Non-fungible tokens (NFTs) continue to break records in cryptocurrency with platforms generating millions in sales every day and new artists taking advantage of blockchain technology. Now that NFTs are recognized as global digital assets and are gaining popularity across a wide spectrum of industries, including some of the most famous celebrities aping into the Bored Ape Club, it isn't hard to see why the biggest players in the world of crypto want a piece of the action. As one of the largest exchanges in crypto, it makes sense that Coinbase Global Inc. (NASDAQ: COIN) would offer its 73 million users an easy way into the world of NFTs. The influx of users on Coinbase and the vast reach of this platform mean that it makes sense to build a dedicated online marketplace for trading NFTs.
What is Coinbase NFT Platform?
The Coinbase NFT platform brings together artists, musicians, creators and crypto enthusiasts on a single platform to create and buy NFTs. It provides a way for its enormous user base of 89 million users in over 100 countries to buy, mint and bid on NFTs.
When there was a waitlist for the beta version of the Coinbase NFT platform, it has over 3 million people on it , it is safe to say the demand is there for this addition to its existing services in the crypto market. Platforms like Opensea and LooksRare function as two of the largest platforms where investors congregate to buy and sell NFTs.
NFT marketplaces are used as a way to connect buyers and sellers. Various NFT marketplaces, big and small, focus on certain types of NFTs, such as Rarible’s one-on-one collections. Others are broadly used and sell a wide spectrum of NFTs, including OpenSea, LooksRare, Foundation and soon Coinbase NFT.
Coinbase wants to make things easier for everyone to transact NFTs. Users will not be required to have cryptocurrency in their wallets to buy NFTs, as Coinbase will support Mastercard Inc. (NYSE: MA) purchases directly on the platform. However, users still need a crypto wallet to store NFTs. The Coinbase NFT platform will be a competitor to some of the biggest NFT marketplaces currently operating.
If you're considering buying an NFT, bear in mind that these highly speculative assets can be difficult to value. As when somebody buys art in the real world, the value of the work depends on the artist’s reputation, current trends and numerous factors that determine its price at the point of sale.
When is the Coinbase NFT Platform Coming Out?
Coinbase announced the upcoming NFT marketplace in October 2021 and just recently partnered with Mastercard to provide an easier payment gateway. Although on May 4th, 2022 they announced that everyone can test their beta version of the platform; however, it is not known when the full marketplace will go live.
What NFTs Will Be on the Coinbase NFT Platform?
Coinbase NFT has already partnered with leading artists, musicians and collections before the platform goes live. Collaborating with an array of collections, Coinbase seems to be on a mission to drive the NFT movement forward. From the women-led project Boss Beauties NFT to a historic collection called On Chain Monkey, Coinbase focuses on unique and popular collections. Other collections to be listed on Coinbase NFT are the Metasaurs collection by Dr. DMT, Chain Runners and Lazy Lions.
The Coinbase exchange already allows users to store NFTs in its external Coinbase wallet. But its new NFT marketplace will make it easier than ever for users to mint, showcase, buy and sell NFTs. Other artist partners include comic book artist José Delbo, Colombian-American abstract artist Jimena Buena Vida, activist Amar Singh and artists at Rewind Collective. Rewind Collective’s mission centers on awareness of gender imbalances in the art world with a strong focus on championing women and LGBT+ communities.
Is Now a Good Time to Buy NFTs?
Coinbase designed its NFT platform as a peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier. It is on a mission to help the creator economy. NFT artists, gamers, fashion designers and musicians recognize the power of NFTs to access new audiences and create new forms of art.
In an era when more people spend time online, it makes sense that people express themselves via their digital identities. Personalization includes the NFTs that they collect, wear and use when they are interacting with online communities.
As NFTs become more synonymous with a user's digital identity, demand for NFTs will likely rise. Opening the world of NFTs enables artists to connect directly with collectors of their work. In this way, both artists and collectors are empowered to participate in this technological revolution.
NFTs are revolutionizing the gaming industry, too. Play-to-earn games and the metaverse offer up new revenue-generating opportunities. Many blockchain games today use NFTs to create loyalty, build communities and offer attractive incentives to gamers.
Collecting NFTs can be fun and is easily accessible to everyone with a crypto wallet. If you are an artist or collector getting involved in the NFT scene for the first time, don't expect immediately profitable results. It is best to do thorough research and engage with the community before making an NFT purchase. Take time to explore the collections out there and participate in online conversations. If you thought that crypto was all about community, then the world of NFTs is even more so.
As the applications of NFT technologies continue to flourish, it is likely that the number of artists and collectors entering the space will continue to grow. With heirs of notable artists like Picasso recently offering up amazing pieces and famous pop stars like Justin Bieber aping in, it seems like the momentum for NFT collectibles won’t slow down any time soon.
Frequently Asked Questions
What's the biggest NFT marketplace?
The biggest NFT marketplace in terms of sales is OpenSea.
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