Crypto exchange Coinbase rolls out new social NFT marketplace

Crypto exchange Coinbase has announced that its NFT marketplace is in the beta stage. It is currently accessible to only a few beta testers who will get an invite based on their position on the waitlist. 

At this moment, the crypto firm is looking to make its mark in this space by competing with established firms by adding social features such as a comment system and an algorithmic feed. 

SEE ALSO: Square Enix’s president pins company’s hope on blockchain despite criticism

What can we expect from Coinbase’s NFT marketplace?

Prima facie, some of the screenshots shared by Coinbase in its blog post are a mix between Instagram and OpenSea. 

OpenSea is one of the biggest NFT marketplaces in the world right now. 

The Coinbase marketplace includes profiles wherein users can showcase their collections along with a discover feed. The discover feed in the marketplace will recommend NFTs to users based on their past purchases, trending commodities, and whom they are following. 

Besides, the marketplace is also expected to support liking or favoriting NFTs similar to OpenSea and other marketplaces. 

There is a “Shop” tab that beta testers can use to purchase their desired NFTs. Currently, the Coinbase marketplace only supports the Ethereum (ETH) blockchain. In addition, Beta users log in by using a wallet similar to the one Coinbase offers. 

Although Coinbase has said that it will support Mastercard in the future, prices are only listed in ETH at the moment. 

Is Coinbase late to the NFT party?

NFT search interest between October 2021 and January 2022

Coinbase has been around in the crypto exchange market for a while now. However, it seems like it is late for the NFT party. 

Bloomberg has pointed out that the NFT market has slowed down in recent weeks, and the current developments back this up. 

For example, DappRadar’s NFT marketplace tracker highlights that the number of traders and volume of trades on top marketplaces has decreased in the past month. 

In addition, OpenSea, which is the largest NFT market has also witnessed a 67% dip in trade volume in April in comparison to that in March. 

However, interest in NFT is not dying down as search interest has increased between October 2021 and January 2022. 

Coinbase announced the NFT marketplace in October. It said that there are a bunch of exciting features that are not part of the current beta. 

Minting NFTs on other blockchain platforms along with the ability to purchase tokens with a Coinbase account and credit card are in the pipeline. 

Right now, the beta is not accessible to everyone and it could take a while before all Coinbase users have access to it. 

SEE ALSO: German Startup FUEL Raises €1.5 Million Despite Signs of NFT Bubble Burst

Feature Image Source: Coinbase

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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