Coinbase opens NFT marketplace to all
Coinbase has opened its NFT marketplace, still in the beta version, to the public after testing it with a select group of users in April
By Shashank Bhardwaj
NASDAQ-listed global cryptocurrency exchange Coinbase has opened the gates of its much-anticipated NFT marketplace to all. The NFT marketplace is still in its beta version. The announcement of its launch was initially made back in October 2021.
Coinbase had first opened the marketplace to a small invite-only group of users at the end of April. In the debut week of its beta version, the marketplace witnessed over 900 transactions and sales volume amounting to 73 ETH or $210,000.
The Coinbase NFT marketplace has a variety of NFTs from brands and creators to offer its users. Some of the major attractions include Doodles–the colourful line-drawn NFT avatars people use as profile pictures on social media; the NFT collection by actor Bill Murray in collaboration with The Chive that’s rewriting the ways for sharing and telling stories; Boss Beauties–the first NFT artwork collection to be displayed in the halls of NYSE, themed on female empowerment, and many more such gems.
The authenticity of the NFT collections on the marketplace is verified through verification badges. While the marketplace will have a dedicated team to weed out scams and duplicate collections, the marketplace is also depending on the users to report fake collections.
NFTs can be bought on the Coinbase marketplace using a self-custody wallet, a digital wallet for cryptocurrencies and digital assets secured by a private key. The Coinbase NFT marketplace has been designed to be an open-for-all marketplace where users can disconnect their digital wallets at any time they desire and carry their NFTs elsewhere.
Coinbase is positioning itself to capture a good percentage of the market share of the OpenSea NFT platform by charging no transaction fee for buying NFTs in its initial days. But the company has plans to impose a single-digit fee on NFT purchases over time. NFTs can be purchased using cryptocurrency as well as a credit card. It also seeks to grow its user base partly from a series of NFT collection partnerships, such as the upcoming film trilogy with the BAYC debuting at NFT.NYC in June. There are plans to announce more new marketplace features soon.
NFTs are digital proof of ownership or certificate of authenticity for digital collectibles. They allow artists to earn royalties each time their NFT artwork is resold. NFTs have been catching the fancy of millions, with the sector exploding into a $40 billion industry in 2021, as per a Chainalysis report. In 2022, Q1 saw the NFT sales drop by 50 percent. As of February, 1.2 million NFTs have been minted, as per the blockchain analytics firm Nansen.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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Blockchain games are leading the DApp industry: DappRadar reportRead More..
Finance Minister Nirmala Sitharaman calls for global crypto regulationsRead More..
WazirX co-founders shifting base to DubaiRead More..
Blockchain.com reportedly exploring IPO this yearRead More..
CoinDCX raises over $135 million in fresh funding round, now worth $2 billionRead More..
Atari terminates blockchain joint venture with ICICB GroupRead More..
Monero's July hard fork confirmed by its communityRead More..
Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange CoinberryRead More..
US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..