Coinbase NFT review: Pros, Cons and how it compares
Coinbase is the leading crypto market space, and Coinbase NFT is their entry into NFTtrading. For now, the marketplace is still in an early phase, but as we will outline in this review, Coinbaase has great plans for its new NFT marketplace.
Before we start the review, a few words on what an NFT marketplace is and how it is different from a cyber currencies platform, that you might be more familiar with.
What is an NFT marketplace?
If you know Coinbase, then you would know them as a blockchain trading platform that lets you trade cyber currencies such as Bitcoin and Ethereum.
NFTs is also based on blockchain technology, but the aim here is not value and trading, but ownership. NFT is designed to register who owns assets. Such assets can be anything both physical and digital. However, the nature of the NFT makes them most relevant to be used for registering digital assets such as digital artwork, music, smart contracts, and other digital-based elements.
So NFTs, or non fungible tokens as they are also known are great at storing ownership of an asset. And this makes the technology ideal as a backbone for trading such assets. The places you trade the asset are on NFT marketplaces.
Our Take on Coinbase NFT Marketplace
Coinbase is the leading crypto market space, and Coinbase NFT is their entry into NFTtrading.
8.0 out of 10
Best for: Easy NFT trading for beginners
Network/Token Used Ethereum
Collection Size: Unknow at this point
Fees: Currently free
As mentioned in the introduction, the Coinbase NFT platform was launched in 2022, so it is still new.
However, Coinbase plans to use this platform to create a trading space for digital ownership in its broadest form. For now, they focus on art and games, but the perspectives are much broader than just art and games. Here is why..
Coinbase is entering the NFT domain because of a broader interest in digital ownerships.
The next step will be Crypto gaming. In other words, where Coinbase now focuses on cyber trading currencies, Coinbase NFT is for trading digital ownerships in its broadest forms.
This also means that Coinbase NFT is a core strategic investment and that they will see as a must-win battle.
Their focus will be the same as on the Coinbase platform, and that is to democratize access to NFTs. Whey this will be done by making the NFT trading process as frictionless and risk-free as possible. And to make the volume and collectibles high.
Coinbase is a public listed company, so they have the backed capital to make it a credible platform.
The social element of the current Coinbase trading platform has always been a key driver, and this is likely to also be a core part of the new Coinbase NFT platform.
- Buy and sell NFTs
- Gifting NFTs
- Referral program
- NFT Auction
- Geat UX
- Sell NFT bundles
- Multi crypto wallets options
Coinbase is on a mission to democratize the distribution of crypto assets. One of their tactical ways to do so has always been a focus on great and easy-to-use UX.
So it is no coincidence that the UX on the NFT platform of their site follows the same line as the regular Coinbase trading platform.
So, you get a well-tested and easy-to-use platform that most people will be able to use with no problems.
For now, trading is free as a part of the intro period. When the period will stop, and the end trading prices are unknown at this point.
What I Like/Dislike About Coinbase NFT
- The focus on democratizing digital ownership
- The current free trading options
- The uncertainty of future trading prices
- Still few collectibles on the platform
The four closest competitors to Coinbase NFT marketplace are listed here, highlighting how they are unique and differ from how Coinbase NFT marketplace works.
Nifty Gateway focuses only on exclusively features curated and verified art, often from D.J.s and celebrities.
Open Sea is ideal for collectors that like to collect assets such as video games, crypto-collectibles and music.
Rarible is an investor-focused NFT marketplace with resail royalties of up to 10%. They focus on special art.
SuperRare is a high-end platform that is designed for serious artists and digital collectors. The prices starts from $4000.
The Coinbase NFT marketplace has great UX, are free to use, but still lacks scale in products and users. So for now it might not be the best NFT marketplace, but it will be a challenge for the current leaders. Especially when Coinbase uses its strong financial background to launch new and exciting collectibles such as video games.