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It could be that after looking at the hype of NFTs and the boom in the overall digital art space, crypto firms like Coinbase started seeking their possibilities in NFTs
Following the NFTs trend, not only in terms of their quantity, but NFTs are also showing growth in marketplaces. The last year 2021, turned out to be a phenomenal time for cryptocurrencies and non-fungible tokens where many new ones emerged while most of them have attained high ground prices. Looking at the popularity and acceptance of NFTs, NFT marketplaces also started emerging in the space. Earlier, there were only decentralized applications based on blockchains, but now crypto firms like exchange firms are also looking for possibilities in the NFT space that could benefit their users.
Coinbase has also stepped into the NFT marketplace race as a leading and prominent cryptocurrency in the US. Coinbase is known for its involvement primarily in buying and selling crypto assets. Having millions of users on the platform using its services, adding an NFT marketplace would be a game-changer decision that it followed to make it easier for a lot of investors to buy NFTs directly using the Coinbase NFt Marketplace.
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While currently, the Coinbase NFT marketplace is in its beta version, still anyone can use it, and users can buy NFT on Coinbase. The layout of the NFT marketplace is said to be similar to that of OpenSea, along with the advantage that on Coinbase, users can find and explore NFTs available on different NFT marketplaces. On top of that, Coinbase NFT Marketplace allows users to make payments using Ethereum (ETH) whale purchasing an NFT, similar to OpenSea.
You would need a crypto wallet to buy NFTs on the NFT marketplace of Coinbase, which should have connected to the Coinbase platform. Furthermore, you would need Ethereum (ETH) in their wallet to buy NFTs and pay the transaction fees. In the later part, the platform would also add wrapped Ether (wETH).
This would be important for the NFT marketplace as users would use wrapped ETH (wETH) to set up auctions and bids that would require wETH. Coinbase also plans to add support for more cryptocurrencies and other blockchains that would be supported in the NFT Marketplace in the future.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
