NFTs
Exploring the Coinbase NFT Marketplace: An In-Depth Review
Bringing Back The Golden Age of NFTs
In April 2021, Coinbase opened access to its new NFT marketplace (Coinbase NFT) to several users who had applied for beta testing of the new NFT marketplace of the popular cryptocurrency exchange.
More than eight million joined the 2021 waiting list, a number that suggests the interest in NFTs will most certainly revive.
Considering that OpenSea’s users are no more than one million, the Coinbase NFT marketplace was indeed highly anticipated within the current NFT community and beyond.
Using the Coinbase NFT platform does not require KYC. The website offers a Web3 interface where we can connect an Ethereum address and begin collecting or trading NFTs.
With Coinbase NFT, we discover a marketplace that will probably become a decisive factor for the next wave of the NFT mania!
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The NFT Marketplace
Upon creating an account, we choose a wallet from the accepted options:
- Coinbase Wallet
- Metamask
- WalletConnect
The address I connected for this review contains just two NFTs and no ETH:
After entering the registration details (email, signup code, connecting Metamask) we can assign a username to our profile and other information.
Coinbase offers a Web3 environment with a friendly interface.
We can find thousands of NFTs listed by some of the most popular collections.
The NFT marketplace doesn’t demand KYC. However, every rule can change, and Coinbase is a financial entity registered in the US and subject to state regulations.
Currently, the Coinbase NFT marketplace only supports Ethereum, although the platform has already announced it will support multiple chains.
While there are no details yet on which blockchains Coinbase will support, we can guess the first ones will be Polygon and Solana, as they present high volumes and interest.
Marketplaces such as OpenSea and Coinbase will add collections from any network if profitability presents an opportunity.
For NFT artists, Coinbase is a great choice as it provides the ability to create NFTs.
On the creator’s hub page of the platform, we discover a user-friendly interface for NFT artists to create NFTs within a few clicks, as well as other coding options that will allow integration of whole collections into websites, downloading lists of NFT holders, and collaborating with Coinbase.
Finally, the Coinbase NFT platform displays the trending collections for the last week, also containing a summary of the volumes and numbers of NFTs sold.
In Conclusion
The Coinbase NFT marketplace presents a better option than OpenSea, offering a user-friendly interface and minimum latency.
Collections are loading faster, and query results require less time than OpenSea.
Fetching images from cloud servers or IFPS creates an unwanted latency, yet Coinbase manages to minimize the delay and delivers a unique user experience.
We should expect millions of newcomers in NFTs to test this field for the first time using Coinbase, an exchange that currently services 10 million customers. This is also the potential userbase Coinbase NFT can bring to the NFT market.
The Coinbase NFT marketplace will increase the popularity of NFTs and multiply NFT trading volumes in the following years.
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Originally published at https://read.cash.
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