NFT'S

Coinbase NFT Marketplace Review | The Ascent by Motley Fool

It is very early days for the Coinbase NFT Marketplace platform, which is still in its beta phase. If you just want to buy and sell NFTs, it will do the job. But if you’re looking for additional functionality such as NFT minting or multi-blockchain support, you might be disappointed. One interesting feature that has been launched is community-driven interactivity. Users can create profiles, follow other users, and comment on people’s NFTs and feeds. This fits with Coinbase’s drive to become a social NFT platform.

Services

Coinbase NFT Marketplace users can buy and sell NFTs on the platform. If you want to buy an NFT, you’ll find various NFTs are available for purchase directly. If an item is not for sale, you can make an offer. Coinbase also offers NFT drops, which are timed releases of NFTs. If you’re a fan of a particular drop, click “remind me” to receive updates.

However, apart from these basic building blocks, it’s missing many of the extra features. For example, it isn’t yet possible to mint NFTs on the platform, though Coinbase says it plans to roll out minting functionality soon. Coinbase also says it plans to launch auctions, additional payment methods, and additional blockchains.

Blockchains

Unlike other top NFT marketplaces, the Coinbase NFT Marketplace platform does not support multiple blockchains. Users can only buy and sell NFTs on the Ethereum blockchain, and will need ETH in their accounts to pay for the NFT and gas fees.

READ MORE: Best places to buy Ethereum

A great deal of NFTs are minted on Ethereum, so sticking to just one blockchain does not have a huge impact in terms of the range of NFTs available. However, it does mean customers can’t opt to reduce gas fees by using blockchains like Polygon (MATIC) or Solana (SOL). Ethereum’s gas fees can be sizable and vary depending on the level of network congestion. For example, when I tried to buy an NFT worth $15 on the platform, the gas fee came to over $8.

Supported wallets

Most NFT marketplaces don’t have custodial wallets. This means you can’t store your digital currency or NFTs on the platform and will need to connect your own NFT wallet. The Coinbase NFT Marketplace supports all the main wallets, either directly or indirectly. It also allows you to connect multiple wallets to a single account.

READ MORE: Best NFT wallets

You can connect the following:

  • Coinbase Wallet. You don’t have to be a Coinbase customer to use its Coinbase Wallet, though it does make it easier to buy crypto using fiat currency (traditional money like dollars).
  • MetaMask. MetaMask is one of the most popular crypto wallets on the market. It supports a wide range of blockchains and integrates with many applications.
  • WalletConnect. This is an app which connects to many wallets, including Trust Wallet, Crypto.com DeFi Wallet, and Argent.

Payment methods

You need Ethereum to buy or sell NFTs on the Coinbase NFT Marketplace. The platform gives prices in both dollars and ETH, but all transactions and gas fees are paid in ETH. For some transactions, such as making an offer on an NFT that’s not for sale, users will need wrapped Ethereum (wETH).

Coinbase NFT Marketplace does not accept credit or debit card payments. However, if you are a Coinbase customer, it’s relatively easy to buy ETH on Coinbase and move it into your wallet or use its Coinbase Pay function.

Fees

For a limited time only, Coinbase NFT Marketplace won’t charge any fees on its platform. After the introductory fee-free period, it promises fees will be in the single figures. However, that doesn’t mean users can escape fees altogether — they will need to pay gas fees when they buy or sell items. This is the fee required to make a transaction on the blockchain. Be aware that the Coinbase exchange also charges fees when you convert your dollars to Ethereum, as do other top crypto apps and exchanges.


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Traciwininger
Author: Traciwininger

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