Coinbase NFT Beta Release: Why You Should Be Excited

May 9, 2022

The NFT market became mainstream and swayed toward success in 2021, and it was only the tip of the iceberg. While the crypto performance since the start of the year has been red, the NFT space is still growing. According to ihold, the transaction volume of crypto was $6.86 billion in January compared to $2.67 billion in December. The trend is only growing with platforms like OpenSea, Rarible, LooksRare, Meta, & making it to the news almost every day. 

The recent addition to the ‘popularity list’ is the Coinbase NFT. The most awaited announcement of Coinbase’s NFT marketplace rolled back in October 2021. It came along with a waitlist registration for users interested in early access to the platform. According to Decrypt, the waitlist announcement managed to bag 4 million registrations in no time. The platform announced its official NFT marketplace beta release on 20th April 2022, granting access to a minimal number of participants for its beta release.

Coinbase NFT Marketplace Beta Release Creating A Buzz!

Coinbase NFT marketplace is finally here, and we are all pumped up to know creators’ and collectors’ impressions. While the first week was slow, the stats are impressive for the second week. According to Dune Analytics, the platform witnessed a massive spike on Thursday with a trading volume of 30 ETH, i.e., nearly $100,000 in volume in just a day. The slow pickup has been likely because of the long waitlist of 3 million registrations provided by the limited access. 

With user-friendly UI and social features, the marketplace can open new channels for creators, artists, and collectors to interact. A crypto analytic site, Dune Analytics confirmed that the platform saw a trading volume of 73 ETH, roughly around $217,000 in the first week. As of 2nd May 2022, Coindesk has a trading volume of $421,842 with 1,151 transactions and 912 users. 

The User Interface of the platform’s beta version seems neat and gives a sneak peek of the fully developed version. The ‘Discover” page mirrors a social media newsfeed page where users can discover NFTs listed on the platform. What makes the page interesting is the ‘like’ and ‘comment’ features that give it an interactive social marketplace feel.

Here’s What Coinbase NFT Platform Looks Like

Additionally, users can explore the trending page to check out the trending NFTs on the platform. The section displays details like the 7-days trading volume of the NFTs, the number of owners, and the items under the collection. Clicking on any of these will lead the user to a detailed page with more attributes of the collection. 

Users will also be able to follow any artist or accounts they like on the platform. 

That’s not it. Coinbase plans to add more features like drops, token-gated communities, minting, and buying NFTs with a credit card or Coinbase account. The platform also aims to support multiple chains and make it a web3 social marketplace for its users. The NFT race witnessed a slump in late 2021 after their biggest hype season, and players like Opensea lost their rise-shine moment. Their kingdoms ‘ fall began while failing at several events with excessive charges and a sense of centralization. This gave newer platforms like Coinbase and LooksRare a perfect opportunity to carve a better platform and create their userbase. 

The Beta Testing Volume & Collections So Far – 

Currently, the platform is running a closed beta version that is open to invite-only participants chosen out of the 4 million on the waitlist. Dune Analytics and backend partner, ox Project, there are presently 912 users on the platform. Since 20th April, the platform has been adding nearly 100 new users every day to test the platform’s performance through an incremental user base approach. 

Coinbase – Silver Lining The Future Of NFTs:

Coinbase has several big names on its partnership roster like Mastercard, Pixel Vault, Adidas, and more to come. The partnership with platforms like Mastercard will enable users to purchase the NFTs with just a few clicks. Given the popularity Coindesk has gauged in its beta launch, the platform can potentially dominate the space and become artists’ & collectors’ go-to marketplace.

We hope for a quick roll-out so we can see the new trending item like ENS domains get in the hands of Coinbase users.

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