Anyone May Now Access Coinbase’s New NFT marketplace


The pain of missing out on early access to Coinbase NFT will soon be a thing of the past! The New marketplace is now in beta, allowing more individuals to purchase and trade their favorite digital assets for free! For the time being, Coinbase will not charge any transaction fees.

Update on Coinbase New NFT Marketplace

Since the previous year, Coinbase NFT has been orbiting the NFT area. It is nearly a must for Coinbase to have an NFT marketplace as one of the world’s major crypto exchanges. During the last two weeks, about 1.5 million people had the opportunity to test the platform before the beta version went online.

There have been complaints about the platform since early access went online. Coinbase tells the community that they are still attempting to sort things out, and the beta release will enable the community to assist them in the process. As the firm enables additional people to join, your access will be based on your place in the queue.

Coinbase NFT Marketplace Lures Few Users

The marketplace witnessed just 150 users when it opened its beta public. The added users carried a total of 1,112 users on Coinbase NFT as of Wednesday evening. At the time of writing, the marketplace had 1,233 total users.

Further, the platform saw 150 transactions on its first day open to the public. Dune said these amounted to around $75,000 worth of ETH which is less in comparison to one Bored Ape’s price.

Why New Marketplace Has A Sluggish Start

There are four probable reasons why NFT collectors didn’t rush to sign up and trade on Coinbase NFT. There’s already lots of competition in the marketplace arena. There’s Opensea, the first and biggest NFT marketplace. In addition, popular Marketplace like SuperRare, LooksRare, Foundation, Rarible, and NiftyGateway fill the slots for smaller markets.

Also, Coinbase doesn’t offer any substantial financial benefits for users to switch from OpenSea. The platform just promised no trading fees for a limited time, but users still have to pay gas fees.

Moreover, the timing may have also impacted the launch of the new NFT marketplace. Crypto is firmly in a bear market and the monthly NFT sales are also down from the January high of about $5 billion.

Coinbase NFT’s sluggish start has also had high-profile, customer-service problems. Samuel Cardillo who is CTO of RTFKT Studios expressed in his tweets that he’s been blocked from Coinbase NFT “for absolutely no reason besides getting ETH from sold NFTs.” Further, He has been attempting to restore his access to the platform for weeks since he accessed the platform during the closed beta.

Is it simply another marketplace for NFTs?

Drops, minting, and token-gated communities will all be possible with this platform, according to the company’s plans. Your Coinbase account or a credit card will also be able to purchase NFTs. NFTs on other blockchains will be supported in the future as the industry evolves, according to the Coinbase marketplace. They will also try to decentralize additional functions in the future.

To differentiate itself from competing platforms, Coinbase is focused on the social component, which is a major part of its overall user experience improvement strategy.

Users may utilize NFTs to personalize their online accounts in the same way that they do on social networking sites. Self-custody wallets allow users to disclose or conceal their digital assets, depending on the wallet’s preferences. It’s possible for collectors and creators to interact with each other via a remark box that appears under each NFT.

Hungry for more information?

Check out the Latest NFT news!

For more interesting updates on NFTs, connect with NFTHI on Twitter and Instagram.

NFTHI does not recommend any kind of Investment in NFTs or NFT trading. All the strategies are merely educational references.

Conduct thorough research before you start with NFT trading.

Share This Post

Related Posts

LimeWire Launches as an NFT Marketplace

Back in May, NFTHi reported the details of LimeWire's...

UniSwap Joins the NFT by Acquiring Genie 

Genie is the first platform that aggregates NFT marketplaces...

Billboard President Julian Holguin is Appointed CEO of Doodles 

Doodles New CEO Julian Holguin Julian Holguin, the former president...

Crypto firm 21Shares reveals Physical Bitcoin Exchange Traded Product

Crypto investment product firm 21Shares has pitched a physical...

Finally! Azuki Announces The Details Of Beanz NFT Collection

The Azuki team finally reveals the contents of their...