Coinbase Launches Its Long-Awaited Social Marketplace For NFTs
Source: Coinbase
Coinbase launched its long-awaited social marketplace for non-fungible tokens (NFTs), Coinbase NFT, in beta.
Users can create a profile and buy and sell NFTs on the Ethereum blockchain through the marketplace without any Coinbase transaction fees for a limited time. Also, users can follow other profiles and interact with other users through comments and votes. There is also a Discover feed where users get personalized NFT recommendations based on what they buy, who they follow, and other factors.
Over the next few months, the company plans to launch additional features such as drops, minting, token-gated communities, and the ability to buy NFTs with a Coinbase account or a credit card.
Coinbase NFT is gradually being rolled out with people at the top of the three-million waiting list receiving access before the platform is opened to all U.S. residents 18 and older within the next few weeks.
Coinbase’s approach to its marketplace is unique, compared to the current NFT marketplace landscape. It's more like social media platforms than NFT marketplaces like OpenSea and Rarible, which primarily support NFT buying and selling. In addition to supporting this, Coinbase layers in many other experiences that are quite similar to what exists across social platforms like Instagram. These include customized profiles, the ability to follow others, a personalized feed, and interactive features such as comments. In fact, Coinbase NFT looks like a simplified Instagram, but with NFTs as the content source.
These social experiences not only help to differentiate Coinbase NFT from the rest of the market, but they support the behavior of the NFT communities, which extend beyond transactions. Many NFT communities often go to platforms like Discord and Twitter to connect, interact, and engage with each other. With Coinbase NFT supporting NFT transactions and the social components, it creates a one-stop shop for Web3 enthusiasts.
The importance of community for NFT makes the marketplace attractive to current and new players in the NFT space. It will encourage other NFT marketplaces to consider social experiences for their current marketplaces. With Meta expected to roll out its NFT integrations for Facebook and Instagram, there is also the chance that it will look very similar to Coinbase’s product.
