The Coinbase NFT Marketplace Has Finally Launched: Can It Outperform OpenSea?

For those NFT traders who have faced dissatisfaction with OpenSea's security measures and cyber incidents, a new innovative platform has just hit the scene: Coinbase has unveiled its long-awaited social NFT marketplace. This leading cryptocurrency exchange aims to foster a strong community for buyers and sellers, paired with an intuitive NFT trading experience.

"This platform is not merely about transactions; it's about cultivating community. It’s essential for you to connect and engage with others right here on our platform,\" shared Sanchan Saxena, the vice president of product at Coinbase.

More than six months back, Coinbase made the announcement regarding the creation of a peer-to-peer NFT marketplace. The firm stated, \"Just as Coinbase enabled millions to enter the world of Bitcoin easily and securely, we aspire to do the same with NFTs.\" wrote Currently in beta, the 'Coinbase NFT' platform is accessible only to a select group of early invitees. Presently, all NFTs available are on the Ethereum blockchain, with plans to incorporate additional blockchains soon.

Though some functionalities like trait filtering and time-based listings are still lacking, the platform is user-friendly and free of charges for a limited duration, alongside an area dedicated to discovering new collectible items. With an impressive base of 90 million registered users, Coinbase is likely to attract a larger audience to the NFT scene.

In contrast to other trading sites, Coinbase NFT intends to introduce a comment section for each digital collectible. While this feature could potentially foster engagement, it also raises concerns about the possibility of spam inundating the platform.

The platform plans to roll out features for additional drops, minting options, and token-gated communities, enabling transactions through Coinbase accounts or credit cards. Crucially, Coinbase aims to decentralize features by transitioning from its proprietary technology to decentralized solutions.

The Web3 social platform plans Currently, the Coinbase NFT market isn't seeing much usage.

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