Coinbase NFT: Important Things To Know About Coinbase NFT Marketplace (Web 3 Social)

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Coinbase NFT Marketplace launch did not hit the world by surprise when it was announced in the early hours of Wednesday, April this year. It was first announced last October with promises that it would support Ethereum-based NFT trading with a little bit of social media interface that would distinguish it from other existing NFT platforms.

On Wednesday, April, Crypto exchange Coinbase officially launched the beta version of its long-awaited non-fungible token (NFT) marketplace, allowing a small group of users from a wait-list of 3 million to use the platform for the first time. These individuals were carefully selected to kickstart the long-awaited Coinbase NFT Marketplace project.

As it stands, many see this launch as an open competition with a popular NFT marketplace, Opensea. Some other crypto enthusiasts however feel that there is enough space for OpenSea and Coinbase to co-exist without squabbles.

We will be delving into important things To Note About Coinbase NFT Marketplace.

Coinbase NFT marketplace is not different from most NFT marketplaces in many aspects. It is a peer-to-peer marketplace where individuals mint, purchase, showcase and discover NFTs without much stress.

The beauty of this platform is that it is easy to navigate through. A Facebook, Twitter, or Instagram user can use this platform without stress because there are many similarities with the above-mentioned social media platforms interface

Photo: Coinbase

Read:  How To Get Coinbase Card

Does Coinbase Support NFT?.

Coinbase supports NFT for a small group of users from a wait-list of 3 million. These individuals were part of those who signed up before the launching of the Coinbase NFT marketplace on 20th April 2022. Sign up for Coinbase Whitelist here

How To Buy NFT On Coinbase NFT Marketplace. 

Buying NFT on Coinbase is very easy. All you need to do here is to have an Ethereum-compatible crypto wallet and some Ethereum in your wallet as well, to get the dice rolling.

Once Ethereum is present in your wallet, you can mint, purchase, showcase and discover NFTs at ease.

What Are The Cryptos Supported By Coinbase NFT?

Coinbase NFT marketplace supports only one crypto at the moment, Ethereum. There are however high possibilities of including other crypto by the company

What Wallets Does Coinbase NFT Support?.

Presently, the Beta testers are allowed to create NFTs using any self-custody wallet. What this simply means is that, choice of wallet is left to the creator or collector to make. A user can either use his or her personal wallet or coinbase wallet.

Is Coinbase NFT Marketplace Free?.

According to information released on the Twitter handle of coinbase, there will be no transaction fees for now. There is however a hint that fees will be added later which will be in line with web3 industry standards.

Will There Be Notice?.

Coinbase promised to update it’s users in due time before any changes in transaction fee will be added.

Is Coinbase NFT Marketplace Web3 Social Supported?.

Navigating through Coinbase NFT marketplace, one thing you would notice is the beautiful interface which allows you to follow other profiles, post comments directly on NFTs, Ip/downvote comments as conversations unfold on the platform.  So basically, yes, Coinbase NFT supports Web 3 Social.

Conclusion.

Coinbase NFT Marketplace seems to be loaded with an exciting interface that would push many new generations into embracing it. The ability to integrate Web 3 Social into it clearly shows that Coinbase is not out there to play the number two role after Open Sea. They are here to establish their presence and possibly overtake OpenSea with new additions and inventions. 

The launching of Coinbase NFT marketplace will bring more competition in the industry thereby making things easier for creators and collectors at large.

 

 

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Author: Obinna

Augustine Obinna is a legal luminary, writer and crypto enthusiast, who understands the workings of our fast-paced society. Over the years, I've come to understand the beauty in telling stories, reporting political events, celebrity biographies, crypto-related topics the way they appear while maintaining accuracy.

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