To use the Coinbase NFT platform, you'll need a Coinbase account. If you don't have one, click here.
In 2021, traders saw the rise of a concept called non-fungible tokens (NFTs), which function as a way to verify ownership of unique digital goods. Billions of dollars are spent on these items every month, and the market gets larger every day. Coinbase Global Inc. (NASDAQ: COIN) is the largest crypto trading platform, with over 70 million users and a partnership with Mastercard Inc. (NYSE: MA). It recently announced its own platform to trade NFTs.
How to Get on the Waitlist for Coinbase NFT
Because of Coinbase’s size and popularity, it has decided to give early access to its NFT platform for some users. Its newly created waitlist will give users updates on the release, as well as a chance to receive early access.
To get on the waitlist, create a Coinbase account on its website or app, providing your email and basic personal information to verify your account. Once you verify your account, you are ready to join the waitlist.
Go to Coinbase’s NFT announcement page and enter your email. From there, you will be sent a shareable link. You can use this link to refer new users to the waitlist. The more people you refer, the higher up in the waitlist you can get.
What Are NFTs?
As mentioned earlier, NFTs are a way to verify ownership of digital media on the blockchain. “Digital media” is loosely defined and can range from photos to songs. Each NFT has a unique identifying address that is stored on the blockchain and cannot be changed. This identifier can be associated with wallets on the blockchain, giving the owner of the wallet the ability to show that they are the sole owner of the NFT.
Some NFT projects are experimenting with new ways to represent media. For example, Proof of Beauty is creating NFTs that represent transactions on the blockchain. It takes the data from transactions and generates a unique NFT. Another project is Bacon Finance, which is experimenting with using NFTs as collateral for mortgage payments. These examples show how NFTs can be used in a broad context and the potential benefits they could bring.
When is the Coinbase NFT Platform Coming Out?
Coinbase’s NFT platform is making for extreme excitement in the crypto world. Not only is the platform huge and will almost certainly increase the popularity of NFTs, but it also has a partnership with Mastercard that will allow users to buy NFTs with Mastercard products.
However, the hyped release may take some time, as Coinbase is hoping to perfect the user experience. It is reasonable to assume that the NFT platform will be released by summer 2022.
Is now a Good Time to Buy NFTs?
It is impossible to say whether or not it is a good time to buy NFTs, as there are thousands of unique projects, and the value could fall at any time. However, doing thorough research on NFT projects, combined with investing strategies such as dollar cost averaging, can make for a better chance at profit.
If you want to learn more about NFTs, make sure to check out Benzinga’s new NFT Pro newsletter.
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