Coinbase To Launch NFTs On This BlockChain
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Coinbase To Launch NFTs On This Chain
On the news today from everyone has been Coinbase releasing their own NFT marketplace and that there's a waitlist to currently coin the marketplace.
From the start of this year we saw a massive boon to the NFT marketplace that has actually been around for many years. It wasn't until recently though that people realized the real potential value of NFTs and what they can do for us.
While yes like with anything new there are scammers and down right dumb things. However there are many promising aspects to NFTs such as ticket sales, artwork, music and so forth. All very real viable options. We even saw an evolution of NFTs into the gaming space where value is assigned to the NFT as being able to be used in the game. We saw an evolution of NFTs that can be updated live such as with sports cards where stats on the card and possibly the image would be updated as the person plays through the season. We have even started to see the introduction of DeFi to NFTs which are massive huge advancements to the NFT space.
What Many Aren't Talking About
Ok so great Coinbase is going to launch a NFT market place which brings them another stream of income outside of just fees on their exchange platform. But the real question you should be asking yourself is...
What blockchain will this NFT marketplace support?
From the looks of it so far the Coinbase NFT marketplace will be supporting Ethereum! ERC-721 and ERC-1155 standards will be minted on the Ethereum blockchain. That is as first and there are plans to implement multi-chain support soon after launch. Just how soon? Only though know but that's important to note here is that even with higher fees Ethereum is still the dominate choice over Polygon, Polkadot, Cardano etc.
Other Unique Aspects Of Coinbase NFT
So far we only know what they are telling us as nothing has rolled out yet. I expect a massive company like this would bring some innovation to the table and they might be doing just that with hints such as.
- It will include "Social Features"
- Will tap into the creator economy
Overall it will be interesting to see how much the NFT marketplace brings on Coinbase. There are many NFT marketplaces and right now OpenSea takes the cake. But with insider trading involved on that platform it left a bit of a stain on it. Will the crypto world care though? Coinbase is becoming highly tracked and regulated which is a good enough reason for me not to touch it. I wonder how many others feel the same and will stay away or if there's enough money and influence on Coinbase to next level it.
What are you thoughts on Coinbase launching a NFT marketplace?
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I don't have high hopes and them opening on ETH is even worst. I guess they need the prices to be high since gas fees will also be high.
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Yeah it's going to be interesting. As nearly ever other NFT marketplace such as OpenSea themselves don't charge to mint the NFT at first. I'm curious how it's going to play out and what if anything they bring new to the table. I feel they have to in order to stand out.
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Shame that they do it on the Ethereum blockchain, while they could easily (and probably much more effectively) do it on a blockchain, where the transactions are much cheaper, or even free.
I think it's a great move since Opensea doesn't really have a head-to-head competitor on such a large scale. The good thing with Opensea is that it already supports Polygon and has a huge time lead as compared to Coinbase NFT.
Recently Binance and FTX also announced their marketplaces. It's going to be an interesting race.
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