Skip to content
Luis Clark
- Home
- /
- NFT Marketplaces
- /
- Coinbase NFT Marketplace Review...
Coinbase NFT Marketplace Review 2023
Luis Clark
- URL: https://nft.coinbase.com
- Year Founded: 2022
- No. of NFT Collections: 100,000+
- Blockchain: Ethereum
- Fees: (gas fees)
- Payment Method: Ethereum
Coinbase NFT: Our Opinion
Coinbase NFT marketplace is the best fit for traders with a Coinbase account or Coinbase wallet searching for an NFT solution that fosters community interaction beyond the ability to buy and sell NFTs.
However, though the Coinbase NFT marketplace offers reassuring prospects when compared to other popular NFT marketplaces, like the Opensea NFT marketplace, it falls short in the features offered.
Intro/Company Overview About the Marketplace
Launched in April 2022, the Coinbase NFT marketplace is a community-focused NFT solution that allows Coinbase account and Coinbase wallet users to buy and sell NFTs.
Beyond the ability to buy and sell NFTs, the marketplace enables users to engage and interact with other collectors through a follow and comment function.
Its parent brand, Coinbase is one of the largest, oldest, and most reputable cryptocurrency exchanges in the world and was launched in 2012.
The crypto exchange is listed on the Nasdaq stock exchange and holds multiple licenses to operate in various parts of the world.
That said, the services offered by the Coinbase NFT marketplace are quite limited. The NFT marketplace only supports the Ethereum blockchain and permits it as the sole payment method. However, the marketplace offers NFT drops, and allows social interactions between collectors.
Pros
- It offers a variety of social features
- Only charges gas fees
- Easy to use for beginners
Cons
- It only supports the Ethereum blockchain
- Poor customer service
Key Features of Coinbase NFT
Social Features
The Coinbase NFT marketplace is a Web3 social marketplace for non-fungible tokens. This means that instead of building an NFT marketplace like others, Coinbase NFT was designed to be a place where collectors can engage with one another by connecting, liking, and commenting on each other’s content.
The marketplace allows users to not just buy NFTs but also follow the account of collectors and creators and build communities around their NFT works.
The social features on the platform are similar to what is available on Instagram profiles. The only difference is that instead of showcasing photographs like on Instagram, users showcase their NFTs.
The ability of users to directly interact, comment and follow each other through the NFT marketplace is a new idea.
Most NFT marketplaces offer communication and communities outside the marketplace using social media channels like Discord or Twitter.
Coinbase eliminates the need for these third-party communication channels and enables users to create a community in the NFT marketplace.
Even though features like following other accounts and commenting are currently not on-chain or decentralized, Coinbase plans to progressively decentralize these features and make them available on-chain over time.
Social features currently available on the Coinbase NFT marketplace are the follow button, the like button, and the comment feature.
The comment feature has upvotes and downvotes and allows you to leave comments on listed NFTs.
The marketplace has a feed section where the platform’s algorithm shows you NFT content related to your past purchases or interactions.
It also has a “Discover” and “Trending Collections” section. The “Discover” feature allows you to explore NFTs from both upcoming and established creators and artists based on what’s trending or your past purchases.
The “Trending Collections” section displays the 7-day volume for the top trending NFTs of the week on the marketplace.
This section also has a shop feature that allows you to instantly buy the NFTs that you have discovered.
NFT Auctions
Despite being a new NFT marketplace, Coinbase NFT allows creators to launch auctions on their collections and collectors to place bids in auction listings.
All auctions on the platform are made visible to collectors once the auction has been set up by the creator or seller.
As with most NFT marketplaces, auctions on Coinbase NFT have a minimum bid, this is the lowest price that collectors in the auction can offer to buy the NFT.
Once a collector places a bid, the amount bided is committed into a smart contract. If the seller agrees to the bid amount, it will be automatically used to purchase the NFT but if they don’t, the funds will be returned to the user’s wallet.
You can place a bid for an NFT by selecting the “place bid” option on the NFT.
Coinbase NFT makes all bids in an NFT visible. This means you will be able to see all bids that have been placed on the NFT by checking the Bids List or the activity section.
All bids on the platform are conducted using Wrapped Ethereum. Keep in mind that Wrapped Ethereum (wETH) is not the same as Ethereum (ETH).
Wrapped Ethereum can be used for both offers and bids as it allows for a delayed transfer of funds. It can also be used for transactions that are not immediately removed from the user’s wallet.
If you do not have enough Wrapped Ethereum in your ETH compatible crypto wallet, you will be prompted to add more Ethereum to convert to wETH before your bid can be placed.
Types of NFT you can Buy and Sell
The Coinbase NFT marketplace offers over 100,000+ NFT listings in the following types of NFTs:
- Trading Cards
- Collectibles
- Music
- Photography
- Sports
- Art
- Fashion
Some of the popular collections within the above types include Dreadfulz, More Loot, Bored Ape Yacht Club, Azuki, Mutant Ape Yacht Club, Crypto Punks, CloneX, Moonbirds, etc.
Supported Blockchains
Coinbase NFT Marketplace only supports non-fungible tokens in the Ethereum Mainnet. This means that all NFTs on the platform use the Ethereum blockchain.
Supported Wallets
Coinbase NFT Marketplace supports the Coinbase Wallet, MetaMask, and other wallets supported by WalletConnect. Wallets supported by WalletConnect that can be used on the platform include Trust Wallet, Rainbow Wallet, SafePal, MyEther Wallet, Spot Wallet, Argent Wallet, Mat Wallet Alpha Wallet, BitPay, etc.
NFT Minting
Minting is the process of issuing new digital assets (NFTs) on the blockchain, which is assigned to a recording, art, music, or other assets.
Coinbase NFT marketplace supports NFT minting for digital assets that can be stored in your Coinbase wallet and listed for sale.
The NFT platform offers this feature for both creators and collectors.
To create a collection for minting on the NFT platform, scroll to the top right of the NFT marketplace dashboard and click ‘Create’.
Next, on the Create a Collection page, choose Start on the Create a Collection line.
Choose ERC-721 or ERC-1155 for the collection type.
Select if you’ll mint the NFTs yourself or if the NFT marketplace community will mint them for you.
If you opt to mint your NFTs on the Coinbase NFT platform then you’ll need to pay all accrued gas fees to mint them on-chain. Users go for this option if they intend to create NFTs for themselves or plan to offer unique NFTs for primary sale from their profile.
This would allow collectors to select NFTs from your profile.
Alternatively, if you opt for your Coinbase NFT platform community to mint your NFTs, then the community will pay the required gas fees.
Next, add the required details to your collection such as the name of the NFT collection, an Ethereum address to receive earnings, image, royalty percentage, recipient address royalties for future secondary sales, etc.
It’s important to note that royalties will be applied on all sales for all NFT marketplaces that support on-chain royalties.
Next, you’ll need to follow on-screen instructions to upload your content. Once that’s done, you can proceed to mint.
To begin, you need to set your listing details and choose the release for your NFT collection.
This will include the start date and time for NFT minting, the number of NFTs available to mint per transaction, the wait time in-between NFT mints, and the minting price for each NFT.
The wait time will prevent collectors from minting all your NFTs when they’re available.
Beneath the ‘Create a Collection’ menu, choose ‘Schedule listing details’.
The marketplace allows you to schedule more than a single release for your NFT assets. It also allows you to set a unique date and price for each release, and the Coinbase wallets are allowed to mint.
So you can proceed to set a start date, start price, and the number of NFTs eligible to the minted per transaction.
You also have the option of setting who can mint.
If you want to limit the wallets that are allowed to mint from your collection on the NFT marketplace during a release, Coinbase NFT allows you to add a CSV file of wallet addresses that should have access.
After filling out the details on the Schedule your release page, choose Update to update your minting contract. This will require that you pay network gas fees.
How to Buy NFT on Coinbase NFT
The first step to buying NFT on the Coinbase NFT marketplace is to download the Coinbase wallet, which is a self-custody wallet.
The Coinbase crypto wallet app is available as a browser extension and mobile app.
Next, pick a Wallet username. The username will allow other Coinbase users to send you crypto easily without having to copy and paste an address.
After creating your Coinbase crypto exchange wallet you’ll be given a 12-word recovery phrase and you’ll need to store this phrase securely.
Next, you’ll need to plan for Ethereum gas fees. These network fees are dynamic and depend on how congested the network is as well as how complicated a transaction is.
So you’ll need to budget more than the price of NFT.
Now, you’ll need to create a Coinbase crypto exchange account to buy Ethereum and then send it to your Coinbase wallet.
After adding Ethereum to your wallet, you can then swap Ethereum for NFT with the mobile app or browser extension.
To do so, click or tap the ‘Swap’ icon in the Assets tab and then pick “Choose asset” and select NFT.
Enter the amount of Ethereum you want to exchange for NFT and remember to add enough to cover gas fees.
Confirm the transaction and follow on-screen instructions to complete the purchase.
Fees
Currently, Coinbase NFT does not charge users fees for using the Coinbase NFT marketplace.
However, you’ll have to pay gas fees when you buy and sell NFTS as Coinbase’s marketplace is solely for Ethereum assets.
Gas fees are dynamic and dependent on the network congestion at the time of the transaction.
Payment Methods
The Coinbase NFT marketplace supports only 1 payment method, which is Ethereum.
It does not support credit/debit cards, bank transfers, or any other crypto.
Security
Coinbase NFT is a noncustodial NFT marketplace. This means that users are solely responsible for the security of the private keys and recovery phrases of the NFTs stored in their wallets.
Coinbase does not take responsibility for the loss of NFTs caused by phishing scams or loss of control of users’ wallets. Users are encouraged to secure and back up their recovery phrases to avoid NFT loss.
All NFT collections on Coinbase’s NFT marketplace are verified through a smart contract scanner on the blockchain using Etherscan.
Coinbase also offers security features like account verification to ensure that buyers don’t fall victim to scam sellers.
Coinbase NFT verified Accounts protect the Coinbase community against the impersonation of popular brands and names. All verified accounts have a verified badge next to the profile name.
Coinbase NFT also allows users to report accounts that are guilty of impersonation and other NFT-related scams on the marketplace. You can report fraud or scams on the marketplace with these few steps.
First, select the three-dot icon next to the content you wish to report and select “Report”. Provide the reason or supplementary documents to back your claims.
Once this is done you can submit the report. The Coinbase team will review the report and take the necessary action.
Non-Coinbase users who notice any policy violation or scam on the platform can also submit a report through the contact form on the Help Page.
Customer Service
Coinbase offers customer service via Online Live Chat with the Coinbase virtual assistant.
The platform also has a FAQ page and blog with lots of articles that can help customers navigate the platform.
That said, a lot of Coinbase customers complain about the poor customer service and inability to get fast real-human support from the support team.
Final Thoughts
Coinbase NFT marketplace is an easy-to-use NFT platform that’s best for users who already have an account on the Coinbase exchange that are searching to own other digital assets.
FAQ
Most frequent questions and answers
Yes, Coinbase offers an NFT marketplace via Coinbase NFT.
Yes, Coinbase offers a good wallet for NFT. However, it only supports Ethereum as its payment method and blockchain.
You can receive an NFT in Coinbase by giving the sender your Coinbase wallet address
Coinbase NFT is a good platform. Coinbase’s marketplace has several interesting features including the NFT drops feature. NFT drops allows creators to release collections directly on the marketplace. However, when compared to Opensea and Rarible, for instance, it falls short.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
Skrumble.com provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade, or sell any investment instruments or products, including but not limited to cryptocurrencies, or use any specific exchange. Please do not use this website as investment advice, financial advice, or legal advice, and each individual’s needs may vary from that of the author. Investing in financial instruments, including cryptocurrencies, carries a high risk and is not suitable for all investors. It is possible to lose the entire initial investment, so do not invest what you cannot afford to lose. We strongly advise conducting your own research before making any investment decisions. This post includes affiliate links with our partners who may compensate us.
To view our privacy policy read here.
