Overview
Coinbase NFT platform was launched early this year in beta. The NFT marketplace was originally only available to those who had signed up for the waitlist, but as of May 2022, anyone can now buy and sell NFTs on the platform. Coinbase NFT is supported by the Coinbase exchange, a seasoned and well-known cryptocurrency exchange. Coinbase is a public listed company, so they have the backed capital to make it a credible platform.
Blockchains
Categories
Supported Languages
Pros & Cons
- No fees
- Social feature
- Great interface
- Limited features
- Few categories
Full Review
In October of 2021, Coinbase announced the launch of a marketplace for minting, buying and selling non-fungible tokens (NFTs) along with an invite to join a waitlist that reached 2.5 million people.
Coinbase NFT platform was launched early this year in beta. The NFT marketplace was originally only available to those who had signed up for the waitlist, but as of May 2022, anyone can now buy and sell NFTs on the platform.
Coinbase NFT is supported by the Coinbase exchange, a seasoned and well-known cryptocurrency exchange. Coinbase is a public listed company, so they have the backed capital to make it a credible platform.
In order to democratize the trading of NFTs by removing barriers between collectors and creators, they aim to make the process of trading NFTs as frictionless and risk-free as possible.
Coinbase NFT have an unique social feature on the platform that allows you to create a profile and curate it with NFTs, follow other users, have conversations, post comments directly on NFTs and even upvote or downvote comments. This is a core part of the new Coinbase NFT platform.
What cryptocurrencies are accepted on Coinbase?
The Coinbase NFT platform is currently supporting NFTs on the Ethereum blockchain and accepting ETH payments. The platform will be expanded in the future to accommodate other blockchains.
NFTs categories available on Coinbase
For the time being, they focus on art and games; however, their interests are much broader than just those two categories.
Coinbase app
Coinbase has an Android and Apple mobile app. On Google Play, the Coinbase app has more than 700,000 reviews and a 4-star rating. On Apple, the Coinbase app has more than 1.6 million reviews with a 4.7 star-rating.
Although the Coinbase wallet app isn't yet able to trade NFTs, it does let you display and store your digital assets.
Coinbase fees
At the time of writing, there are no marketplace fees or gas fees. This is temporary during the beta launch.
Coinbase security
As mentioned, Coinbase NFT is supported by the Coinbase exchange. However, it's still in beta. There have been some reports of hacks and security breaches on Coinbase's exchange, but they are relatively small compared to other major breaches we've seen.
In October 2021, a large-scale phishing scam gave hackers access to 6,000 Coinbase users' accounts. The breach was related to a flaw in Coinbase's two-factor authentication. Users were able to recoup their losses.
Bottom line
Coinbase NFT marketplace has not even fully launched yet. Has great user experience, no fees, but still lacks product and user scale. So for now it might not be the best NFT marketplace, but it will be a challenge for the current leaders.
Have unique features like the social element but still lacks in functionalities such as selling NFTs through auctions.