Coinbase NFT marketplace is launched

    Coinbase NFT marketplace in beta

    On Wednesday, Coinbase stated that its NFT marketplace is currently in beta, and that “a small group of beta testers will be invited based on their position” in the queue will be invited. By integrating social elements like a comment system (with upvotes and downvotes) and an algorithmic feed, the business hopes to compete with established players in the sector.

    The screenshots included in Coinbase’s blog post resemble a combination of Instagram and OpenSea, one of the largest NFT marketplaces. Users may create profiles to display their collections (which others can follow), as well as a discovery feed that, according to Coinbase, can propose NFTs to you “depending on what you buy, what’s trending, who you follow, and more.” The marketplace, like OpenSea and other marketplaces, promotes favoring NFTs.

    Only Ethereum Blockchain?

    Of course, beta testers can purchase NFTs through the “Shop” tab. The marketplace now only supports the Ethereum blockchain, and beta users must log in with a wallet like Coinbase’s or MetaMask. While Coinbase NFT has said that Mastercard would be supported in the future, pricing is presently only available in ETH.

    While Coinbase is a prominent participant in the crypto exchange market, it appears to be a little late to the NFT party. According to Bloomberg, the market is showing indications of stalling: Trading volume and the number of traders on the biggest marketplaces have virtually universally declined in the past month, according to DappRadar’s NFT marketplace tracker. OpenSea, the largest NFT business, has about 67 percent fewer deals and 23 percent fewer traders than it did in March. While interest in NFTs increased between October 2021 and January 2022, it has now fallen back to typical levels.

    Coinbase NFT marketplace working on itself

    The startup introduced its NFT marketplace in October and claims that the current beta lacks a number of capabilities that appear to be vital. Minting, NFTs on other blockchains (OpenSea has experimental support for Polygon and Solana), and even the option to buy tokens with your Coinbase account or credit card are all in the works for the “coming weeks and months.” Of course, it isn’t available to everyone right now. The company claims it will work its way through the queue, which is graded in part by how many other individuals they’ve gotten to sign up.

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