The Coinbase NFT Experience: A Review

Coinbase is widely known as one of the leading crypto exchanges in the crypto space. It also launched its NFT marketplace on April 20th, 2022. Although the Coinbase NFT marketplace is still relatively new, this article explores its key features.

What is Coinbase NFT Marketplace?

Coinbase NFT Marketplace is a relatively new, community-focused NFT platform that is still in beta. NFTs, which are also known as non-fungible tokens, are digital representations of ownership stored on the blockchain.

Coinbase describes its platform as a “Web3 social marketplace for NFTs.”  It aims to be a place where collectors can interact with one another by connecting, liking, and commenting.  

Features OF Coinbase NFT Marketplace

Coinbase aims to make the distribution of cryptocurrency assets more accessible to anyone. Because of this, its platform is designed to be easy to navigate, even for beginners. 

Like other leading NFT markets, the Coinbase NFT Marketplace platform does not support multiple blockchains. Platform users can only buy and sell NFTs on the Ethereum blockchain, and they must have ETH in their accounts to pay the NFT and gas fees. 

All transactions and gas fees are paid in ETH, even though prices are displayed in both USD and ETH.  Wrapped Ethereum (wETH) is required for specific tasks, such as placing an offer on an off-market NFT.

Most NFT marketplaces do not offer custodial wallets. The Coinbase NFT Marketplace supports all major wallets, either directly or indirectly. It also allows you to link several wallets to the same account.

Coinbase NFT does not accept debit or credit cards. However, users can quickly buy ETH on the platform, transfer it to their wallet, or use Coinbase Pay.

FAQs

Is the free NFT from Coinbase legit?

Similar to airdrops, hackers can use free NFT drops as an opportunity to steal funds by setting up bogus smart contacts to which you need to link your wallet in order to access the NFT.

Which blockchain is Coinbase NFT using?

All of the digital collectibles on Coinbase NFT use the Ethereum blockchain. The network charges a “gas” fee for transactions like NFT sales.

Can I sell the NFT Coinbase gave me?

You can list an NFT you have, whether you got it from Coinbase NFT or another source. 

Is Coinbase trusted or not?

Coinbase is one of the most reliable cryptocurrency exchanges due to its liquidity and cautious token distribution.

Is Coinbase suitable for beginners?

Coinbase is an easy way for new cryptocurrency users to get started. Its straightforward interface lets people buy and sell crypto with just a few clicks.

How long does Coinbase verification take?

ID verification usually takes 10 minutes to 48 hours to complete.

Takeaways

Coinbase NFT Marketplace provides a user-friendly platform designed to democratize NFT trading by simplifying the process for beginners while enabling collectors to engage with each other.