Coinbase NFT Marketplace Announced

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  • Coinbase has announced an NFT platform
  • Coinbase NFT will combine an NFT marketplace with a strong social element
  • The platform will launch later this year, initially in the U.S.

Coinbase has announced an NFT platform which it says is aimed at making the NFT process easier for creators and buyers. Coinbase NFT, which will operate on the Ethereum blockchain, will “provide the best user experience” and aims to increase “social engagement” around NFTs by curating a personal feed according to user interests and connecting like-minded collectors. The waitlist to be part of Coinbase NFT has been opened to U.S. customers, with global expansion inevitable once the platform beds in.

Coinbase NFT Aims for Easy Peasy Minting

Coinbase NFT was announced yesterday, with a blog post by Sanchan Saxena, VP of Product, explaining the rationale behind the move. Saxena said that Coinbase NFT would be “a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever”, with the minting process being done in just a few clicks.

Users will not have to pay anything above the gas fee, which, as creators will know, can be pretty extortionate in itself. Knowing Coinbase however, they will be looking to take a cut somewhere else along the line.

Social Aspect Could be the Difference

Coinbase NFT won’t just be a marketplace however, as the team behind it are going big on the social aspect:

By fostering connections, Coinbase NFT will help creators, collectors, and fans build community[…]Your profile will showcase all your NFTs in one place, helping you connect with like-minded fans or artists. The social element shapes the future by sharing passions, birthing new collaborations, and firing up the imagination.

Coinbase has opened Coinbase NFT up to American users initially, with a waitlist now open, with other countries set to get access “some time in the future”. Coinbase NFT itself is slated to launch “late in 2021.”