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