Coinbase: A Rival In The Digital Currency Trading Market Area
A little over a fortnight ago, Coinbase introduced the beta version of their NFT marketplace. The process of bringing this beta product to market has been challenging, but it has finally been successful. In the lead-up to the beta launch of Coinbase’s marketplace for NFTs, four million users signaled their interest in the product by signing up for the waitlist/whitelist associated with the marketplace.
Coinbase is by no means a small company. With millions of users worldwide on its cryptocurrency exchange marketplace, Coinbase is currently one of the largest and most capable companies in the world. Despite the fact that they are a bit late to the party, there is no denying that Coinbase is one of the most capable companies in the world right now.
When other cryptocurrency exchange platforms, such as Binance and FTX, have had fully operating NFT marketplace goods for some time now, it may not be in Coinbase’s best interest to enter the market after its contemporaries have already established a presence there.
After everything is said and done, Coinbase’s late entry into the NFT space may turn out to be a blessing in disguise. This may be the case because it may have given the company more time to finalize and improve its value proposition. This is because Coinbase’s NFT marketplace product is being launched at a time when companies are driving growth in an extremely competitive arena.
You are going to gain a better understanding of the Coinbase NFT marketplace becoming open to the public during the course of this post, as well as what this may imply for users such as yourself.
Coinbase NFT Marketplace
On October 21, 2021, Coinbase announced the opening of the waitlist for its new NFT marketplace product. The majority of industry observers anticipated that the objective would be somewhere around 1.5 million signups. However, by the time Coinbase released its beta version of its product two weeks earlier, the business had already attracted four million users to its platform.
The majority of individuals have positive opinions on the Coinbase NFT marketplace since it places a strong emphasis on the community element of its offering. The vast majority of businesses make the claim that they care about their local communities, but in most cases, this concern is only lip service.
According to the recent activities that Coinbase has been conducting in relation to its NFT marketplace initiative, the business has demonstrated an enthusiastic dedication to the management and involvement of the community.
Because Coinbase is aware that it may not be simple to attract users from established NFT marketplaces such as OpenSea, LooksRare, Magic Eden, Binance, and other similar platforms, the company is devoting a sizeable portion of its resources to the development of a platform that serves as an entry point for NFT newcomers to become acquainted with the NFT industry.
In a blog post that was published on April 20, Coinbase expressed its desire to assist consumers by allowing them to “Effortlessly peruse NFTs for sale via the Discover feed.” We will provide individualized suggestions for NFTs in order to save you time in your search for them. As you become more active in the marketplace, the suggestions that are sent to you will become more tailored to what you buy, what’s popular, who you follow, and other factors.
In the end, breaking into the NFT industry promises to be a tough order for the team working on the Coinbase NFT marketplace; nevertheless, if they are successful, Coinbase has the potential to shake up the entirety of the NFT space.
To learn more about NFTs, click here.