Coinbase Launches a New NFT Marketplace (Beta Review)

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1 year ago

Coinbase opened access to its new NFT marketplace (Coinbase NFT) for several thousand users that applied to test the new NFT marketplace of the popular cryptocurrency exchange.

With the help of friends and noise.cash followers that used my referral link, I reached a position that would secure early access to the platform in its beta phase.

More than eight million people joined this waiting list in the previous months, a number difficult to ignore. Consider that OpenSea's total users are no more than one million, so the Coinbase NFT marketplace is highly anticipated within the NFT community.

Unexpectedly the website does not require KYC and has no such option for the time being. The website offers a Web3 interface we can connect an Ethereum address and begin collecting or trading NFTs.

With Coinbase NFT, I discovered a marketplace that will probably become a decisive factor for the next wave of the NFTs craze.

Coinbase NFT Marketplace

Upon creating an account, we choose a wallet from the accepted options:

  • Coinbase Wallet

  • Metamask

  • WalletConnect

Only accounts with an invitation code can connect to the marketplace at this stage.

So, I created my profile and connected one of my Ethereum addresses containing NFTs.

However, I wasn't expecting that I wouldn't be able to change to another address. I have not observed similar account limitations on any other Web3 website before, and it seemed awkward as more users will be in a similar spot as me.

This limitation will be lifted when the marketplace is officially released, though, so in a few months everyone will be able to connect more wallets with the Coinbase NFT marketplace.

The address I selected contained two NFTs and no ETH. I would have connected one containing Ethereum instead and not an old address I'm not using anymore.

After entering the registration details (email, signup code, connecting Metamask) we assign a username and other information. We can change all the profile information, but we are not allowed to change the address.

The key we receive will be attached to one Ethereum address only, and it becomes void after the first time we use it. After the beta test ends, we will be allowed to enter the exchange with more addresses.

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, a positive sign and surprising for Coinbase.

However, every rule can change, and Coinbase is a financial entity registered in the US and subject to state regulations.

KYC does not exist today to trade NFTs with Coinbase, but Coinbase will have to comply and enforce state regulations if this is demanded in the future.

I hold most of my Ethereum NFTs and Ethereum in two different Ethereum addresses, and it will cost too much to start transferring NFTs and Ethereum between addresses.

My Ethereum & Polygon NFT collection contains NFTs worth about $100-$200 each, with a few exceptions.

Some of my Decentraland NFTs

Currently, the Coinbase NFT marketplace only supports Ethereum, although the company has already announced it will be a multi-chain platform.

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.

Coinbase will also offer the possibility to create NFTs, making it an excellent option for artists.

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

Even at a beta stage, the Coinbase NFT marketplace presents a better option than OpenSea, offering a user-friendly interface and minimum latency.

Collections are loading collections fast, and query results require less time than OpenSea.

Fetching images from cloud servers or IFPS creates an unwanted latency, yet Coinbase manages to minimize this 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.

Coinbase will add more features and keep evolving the marketplace while boosting the NFT sector significantly.

The Coinbase NFT marketplace will increase the popularity of NFTs and multiply NFT trading volumes in the following years.


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Comments

i have had a few attempts but failed I've never been able to make a sale. it seems that there must be a team for these things now

$ 0.00
1 year ago

Thanks for the post!!

$ 0.00
1 year ago

it also becomes difficult if you have to use KYC because many users are often hampered by this request, I also feel this is the latest way to lure other users to participate.

$ 0.00
1 year ago

What do you mean?

$ 0.00
1 year ago

it is difficult for someone to use KYC to verify an account, so with this opportunity plaftrom makes it easy for users to participate in NFT

$ 0.02
1 year ago

Coinbase is my first crypto wallet

$ 0.00
1 year ago