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.
- 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.
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.