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{"id":4174,"date":"2022-04-21T14:39:41","date_gmt":"2022-04-21T14:39:41","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/04\/21\/coinbase-launches-social-nft-marketplace-in-limited-beta-just-as-nft-sales-dive\/"},"modified":"2022-04-21T14:39:42","modified_gmt":"2022-04-21T14:39:42","slug":"coinbase-launches-social-nft-marketplace-in-limited-beta-just-as-nft-sales-dive","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/04\/21\/coinbase-launches-social-nft-marketplace-in-limited-beta-just-as-nft-sales-dive\/","title":{"rendered":"Coinbase launches social NFT marketplace in limited beta, just as NFT sales dive"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/4\/20\/23034269\/coinbase-nft-marketplace-social-platform-sales-opensea<\/a>
\n
<\/br><\/code><\/p>\n

\n

Coinbase announced on Wednesday<\/a> that its NFT marketplace is now in beta and accessible to \u201ca small set of beta testers who\u2019ll be invited based on their position\u201d on its waitlist. The company is looking to take on established players in the space by adding social features, like a comment system (with upvotes and downvotes) and an algorithmic feed.<\/p>\n

Visually speaking, the screenshots Coinbase includes in its blog post look like a cross between Instagram and OpenSea, one of the largest NFT marketplaces<\/a>. There are profiles where users can show off their collections (and which other people can follow) as well as a discover feed that Coinbase says will recommend NFTs to you \u201cbased on what you buy, what\u2019s trending, who you follow, and more.\u201d The marketplace also supports favoriting NFTs, as do OpenSea and other marketplaces.<\/p>\n

\n <\/p>\n

<\/p>\n\"\"<\/p>\n

<\/source><\/picture>\n

<\/span><\/p>\n

<\/span><\/p>\n

Profiles look a bit like Instagram \u2014 but with NFTs you\u2019ve made or bought instead of pictures.<\/em><\/figcaption>Image: Coinbase<\/cite><\/p>\n

<\/span><\/p>\n<\/figure>\n

\n <\/p>\n

<\/p>\n\"\"<\/p>\n

<\/source><\/picture>\n

<\/span><\/p>\n

<\/span><\/p>\n

The comments currently on the site are about what I would\u2019ve imagined.<\/em><\/figcaption><\/span><\/p>\n<\/figure>\n

Of course, there\u2019s also a \u201cShop\u201d tab that beta testers can visit to purchase NFTs. Currently, the marketplace only supports the Ethereum blockchain, and beta users log in using a wallet like the one Coinbase offers or MetaMask. While the company has said that Coinbase NFT will support Mastercard in the future<\/a>, prices are currently only listed in ETH. <\/p>\n

While Coinbase is a major player in the crypto exchange world<\/a>, it does feel like it\u2019s getting into NFTs a bit late. As Bloomberg<\/em> points out<\/a>, the market is showing some signs of flagging: DappRadar\u2019s NFT marketplace<\/a> tracker shows that trading volume and the number of traders on the top marketplaces have almost universally decreased in the past month. OpenSea, the largest NFT shop, has around 67 percent fewer trades compared to what it had in March and 23 percent fewer traders. And while search interest in NFTs rose between October, 2021, and January, 2022, it\u2019s since declined back to around normal levels.<\/p>\n

\n <\/p>\n

<\/p>\n\"\"<\/p>\n

<\/source><\/picture>\n

<\/span><\/p>\n

<\/span><\/p>\n

Worldwide search interest in NFTs between the beginning of 2021 and now.<\/em><\/figcaption>Graph: Google Trends<\/cite><\/p>\n

<\/span><\/p>\n<\/figure>\n

The company announced its NFT marketplace in October<\/a> and says that there are a variety of seemingly essential features that aren\u2019t in the current beta. Minting, NFTs on other blockchains (OpenSea has preliminary support for Polygon and Solana), and even the ability to purchase the tokens with your Coinbase account or credit card are all currently planned for the \u201ccoming weeks and months.\u201d It\u2019s also, of course, not accessible to everyone right now. The company says it\u2019s going to work through the waitlist, where people are ranked in part by how many others they\u2019ve gotten to join the waitlist.<\/p>\n<\/div>\n


<\/br><\/code><\/p>\n

Source: https:\/\/www.theverge.com\/2022\/4\/20\/23034269\/coinbase-nft-marketplace-social-platform-sales-opensea<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Source: Coinbase announced on Wednesday that its NFT marketplace is now in beta and accessible to \u201ca small set of beta testers who\u2019ll be invited based on their position\u201d on its waitlist. The company is looking to take on established players in the space by adding social features, like a comment system (with upvotes and […]<\/p>\n","protected":false},"author":1,"featured_media":4175,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[49,8],"tags":[50],"class_list":["post-4174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-technology","tag-business"],"yoast_head":"\nCoinbase launches social NFT marketplace in limited beta, just as NFT sales dive - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/04\/21\/coinbase-launches-social-nft-marketplace-in-limited-beta-just-as-nft-sales-dive\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase launches social NFT marketplace in limited beta, just as NFT sales dive - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Coinbase announced on Wednesday that its NFT marketplace is now in beta and accessible to \u201ca small set of beta testers who\u2019ll be invited based on their position\u201d on its waitlist. 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