established itself as a social media platform that lets NFT collectors and creators build profiles, comment on NFTs, upvote and downvote others’ comments, and discover new collections and creators via an algorithmic “For You” news feed.
How Big Is Coinbase?
Coinbase is a publicly-traded cryptocurrency exchange platform that has about 89 million users, $278 billion in crypto assets, and $547 billion in quarterly volume traded, according to its website. It is also the most popular and used crypto exchange in the United States. The statistics surely give Coinbase NFT Platform a boost on its launch
Future of NFTs after Coinbase NFT Markeplace
On a press call on April 19, executives said they don’t want Coinbase to be a “walled garden,” and will allow users to use any wallet – including Coinbase’s own wallet and the popular MetaMask wallet – to make payments and store NFTs (eventually taking a low “single-digit” fee). While the platform will only support NFTs on the Ethereum blockchain as of now, a spokesperson confirmed that it will integrate with other blockchains in the future. (OpenSea also supports NFTs on the blockchains Polygon, Solana, and Klatyn.)
HERE’S SOME ALPHA:— Coinbase NFT (@Coinbase_NFT) April 20, 2022
we’re in beta pic.twitter.com/HMdTPat5vP
Coinbase may be forced to develop more robust site rules and content moderation practices, but for now, it says it will “follow the law” of the jurisdictions it serves, and warn users when material might be inappropriate, sexual, or graphic. CEO Brian Armstrong wrote in a February blog post that “we think it sets a dangerous precedent when tech companies, such as Coinbase, or their executives start making judgment calls on difficult societal issues, acting as judge and jury.”
The main question now lies in, Will Coinbase NFT be able to pass Opensea to become the largest or not?