Coinbase Shows Users how its NFT Marketplace Will Operate

Coinbase has unveiled a preview of its NFT platform. The publicly traded crypto exchange has announced plans for this marketplace earlier, and it looks like it’s finally ready. 

Coinbase Allow Users to Preview NFT Platform

According to the Coinbase Vice President for Products, Sanchan S. Saxena, the essence of the platform is to show how easy it is for users to buy NFTs.The new NFT marketplace will allow users to connect with various self-custody wallets and buy NFTs. 

Earlier, I shared the product preview of @Coinbase_NFT and how it will be super easy for anybody to get started.

Today, I want to share how easy it will be for anybody to buy an NFT on @Coinbase_NFT using a self-custody wallet of choice (CB Wallet, Metamask etc.)

🧵 👇 pic.twitter.com/8sRgxj8mzr

— Sanchan S Saxena (@sanchans) January 26, 2022

In Saxena words, “we are building an open marketplace, and you will be able to buy an NFT using any self-custody wallet of choice OR using your CB account and custody it with CB. You can buy an NFT that was minted on any platform, right on CB NFT.”

Going by the Vice President’s comments, Coinbase will be prioritizing user experience above anything else. It’ll be marketing the ease of using its NFT platform compared to other options in the market. 

Saxena also promised to share Coinbase social discovery feed preview and show users how to discover new NFTs by following artists.

There’s no timeline yet for when the Coinbase NFT platform will launch. The exchange released a waitlist with the initial announcement back in October 2021. But the previews suggest that the launch will come soon.

NFT Trend Continue to Grow

The move by Coinbase comes amidst increased interest in NFT from crypto exchanges. With the trading volume of NFTs increasing fast, crypto exchanges are also looking for ways to bring more of these transactions to their platforms.

It’s not only crypto exchanges that are integrating NFTs into their operations. Social media platforms are also looking to integrate NFTs into their business.

For example, Twitter and Reddit recently announced the NFT profile picture feature. This will allow their users to connect their wallets to profiles and display their NFTs.

With everyone getting involved in NFT and trying to grab a share of the over $20 billion market, even the biggest NFT marketplace is looking to diversify. A recent screenshot showed OpenSea providing support for Solana.

This suggests that the Ethereum-based marketplace wants to expand its reach to attract more users.