The long-awaited NFT marketplace is now available for public testing for the first time.
The Pros and Cons of Coinbase
Pros
• At this time, there are no membership costs. As a result of the beta launch, there will be no costs assessed for using the marketplace or the gas.
• No new accounts will be created. Simply sign in using an Ethereum wallet that’s supported, and you’ll be ready to go.
• Social ties. You can curate your personal feed on the platform by following crypto and NFT influencers you find there.
• Choose from a plethora of high-profile collections. Even though it’s still in beta, Coinbase NFT already has many highly sought-after collections available for purchase.
Cons
• There will be no cash payouts. Coinbase has made a statement indicating that fiat currency payments may become available in the future; however, during this soft launch, only ETH payments are supported.
• There will be no minting for anyone. Only creators who have already been preapproved can mint on the platform at this time.
• Filters with limited capacity. When you are browsing the marketplace, the only way to arrange the results is by collection. There are no other filters available, such as category, artist, or format.
A popular cryptocurrency exchange known as Coinbase made an announcement in October 2021 that it would be launching a peer-to-peer marketplace for minting, buying, and discovering new NFTs. The exchange also extended an invitation to join a waitlist that had reached 2.5 million people.
The beta version of Coinbase’s marketplace was first made available on April 20, 2022. Initially, the platform was accessible exclusively to individuals who had already registered for the waitlist, but as of May 2022, anyone is now able to purchase and trade non-fungible tokens there.
Brian Armstrong, one of the co-founders of Coinbase, has stated to the public that he anticipates Coinbase NFT to compete favorably with its existing bitcoin company. The NFT marketplace is likely to gain traction given that Coinbase’s existing ecosystem already accommodates more than 50 million customers who collectively trade more than $300 billion each quarter.
Our perspective on the non-fungible token market on Coinbase
The Coinbase NFT marketplace was something that a lot of people were looking forward to. There were millions of users on the waiting, but initially, only a select few beta testers were able to access the site. These beta testers had been chosen from the waitlist. As of the month of May in 2022, participation in the market is open to anyone.
During this phase of the launch, we are appreciative of the gradual rollout, as well as the advertising of 0% trading fees and the absence of gas expenses.
You read that correctly: for a limited period only, the platform will not charge you any costs for the gas or the marketplace. When the implementation of fees occurs, Coinbase has stated that it intends to keep the fees in the single digit range. According to a post on the Coinbase blog that was published in April, “We’ll eventually introduce fees, which will be in line with Web3 industry standards, and we’ll provide notice before anything changes.”
In addition to that, there is a curated feed. You can select Discover your feed from the main page of the marketplace. This will take you to a page that operates in a manner very similar to that of other social networking websites, showcasing NFT listings and collections depending on interests and purchasing history.
There are a lot of crypto applications that rely on social media networks like Discord and Twitter, so it will be interesting to watch whether people start using this functionality. However, people might not wish to follow an additional stream.
Concerning Coinbase NFT
To utilize the NFT marketplace, you do not need to sign up for a Coinbase account; all you need to do is link a Web3 wallet, and you will be good to go.
In addition to these functionalities, the Coinbase NFT marketplace also includes the following:
• Social features. You may create a profile and populate it with NFTs, follow other users, participate in conversations, leave comments directly on NFTs, and even upvote or downvote remarks. Gary Vaynerchuk, Dillon Francis, Brian Armstrong, and Paris Hilton are just a few of the notable content creators and influencers that you should consider following on the NFT platform.
• Creator control. Coinbase guarantees that creators will maintain control over their work through the use of decentralized contracts and boasts a minting procedure that is easier to use than those of its competitors.
Only preapproved creators are able to mine on the platform at this time because the launch is still in its early stages.
The venerable and enormous Coinbase cryptocurrency exchange backs the Coinbase NFT digital currency trading platform. The cryptocurrency exchange went live in 2012 and now features listings for well over a hundred different digital assets. The cryptocurrency exchange operated by Coinbase was the first of its kind to go public and is now openly traded on the NASDAQ under the ticker symbol COIN.
Blockchain and money based on Coinbase NFT.
At this time, Coinbase NFT is supporting non-fungible tokens (NFTs) on the Ethereum blockchain and is taking payments in ETH. Coinbase is working on adding support for a variety of alternative blockchains in the not too distant future.
At this time, support is provided for any self-custody wallets as well as ETH payments. Coinbase Wallet, WalletConnect, and MetaMask are the three digital currency wallets that are currently supported by Coinbase NFT.
• More than a hundred and fifty different coins available for purchase and sale
• User-friendly interface
• Offers staking
• Allows you to spend your cryptocurrency using a debit card
• Multiple deposit methods
• Compromised by a Cyberattack in 2021
• Complaints about the quality of the customer service
• High debit/credit card deposit costs
Coinbase NFT instructions on how to buy NFTs
To purchase an NFT through Coinbase’s marketplace, please follow these steps:
1. Get an ETH wallet. You will need a crypto wallet that is compatible with ETH in order to purchase NFTs from the market. Coinbase is compatible with Ethereum wallets like MetaMask.
2. Buy or deposit ETH. Because ETH is the only accepted form of payment in Coinbase’s marketplace, you will need to either purchase ETH or deposit it into your wallet. Purchase Ethereum (ETH) on a number of different exchanges, such as Coinbase’s exchange, Gemini, and Crypto.com.
3. Look through the classifieds. Explore the NFT listings while your wallet is being prepared. If you come across something that appeals to you, go ahead and pick it.
4. Invest in the NFT. Choose the Buy Now option if you are content with the cost of the NFT. In the event that you haven’t previously done so, you will now be required to link your Ethereum wallet in order to continue with the purchase. During the beta launch, there will not be any auctions taking place.
When purchasing NFTs on Coinbase NFT, there are currently no gas fees or marketplace fees; however, it is possible that this may change in the future. Coinbase intends to impose trading and gas costs, but when they do, they want those fees to be as low as possible.
Creators and collections that can be found on the market
The following are a few examples of notable producers and collections that can be found on the marketplace:
• Azuki.
It’s called the Bored Ape Yacht Club.
• The Crypto-Coven
• CryptoPunks.
• DeadFellaz.
• Lofi Originals.
• NotOkayBears.
• Otherdeed.
• Pixelmon.
• A World Focused on Women.
• Women and the Weapons They Carry.
The inventory in Coinbase’s marketplace is diverse, however the website only allows users to narrow their search results by collection rather than by category.
How to Sell NFTs on Coinbase NFT selling instructions
At this time, Coinbase NFT does not charge any fees for listing cryptocurrencies. According to Coinbase, during the soft launch, the only way to list NFTs is at a predetermined price, and the platform would only allow auctions in the future.
The following steps should be taken in order to sell an NFT on Coinbase NFT:
1. Navigate to the profile section. Find the NFT that you wish to advertise for sale and pick it once your wallet has been connected and the NFT has been added to your profile.
2. List for sale. Select the NFT you like to sell, then select List for sale and input the amount of ETH for which you wish to sell the NFT. Complete any other mandatory fields that appear, such as a description or title, if one is present.
3. Confirm. Confirm the ad once you’ve decided on the pricing and found the ideal NFT. During the beta launch, there will not be any listing fees charged at this time.
You can list a non-fungible token (NFT) that you already possess or one that you’ve acquired from another non-fungible token marketplace.
Coinbase NFT transaction costs
At the time this article was written, there are no costs for the marketplace, nor are there any fees for the gas. During the test launch, this will only be a temporary situation.
The Coinbase NFT has decreased.
We were unable to locate a landing page that described either upcoming or prior drops; however, given that Coinbase NFT is currently in beta, this should not come as a surprise. In addition, there is not currently a means for selling NFT drops through an auction, which is the method that is most commonly used in an effort to get a “real” market value.
Once the marketplace is no longer in beta and auctions have been developed, there is a possibility that in the future we will see exclusive Coinbase NFT drops.
The inner workings of the Coinbase NFT app
Coinbase’s mobile app is available for download on iOS and Android smartphones alike. The app has been reviewed nearly 700,000 times and currently has a rating of four stars on Google Play. On Apple, the Coinbase app has an even more impressive review history, with over 1.6 million reviews and a 4.7 star-rating. While many cryptocurrency applications are fraught with negative reviews and poor customer service, the Coinbase app is known for its user-friendliness as well as its educational materials.
However, despite how impressive all of that is, at this time you are unable to purchase or sell NFTs through the Coinbase app. However, if you use the Coinbase Wallet app, you will be able to show as well as store your digital assets.
Coinbase NFT marketplace’s unique features
The social aspect of Coinbase’s marketplace is the distinguishing characteristic that sets it different from other similar platforms, in addition to the temporary absence of fees for the marketplace and gas.
You can further curate the content that appears in your own feed by following crypto influencers, NFT artists, and other users on the NFT marketplace.
Is it safe to use the Coinbase NFT?
The cryptocurrency ecosystem that Coinbase provides is well-known, and the marketplace it provides is legitimate. At the time this article was written, however, it had been exposed to the general public for a little under a month.
In terms of safety, there have been a few reports of hacks and security breaches using Coinbase’s exchange; nevertheless, the scope of these incidents is very little in comparison to that of other security breaches we have observed.
According to Fox Orlando, a Coinbase account was hacked in December 2021, which resulted in the theft of $24,000 in cryptocurrency. If a user’s login credentials are stolen, Coinbase is unable to recoup any lost refunds that may have occurred as a result of “unauthorized access to Coinbase accounts.” This guideline, on the other hand, is universally followed by exchanges and NFT marketplaces.
PC Magazine said that there was another incident in October 2021, which involved a large-scale phishing scheme that allowed hackers to access the accounts of approximately 6,000 Coinbase users by pretending to be Coinbase. Users were able to get their money back after Coinbase’s huge security breach, which was caused by a weakness in the company’s two-factor authentication system.
These examples demonstrate that even if you back up your accounts, set up two-factor authentication, and keep the passwords for your wallets safe, hackers can still attempt to acquire access to your accounts and sometimes succeed in doing so. Read through our NFT scam guide if you want additional information on how to protect yourself from frequent crypto and NFT frauds.
Examine the many markets to purchase NFT.
Bottom line
Coinbase NFT is in its infancy; in fact, it has not even begun its full rollout yet.
Some of the functions, such the ability to sell NFTs through auctions, are not yet operational. Moreover, during this period of “soft launch,” neither the marketplace nor the gas will charge any costs.
In addition, it is wonderful that it is not necessary to create a new account in order to utilize the marketplace because all of us already have a big number of individual accounts to manage. There is reason to be optimistic about the social capabilities, but only time will tell if this is a function that users genuinely want.
