The first part of this article covered the Coinbase NFT platform and how to use it to buy NFTs. In this second part, we will give an in-depth review of the Coinbase NFT platform. Let’s get right into it!
How will Coinbase NFT work?
The Coinbase NFTs platform is, in essence, an NFT marketplace. So, it enables to buy and sell digital collectibles with an easy-to-use interface. They take pride in building a community where NFT makers and collectors can engage with one another.
The marketplace also offers additional services, including holding auctions or giving consumers a user interface to manage their NFTs. But, how does the Coinbase NFT marketplace work?
A key goal from the start of Coinbase NFT has been to help collectors easily find the best deals from their favorite creators.😍
That’s why we recently started showing listings from multiple marketplaces.🧵 pic.twitter.com/04mbFPN5tg
— Coinbase NFT (@Coinbase_NFT) December 22, 2022
The following steps will give a basic outline of how the marketplace operates. Here, you can:
- Sets up an account on the platform.
- Links his crypto wallet to it.
- Create an NFT.
- Lists the NFT for sale.
- NFT listings and market are both moderated.
- NFTs show up for sale in the market.
- NFT bids with the highest bidder wins.
- NFT transaction management using a crypto wallet.
For each listed NFT, the market develops a blockchain-based contract in the background. Tokens are added to a unique data form called metadata, and from there, the NFT receives its distinct parameters. The marketplace employs a unique transaction protocol known as smart contracts that control, oversee, and approves the transfer of assets between the buyer and the seller.
Features of Coinbase NFTs
Now that we know how the Coinbase NFT platform basically functions, let’s explore some of its features. The marketplace’s home page is nearly as simple to navigate as the rest of the exchange. The Drops, Shop, Explore, and following buttons are located at the top of the website, while the NFT platform sign-in button is in the top right corner.
There is a curated feed as well. You can choose ‘Following’ from the marketplace’s home page to view NFT listings and collections depending on your interests and past purchases. ‘Following’ works similarly to other social networking platforms. On the Coinbase NFT marketplace, there are other functionalities like:
- Social Integration – Create a profile, customize it with NFTs, follow other people, engage in conversations, leave comments directly on NFTs, and even upvote or downvote it.
- Creator Control – With a simplified minting procedure than its rivals, Coinbase claims to give artists decentralized contracts that grant them creative autonomy.
- NFT Aggregation – Coinbase lists NFTs listed on different NFT marketplaces.
A core focus for Coinbase NFT is building the simplest, safest tools for creators to connect. (See 🧵)
One of the key ways we’re doing that is with Drops. In Q3, over 92% of our drops sold out in < 24 hours. pic.twitter.com/TaoVGhVOWw
— Coinbase NFT (@Coinbase_NFT) December 22, 2022
In Coinbase, even a novice can make their own collections. The only things required are fees for gas and some ETH in the wallet. Using an all-in-one NFT builder with on-chain editing, anyone can create a new collection on Coinbase NFT. So, NFT creators can download the wallet addresses of the owners, airdrop tokens or NFTs to those wallet addresses, and eventually, token-gate access to perks. This makes it even simpler to engage and reward holders.
Some NFT marketplaces let users make payments on the spot with a debit or credit card. It is an appealing option for those interested in investing in NFTs but isn’t very familiar with cryptocurrencies or doesn’t want to have to buy cryptocurrency before they can buy an NFT. However, Coinbase doesn’t allow its users to buy NFTs with fiat. But to be fair, using Coinbase Pay through a Coinbase Wallet is relatively easy.
In May 2022, Coinbase made its NFT platform available to the general public, but the exchange is still in beta and has only a few basic features. It has since introduced a few more features, but there is still much work to be done. For instance:
- Multi-chain support (in addition to Ethereum)
- Enable consumers to pay for NFTs using fiat.
Currently, Coinbase NFT is only accepting ETH payments and supporting NFTs on the Ethereum network.
How to Sell NFTs in Coinbase.
On the Coinbase NFT marketplace, you have the option of both buying and selling NFTs. But how do you sell one? Just follow the below steps:
- Sign in on the Coinbase NFT website.
- Connect your Wallet.
- Go to your profile and select the NFT you want to list for sale.
- Click ‘List for Sale’ and enter the price in ETH.
- If necessary, fill out the remaining fields, such as title or description.
- Confirm the listing after making sure everything’s correct.
- Next, keep an eye on your NFT’s sales and, if necessary, alter the pricing.
There are currently no listing fees for the beta launch. It is possible to list an NFT that you already possess or bought from another NFT marketplace. You can also share your NFT on social media and other platforms to boost its visibility.
— Coinbase NFT (@Coinbase_NFT) December 1, 2022
Its imperative to remember that NFTs have lower liquid than cryptocurrencies. So, unless someone else buys your listed NFT, you cannot convert it into ETH.
Coinbase NFT to Metamask
MetaMask is a decentralized wallet that serves as a hub for Web3 and NFT enthusiasts with its plethora of features and Web3 applications. As one of the most popular hot crypto wallets in the market, Metamask is available on mobile devices and web browsers.
And Coinbase NFT Marketplace supports Metamask seamlessly. You can use it to connect to the platform or move your assets from your Coinbase wallet to Metamask. So, sending NFTs from Coinbase to Metamask is as simple as transferring between other crypto wallets. All you need to do is follow the below steps.
- Open the Coinbase Wallet.
- Go to the tab that lists all of your NFTs in the wallet.
- Choose the NFT you want to send.
- Select “Send” from the menu.
- Enter the public address of the recipient (or ENS).
- Authenticate the transaction.
We'll soon be integrating Coinbase Pay into MetaMask as a method of transferring & purchasing crypto. 🦊💙@Coinbase is launching this integration with MetaMask first as they roll out to the web3 ecosystem!
— MetaMask 🦊💙 (@MetaMask) May 24, 2022
If you sign in using your Metamask wallet, then NFTs bought from Coinbase NFT will automatically be transferred into it. Coinbase NFT marketplace is non-custodial, meaning the assets are stored in your wallet and not on the platform.
Coinbase NFTs for Sale
According to Dune Analytics, since Coinbase NFT volume’s April 20 launch, 17K users generated about $8 million in sales. The marketplace lists popular collections along with exclusive NFT drops.
Creators like Pplpleasr, Urs Fischer, Amber Vittoria, the Chicago Bulls, and others have benefited from Coinbase NFT Drops’ help in connecting with their audiences and offering distinctive utility. Also, the Rolling Stone magazine launched an exclusive NFT collection:
Our Rolling Stone Web3 Exclusive is now available for auction, with 100% net proceeds from the sale of this 1/1 Rolling Stone cover recreation, benefiting women's reproductive rights.
— Rolling Stone (@RollingStone) January 11, 2023
The platform also acts as an aggregator, listing NFTs on different marketplaces. But the feature is limited and is subjected to several restrictions. Nevertheless, you can still buy NFTs from popular collections.
Given that Coinbase is used by tens of millions of people worldwide, this is a significant development for NFT mass adoption.
The Coinbase NFT marketplace has some extensive work to do to engage its users and educate them about NFT ownership and its risks after making an abrupt foray into the world of NFT marketplaces.
Today, listings from Coinbase NFT are available alongside Ethereum-based NFTs from LooksRare, OpenSea, and other marketplaces. They have also plans to integrate Polygon and Solana NFTs on Coinbase NFT.
Although the Coinbase NFT marketplace has excellent UX and is free to use, it still has a limited number of users and products. Therefore, while it may not now be the best NFT market, it will present a challenge for the existing leaders – especially when Coinbase launches novel collectibles and partnerships with its solid financial background.
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