Legal Alpha

Share this post

🌌 Coinbase launches long-awaited social NFT marketplace in limited beta, just as NFT sales dive

nftalpha.substack.com

Discover more from Legal Alpha

Class Action and Mass Tort Lawsuits
Over 1,000 subscribers
Continue reading
Sign in

🌌 Coinbase launches long-awaited social NFT marketplace in limited beta, just as NFT sales dive

πŸ”₯ The NFT platform is finally live with an initial 0% marketplace fee and social media-like elements.

Lawsuit Alpha
Apr 21, 2022
Share this post

🌌 Coinbase launches long-awaited social NFT marketplace in limited beta, just as NFT sales dive

nftalpha.substack.com
Share

Thanks for reading NFT Alpha! Subscribe for free to receive new posts and support my work.

Cryptocurrency exchange Coinbase today announced that its NFT marketplace is officially live in a limited-access beta launch, six months after it officially announcedΒ its long-teased plans.

Coinbase NFT platform is now available to select users added from the waitlist, which has amassed millions of prospective members since October announcement. According to the exchange, it will add users in the order of signup, with plans to add everyone in the β€œcoming weeks.”

There’s also a β€œShop” tab that beta testers can visit to purchase NFTs. Currently, the marketplace only supports the Ethereum blockchain, and beta users log in using a wallet like the one Coinbase offers or MetaMask. While the company has said that Coinbase NFT will support Mastercard in the future, prices are currently only listed in ETH.

Recently the trading volume and the number of traders on the top marketplaces have almost universally decreased in the past month. OpenSea, the largest NFT shop, has around 67 percent fewer trades compared to what it had in March and 23 percent fewer traders. And while search interest in NFTs rose between October, 2021, and January, 2022, it’s since declined back to around normal levels.

Coinbase announced its NFT marketplace in October and says that there are a variety of seemingly essential features that aren’t in the current beta. Minting, NFTs on other blockchains (OpenSea has preliminary support for Polygon and Solana), and even the ability to purchase the tokens with your Coinbase account or credit card are all currently planned for the β€œcoming weeks and months.” It’s also, of course, not accessible to everyone right now. The company says it’s going to work through the waitlist, where people are ranked in part by how many others they’ve gotten to join the waitlist.

Quant Keys Unlock the Worlds of NFTs

At launch, Coinbase does not offer the ability to mint NFTs through the platform, but that feature is coming. Furthermore, Coinbase also plans to host new NFT project drops via the marketplace, including some created by its various launch partners.

Thanks for reading NFT Alpha! Subscribe for free to receive new posts and support my work.

Share this post

🌌 Coinbase launches long-awaited social NFT marketplace in limited beta, just as NFT sales dive

nftalpha.substack.com
Share
Comments
Top
New
Community

No posts

Ready for more?

Β© 2023 BitLabs
Privacy βˆ™ Terms βˆ™ Collection notice
Start WritingGet the app
Substack is the home for great writing