In late 2021, CoinBase announced ‘Coinbase NFT’, a peer-to-peer marketplace for purchasing, displaying, minting, and discovering other forms of art for the users. The Coinbase NFT will go to be an overhaul for the artists and other craft enthusiasts. Besides, it will play a big role as a rival for the largest NFT marketplace OpenSea.
The latest Twitter post by Coinbase NFT today directs the fans and artists towards the completion of their goal. They might launch the platform very sooner but haven’t disclosed any other information related to it.
Coinbase is introducing its NFT marketplace just at the right time when many glitches and phishing attacks are discoverable on the OpenSea platform. According to the last blog post by Coinbase NFT, the organization is building a user-friendly interface that avoids complexities and adds social features like conversation and discovery for better interaction. As of now, the Coinbase NFT Twitter handle is flooded with thousands of artists and their artwork. People are going bonkers and appreciating the community for its mission.
Why Coinbase wants to enter NFT market?
The Coinbase NFT imagines its platform to be creative and creators’ first choice for empowering imagination and leaving all the complexities behind. The decentralized marketplace has a key part known as ‘control’ through which creators can control and maintain their art displays via decentralized contracts and metadata transparency. Moreover, the initial launch is supported by Ethereum based ERC-721 and ERC-1115 standards.
By developing a community, Coinbase NFT aims for its two fundamental features i.e. buying and selling of NFTs. The NFT community will include creators, collectors, fans and foster connections based on personal needs and interests. Further, the platform showcases the artwork automatically of like-minded fans and artists and all the elements will be in one place.
The much-anticipated feature of the platform is ‘expanding the creator economy’. Mostly, the driving force is to provide every artist the benefit from their creativity and contribute to a better future for all the artist community. More importantly, Coinbase NFT aims to provide economic freedom to the creators by profiting them from their artwork.
OpenSea to see a downfall
According to DappRadar, the statistics for OpenSea, the biggest competitor for Coinbase NFT doesn’t look good at this time. In the past month, it has seen a straight 15% decline in the total number of users. Moreover, the total volume of ETH transactions has decreased largely to 47%. Ever since the hack and phishing attack happened on the platform, the sellers along with the buyers have mixed emotions for OpenSea to launch their collection and buy new items.
In addition, the procrastination by OpenSea to resolve the issue is still in the middle of the ocean as no strict steps have been taken by the platform to avoid future attacks. Perhaps, Coinbase NFT will be going to have some strictly manufactured smart contracts to avoid the attacks and hacks. For the new build platform, it is the right moment to attract more users and artists.