Web3 Marketplace Beta: Coinbase Launches NFT Marketplace for Select Customers | news

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• Beta testers already have access to the NFT market

• The NFT market should also be a social network

• Coinbase must assert itself against big competitors

NFT market is in beta

Until now, you could trade various cryptocurrencies on the American trading platform Coinbase. However, last year Coinbase announced that it would also launch a Web3 social marketplace for NFTs. Finally, Coinbase recently announced via a press release and on Twitter that the new NFT Marketplace is now officially in beta. “Starting today, anyone can try the first version of Coinbase NFT at nft.coinbase.com and explore the vast collection of NFTs on the Ethereum blockchain,” the press release reads. However, creating, buying and selling NFTs is currently only possible for beta testers who are invited based on their position on a waiting list. It is currently difficult to know exactly when the market will be open to everyone.

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This is what the Coinbase market looks like for NFTs

As t3n describes the first screenshots of the NFT marketplace, the platform “at first glance looks like a cross between Instagram and OpenSea, the largest NFT marketplace in the world.” A video posted on Twitter gives a good first impression of the platform.

Users can showcase collected NFTs on the platform. However, it shouldn’t be about buying and selling. “We’re building a place that’s more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build their communities and engage.” You can also use the Discover feed to get personalized NFT recommendations. The more you deal with the platform, the more the recommendations are tailored to you. However, a number of other functions are also planned, such as drops, coin minting, and token-in gated communities. So it remains to be seen how the NFT market will develop.

The competition is great

Although Coinbase is one of the most important platforms when it comes to cryptocurrencies, upgrading an NFT market is nothing new in the field. Platforms like Binance and FTX already offer similar offers, as t3n explains. As Coincerge reports, the largest NFT market in the world is OpenSea with a trading volume of nearly US$23 billion and over one million users. The new LooksRare platform took second place with a trading volume of US$18 billion.

E. Schmal / Editor finanzen.net

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