Coinbase’s Social NFT Marketplace: The Instagram of Web3

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The Coinbase social NFT marketplace is akin to Instagram and OpenSea

The Coinbase social NFT marketplace, which launched for beta testers on April 20, shows resemblance to Instagram.

Comparable to the social media platform, the new marketplace consists of social features that allow users to create profiles, follow members and leave remarks.

“We’re building a place that’s for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities,” says Coinbase’s blog post.

Coinbase Social NFT Marketplace

OPENSEA SIMILARITIES

Nevertheless, the Coinbase NFT marketplace features to buy, sell and create virtual goods remind users of the largest cryptocurrency marketplace, OpenSea.

Like OpenSea, the platform has an algorithmic feed that brings trending NFTs like Bored ApesAzuki and Moonbirds to the surface. Thus, the upcoming website is, basically, a combination of two highly successful platforms.

USING THE UPCOMING MARKETPLACE

Coinbase is yet to reveal an exact date for its public launch. As a result, only a few beta testers have access to the platform – to notice and report red flags.

The marketplace currently only accepts Ethereum blockchain tokens but plans to support NFTs on multiple chains, according to a recent blog post:

“Over time, we intend to decentralize more features by moving them from Coinbase tech to decentralized solutions.”

The blog post also reveals Coinbase will waive transaction fees for a “limited amount of time.”

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