Are Social Media-Powered Marketplaces the Future of NFTs? Here’s a Peek at Coinbase NFT’s Beta

Written By Simon Mwebaze

Jumping between your social media pages and favorite NFT marketplace is time-consuming and exhausting. What if there was a way around that? What if there was a way you could have your social media and NFT marketplace in one place?

Coinbase launched its beta-iteration of its new Ethereum-based NFT marketplace. The social-media-focused platform will allow users to buy, sell, and engage with creators, collectors, and the community around the NFTs they own. You can follow, comment, and interact with one another through its marketplace.

Currently, it’s only accessible to a handful of test users chosen from a 3 million strong waiting list. Coinbase will extend access to more people over time.

What are people already saying about it on social media?

  • “Coinbase didn’t launch an NFT platform… they launched Web3 Instagram” – @JasonYanowitz
  • “It’s alive!@Coinbase_NFT beta just launched” – @jessgreenwalt
  • “I can tell you guys right now just from browsing the @Coinbase_NFT platform, the speed and the UI, the cleanliness etc. it’s basically a wrap for OpenSea they had the lead for so long and got comfortable” – @itsmattnow
  • “A nice feature of Coinbase NFT is definitely the comment section. Add a messaging section and even better. Curious to see how this is used.” – @Loopifyyy
  • “Did we just get verified on @Coinbase_NFT? Hum… Yes!” – @WomenTribe_nfts

The buzz is doing the rounds on social media.

What can users expect from the social-media-focused platform? Users will be able to create a Coinbase NFT profile to buy and sell NFTs. They can use a Coinbase Wallet or any self-custody wallet plus credit cards for fiat currencies to make transactions.

What about the fees? For the start, there are no transaction fees except Ethereum gas fees and creator-implemented royalties. Eventually, the marketplace will create a “low, single-digit fee”.

The marketplace already hosts some popular NFT creators – like Boss Beauties, World of Women, Women Rise, Doodles, and Cool Cats. Going forward, users can also expect NFT drops, minting, and token-gated communities.

While a social-media-focused marketplace is a new idea, it may become the new norm in the NFT space. The convenience of having your marketplace and community in one place could be difficult to ignore in the future.

We will be watching this space.

 

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