Thanks to the boom in their sales, NFTs are the go-to option for tech-savvy investors today. But, like cryptocurrencies, these assets are also available in their dedicated platforms, making their ‘access’ a challenging concern.
But fast forward to 2022, and NFT trading platforms have been on the rise. Several existing players in the crypto market have also turned to NFT trading platforms. However, the ease of conducting operations over such a platform continued to be a hassle, forcing investors to search for better options continually.
Enter Coinbase NFT marketplace, one of the latest and the most highly anticipated NFT trading platforms with a unique approach to its operations.
Coinbase NFT Platform: The What, Why, & How?
The Coinbase NFT marketplace is a unique concept that prides itself on developing a platform where NFT collectors and creators can come together and interact. Since its launch as a Beta version, the exchange has been in the news for its exclusive features and affordability factor that it tends to cater to its users.
The platform has managed to establish a name for itself, primarily because:
- Coinbase’s existing reputation: The world of NFTs has often been criticized for insider trading, wash trading, and other scams, primarily because there’s no data on the users. However, this is where Coinbase’s reputation as a reliable exchange platform adds to its most significant primary factor. As a platform, Coinbase’s Nasdaq listing and several licenses make it one of the most trusted exchanges to get started with.
- Social NFT trading: In a bid to do something different, Coinbase has moved beyond the trading, buying, and selling of NFTs to describe itself as a Web3 social marketplace. Its development aims to introduce a platform where collectors and traders can socialize by liking, commenting, and connecting. In addition, users can also follow the accounts of different creators to develop their art-centric communities.
- Initial fee-free introductory period: At the time of the launch of its ‘Beta’ variant, Coinbase introduced a no-fee structure for buying and selling NFTs over its platform. However, users would still be required to pay Ethereum gas fees for recording their transactions over the network.
However, these benefits are still among the most common factors across different NFT platforms. So continue reading as we explore the features of this platform in depth in the following section.
Unique Features Of The NFT Marketplace
- NFT ‘Bulk Manage’: ‘Bulk Manage’ is a unique feature of the new Coinbase NFT marketplace. Post moving ahead of its Beta phase, Coinbase introduced this feature where users could manage their entire collection over a single page. In addition, they now have the option to filter, sort, or manage their collections using different metrics.
- Liked Tab: As the name suggests, the ‘Liked Tab’ is designed to provide users with an overview of their liked collections. Like the ‘wishlist’ option, users can proceed with the collections they want to purchase once they have accumulated several groups over their like tab.
- Edit List Prices: Price list editing is the latest feature to be introduced in any NFT marketplace. Previously, users weren’t allowed to modify the price of their collection once it was listed on the marketplace. However, with Coinbase NFT’s new feature, the user now has the option to modify their bid and improve their chances of sales.
- Insights Page: The insights page feature is developed to give you a better idea of the backstory of an NFT art collection. Much like Coinbase NFT analytics, this feature allows users to look into the unique aspects of the collection and decide whether it’s worth the purchase.
- Notification Hub: Coinbase’s notification hub is designed to be an all-in-one section under the user’s profiles. Here, they can access real-time notifications on every minor update around the platform. In addition, this hub is designed to provide users with info ranging from the latest updates around the NFT communities to notifications on the ongoing sale of their wishlist collection.
- Rarity Filters: As the name suggests, the rarity filters are designed to allow you to look for a unique art collection among the several thousand collections listed on the exchange. Users can categorize their search based on their demands by uniqueness, availability, price range, and gas fee, among other factors.
- Seamless Wallet Connectivity: Thanks to Coinbase’s accessible wallet functionality, users can integrate up to 10 crypto wallets into a single account. This feature diversifies the different payment options and makes the most of their investment in different exchanges. In addition, Coinbase also allows users to purchase NFTs with a credit card at additional charges.
Does The NFT Platform Always Shows Real Results?
Over seven months since Coinbase’s highly anticipated NFT marketplace, we launched. Since then, the platform has come a long way to introduce new filters and features, adding a unique purchase option for buyers of every range and type.
Besides, with over 100,000 collections in its marketplace, there’s hardly any reported incident of users choosing a collection that cannot be viewed or bought. Therefore, it would only be safe to say that the NFT platform always highlights accurate results.
Could The Coinbase NFT Soon Be A Market Leader?
Since the marketplace is still in its infancy, it’s challenging to determine whether or not it could be the leader in the space. Besides, looking at its performance since its launch, Coinbase NFT marketplace has been a relatively weak performer, with an average volume of $3.5 billion and monthly visits crossing 2.5 million.
Adding to it, the Coinbase exchange has been in a negative spotlight in the past, primarily for the suspicion of insider trading and weak security. Therefore, even if the latest updates and inclusive features could make a difference, the marketplace has a long way to go.
Overall, with OpenSea holding a majority stake in the NFT industry, it might be a decade (or a few years) before Coinbase becomes a true market leader.