The Coinbase NFT marketplace is all set to hit the internet. While the community is excited about the launch, the reports from the developers confirm that the platform has much more under its sleeves than NFT sales. In the words of Vice-President Sanchan Saxena, the new platform is as much about community building as it is about NFT trading. It will offer tools to connect with creators and engage with followers. Coinbase acknowledges the lack of a decentralized social networking platform and hopes to cement this vacuum by launching this community-based NFT marketplace.
NFTs, or non-fungible tokens, are one of the thriving aspects of the crypto space currently. These tokens, unlike cryptocurrencies, are minted to represent the value and ownership of unique digital products and artworks. Currently, there is hardly any industry or business where NFTs have proven their usefulness. The major fields using NFTs are digital artworks, music, sports, and metaverse. Recently, Air Europa became the first-ever airline to introduce NFTs in air transportation. It is only thanks to such demand that NFTs have grown into a $40 billion market in just a year. The growth ratio is phenomenal, considering the market was valued at a mere $338 million in 2020. Coinbase is set to make the most out of this thriving area by launching its NFT Marketplace.
Nevertheless, this new platform stands out as the exchange incorporates community building in its vision. Apart from letting you trade your NFTs, you can comment, appreciate or post your critiques regarding the NFTs on this platform. Furthermore, you can build your own customer/fanbase or follow your favorite artists and content creators like traditional social networking platforms. A Coinbase NFT profile allows you to create and curate your collection besides trading them in the marketplace. According to an NFT creator Lucréce from Coinbase, this will be a golden opportunity for independent creators to find like-minded people and form their team to think about their long-term goals and take NFTs as a serious career choice.
In addition to building a deeper social engagement among the community of NFT creators, this platform comes with a gilt-edged selling infrastructure. Once the NFT is minted on the platform, the smart contract will allow the users to earn royalty in every subsequent sale of the NFT, even from secondary markets. This way, the intellectual rights of the creator have protected even if the ownership changes in time. Users can transfer their NFTs to any other platform or use a self-custodial wallet to keep their assets on the Coinbase NFT platform. There is a state-of-the-art security protocol that ensures the authenticity of the NFTs through verification badges. Scammers and duplicates will be taken off the platform immediately if they are at fault.
The platform also brings great liberty to use the smart contracts on your NFTs, unlike other platforms where one has to be stuck with what the platform offers. Coinbase plans to list popular NFT collections like Boss Beauties and The Chive NFTs from actor Bill Murray. Users can also access any NFT minted on Ethereum through the discover option. As it is only the beta version, the number of users will be limited and exclusive before opening it up for the general public. The platform has no plans to collect fees during the initial stages for any NFT sales. However, users would have to pay a nominal single-digit fee over time.