The NFT market has gained more recognition and usage in the last months. It is no surprise that many top crypto big players have tried to gain the field to them. Even though the OpenSea platform created on the Ethereum blockchain seems to be the major player in the NFT marketplace, it is not the only big player in the sector. Other rivals such as Binance and FTX have also made their intention known to explore the ecosystem. The new player to join the game is Coinbase, and it is not ready to just compete with other players but to try to dominate them.
Although Coinbase has only provided little information about the innovation, the few details the platform provides leave a lot for the crypto lovers to anticipate. According to a blog post from Coinbase, the Coinbase NFT “will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We are making NFTs more accessible by building intuitive interfaces that put complexity behind the scenes. We are also adding social features that open new avenues of conversation and discovery.”
However, news from the Coinbase team is that the Coinbase NFT marketplace will be built on the Ethereum blockchain, just like OpenSea. Many NFT sellers and buyers would have loved to see Coinbase work on means to reduce the gas fee which the Ethereum network fails awfully at. So, Coinbase NFT users will still have to deal with the hefty gas fees while enjoying the many benefits the marketplace provides. While many cryptocurrency investors believe NFTs are still in their infancy, Coinbase is launching much later than some of its soon-to-be rivals. Considering Coinbase’s prominence in the consumer crypto space, this is likely to be an important launch.