With the rise of cryptocurrencies, many new and exciting projects have come up as a result. One of them is NFTs or Non-Fungible-Tokens.
Initially based on the Ethereum blockchain, they are a way for artists to mint their projects and place them on a new platform. NFTs, offer crypto investors a way to diversify their portfolio and own unique art pieces that they can keep or flip for a profit down the line.
They are a great development that has brought back respect to art and popularized clubs for art owners.
From the first chains, many more have started to develop and expand the NFT space in a positive way. Coinbase is the newest sector joining the NFT space and you can read up on any coinbase nft review to know exactly how the system will work.
Like other NFTs, the space will surely have the ability to further democratize the creator economy and shift the balance of power away from intermediaries that have historically extracted value from the art process as a whole.
There are already signs of technological underpinnings of NFTs that are getting increasingly applied to alternative use cases for diligent ownership outside of digital art and collectables. This makes the perfect time to join the industry and start investing while gathering your collection.
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The idea and launch of Coinbase NFT
The long-awaited launch of the Coinbase NFT marketplace first started with a beta version that allowed a small group of users from a waitlist of 3 million to use the platform for the first time.
Coinbase NFT was announced last October and features support for Ethereum-based NFT trading, with a social-media spin to distinguish itself from competitors.
The marketplace allows users to showcase their personal profile as well as follow accounts whose content will appear in your ‘’Recommended’’ feed. This makes the marketplace serve almost like a social media platform similar to Instagram and TikTok. Users will also be able to give their opinions on each order’s posts and projects.
This is a new spin that is sure to open up new doors in the industry since the product aims to be more than just buying and selling art. At its core, this marketplace will be about building a community, with which you can connect and engage.
As an added bonus, the marketplace will start off with zero transaction fees, with some low and single-digit fees being implemented down the line.
How Coinbase NFT will impact market
Coinbase’s NFT plans can be easily called a progressive decentralization within the marketplace with amazing new features. The implementation of user comments, threads, and follower graphs is sure to be a unique experience for new and expert artists, with many of these features probably going on to other marketplaces.
The social media-focused marketplace is a new and bright light in the current NFT landscape. An interesting but great development that has come from Coinbase’s NFT market is the Mastercard partnership with the service. The partnership will make the process of buying NFTs even easier.
Through this, users on Coinbase were able to access the biggest cryptocurrencies easily for the first time and the company aims to do the same with NFTs. Mastercard has taken it upon itself to solve the pain points and make it as easy as possible for customers to buy NFTs and have the best consumer experience.
As NFTs evolve and build their independent communities, they are sure to spur up new and interesting projects. One of the biggest communities that is on the rise in the music world of NFTs.
Projects that allow different types of tokens as parts of songs or album series, of which you would get live-show perks such as front-row seats and limited merch for owning tokens from a specific series.
