Coinbase NFT: The First Step in the Web3 Social Market

On April 20, the beta version of the Coinbase NFT Market was launched. Specific test users can buy or sell NFTs.

The Golden Finance experience found that most pages can be freely accessed except for the inability to log in. From the displayed page, it supports the login of decentralized wallets such as Metamask and Coinbase.

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The official website states: “We’re building a social marketplace powered by web3. You don’t need a username and password. Instead, you’ll log in using a self-hosted crypto wallet as your Crypto passport. You’ll also use it to pay for things and store NFTs.”

From the page, Coinbase NFT is more like a combination of Instagram and OpenSea . Coinbase NFT Beta currently has three columns: Discover, Shop, Trending.

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In the Discover column, the official NFT recommended for users is displayed. Users can showcase their collections and follow other people on their profiles. Coinbase will generate personalized NFT recommendations to users based on their purchase history, trends, people they follow, and more.

The Shop page currently houses a few items from the Moonbirds, Murakami. Flowers , Mutant Ape Yacht Club, Bored Ape Yacht Club, Beanz, Shinsei Galverse , and Clonex series. However, the Coinbase NFT team previously stated that it has approached more than 100 artists and will continue to develop products based on community feedback.

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On each individual NFT page, you can see the specific attributes and owner of the NFT. Additionally, Coinbase is also appealing to established players in this market by adding social features, such as a commenting system (with upvotes and downvotes), etc. Coinbase NFT tweeted: “We’re building a place for more than just buying and selling. On Coinbase NFT, you can follow other profiles, comment directly on the NFT, and like/dislike as the conversation unfolds.”

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Although Coinbase has stated that Coinbase NFT will support MasterCard payments in the future, the current NFT price is only listed in ETH . Coinbase introduced that, for a limited time, there will be no Coinbase transaction fees. But eventually there will be an increase in fees, which will be in line with web3 industry standards and will be notified in advance.

The Trending page can be understood as the statistical data information of the NFT market. The page shows that the NFT project Moonbirds topped the list with a 7-day volume of 84K ETH.

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The “Build Your Community” function is also set up on the homepage of the official website. Coinbase NFT said: “The rise of the NFT community has shown us that online conversations go far beyond transactions. We are building a place that is more than just buying and selling. We want Coinbase NFT to be a place to help creators and collectors build and engage with communities place .”

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In the next few weeks, Coinbase NFT will add more features, such as adding coins, minting, token-gated communities, purchase options, multiple payment channels, etc. , gradually realizing its impact on the web3 social market. Vision.

Out of sight, according to a tweet from Coinbase VP @Sanchans, Coinbase NFT is working with mainfold.xyz to leverage their royalty registry to ensure seamless processing of royalties for creators. The royalty registry aggregates royalties from the following standards: EIP2981, Manifold, Foundation, Rarible , SuperRare, and Zora. Creators whose contracts do not support any of the common royalty standards can set up on-chain overrides through royalty registration.

It should be emphasized that Coinbase NFT is not fully open at present, and the number of registered users on the queue list has exceeded 4 million.

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