Coinbase unveils social NFT marketplace
Crypto exchange giant Coinbase has given users a first glimpse at its highly anticipated marketplace for non fungible tokens (NFTs).
The platform, which launched in beta yesterday, mirrors social media platforms by allowing account holders to curate a profile page and connect with other users. The platform also allows users to search for trending NFTs and comment on other users purchases.
“The rise of NFT communities have shown us that online conversation extends far beyond the moments around transactions. We’re building a place that’s for more than just buying and selling,” commented Sanchan Saxena, the vice president of product at Coinbase.
“We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities,” she added.
When Coinbase announced plans for an NFT marketplace in October 1m people signed up to its waitlist in a single day. However, commentators have questioned whether Coinbase will be able to keep the hype going amid a slow down in NFT trade volumes.
Opensea, the world’s largest NFT market place, has lured 370,000 users over the past 30 days – a dip by six per cent compared to the previous month.
Coinbase shares have slid by one per cent today and are down by over 50 per cent compared to their debut price at the crypto exchange’s April IPO.
0x protocol’s native token, ZRX, has rallied by more than 37 per cent today after Coinbase announced a partnership between its NFT marketplace and the decentralized infrastructure provider.