Coinbase’s NFT Marketplace is Now in Beta: Take a look at this

Coinbase NFT marketplace
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Coinbase, one of the most popular cryptocurrency exchanges, has officially launched its NFT marketplace. After months of development, the long-awaited platform has finally gone live in beta form.

The highlight is the like and comment functionality; users can now like and comment on other people’s NFTs on the platform, just like they can on Instagram, Facebook, or Twitter.

A Web3 Social Network?

Since October of last year, the largest exchange in the United States has been involved in the NFT foray, confirming plans to build its own NFT marketplace called Coinbase NFT.

The move was widely welcomed by the crypto community and Coinbase users, with over 3 million registrations at the time of announcement.

Despite widespread public support, the development of Coinbase NFT has taken a long time, raising concerns about the official release date.

The NFT marketplace beta was finally released on Wednesday in the form of a public post on Coinbase’s official Twitter account.

Coinbase NFT has marketplace-like features such as buying, selling, and exchanging.

The highlight is the like and comment functionality; users can now like and comment on other people’s NFTs on the platform, just like they can on Instagram, Facebook, or Twitter.

Many see this as a different path than OpenSea or LooksRare, as Coinbase is aiming for a social network version of NFT, a Web3 social network.

Coinbase’s NFT platform enables the integration of the Coinbase wallet as well as many other popular Ethereum wallets such as MetaMask to improve user convenience and accept bank card payments.

Beta is here

Coinbase NFT will not charge transaction fees during the beta period, instead requiring customers to pay ETH transaction fees. However, the marketplace will charge users a reasonable fee in the future.

However, despite receiving a lot of attention since its release, the beta version elicited mixed reactions because it fell short of the expectations of the majority of users who participated in the platform’s exploration.

The platform lacks several key features, including trait filters, timed listings, activity records, and sale records.

The user interface is appealing, but each profile cutout is incomplete. There are still a few major issues that need to be addressed if the market is to maintain its lead in the NFT race.

What is Coinbase’s strategy?

Aside from new and intriguing features, Coinbase’s distinct advantage is its customer base of over 90 million users.

Furthermore, the exchange’s years of experience should provide a strong and stable market that will revolutionize the NFT industry.

Because the platform is currently being tested, there will be glitches.

The Coinbase NFT Marketplace, which has a wealth of experience in the crypto industry, holds a lot of promise and is expected to become a solid and secure playground for NFT enthusiasts.

The NFT’s are Changing

As a result of major market saturation signals, speculation about the NFT bubble has recently increased.

Scams, frauds, and cyber attacks linked to NFT marketplaces and NFT games are early warning signs of the technology’s emergence and widespread acceptance. Many people believe that the “NFT bubble” is on the verge of bursting.

According to Dune Analytics, the daily trade volume of the largest NFT platform OpenSea has decreased by 70% compared to the previous year’s blossoming season (August).

The question is whether NFT has lost its luster and will be quickly replaced by the next craze.

In fact, the NFT is still a source of buried wealth. When the market appears to be stalling, it requires something new and interesting to attract attention.

We also have a new Coinbase NFT, as well as other new developments related to the Play-to-Earn concept.

It is still too early to discuss the NFT bubble as the market diversifies, beginning with the Move-to-Earn movement and most recently with Coinbase NFT Marketplace, a social networking platform for NFTs.

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