Coinbase recently debuted the beta version of its NT marketplace, and you may be excited to learn that the product is now available to you and the general public
Coinbase: Competing in the NFT marketplace arena
Barely two weeks ago, Coinbase debuted the beta version of its NFT marketplace, and the journey to launching this beta product has been easier said than done. During the buildup toward the beta launch of Coinbase’s NFT marketplace, 4 million people showed interest in the product by signing up for its waitlist/whitelist.
Coinbase is by no means a small company; with millions of users worldwide on its crypto exchange marketplace, Coinbase is one of the largest and most capable companies right now, and there’s no denying that they are a bit late to the party.
Considering that other crypto exchange platforms like Binance and FTX have had functional NFT marketplace products for a while now might not be the best situation for Coinbase to enter the marketplace later than its contemporaries.
After all, is said and done, Coinbase’s late entry into the NFT space might be a blessing in disguise as it might have given the company more time to finalize and improve its value proposition because its NFT marketplace product is being launched at a time when companies are driving for growth in an uber-competitive arena.
During this piece, you’ll learn more about the Coinbase NFT marketplace being available to the public and what this might mean for users like you.
Coinbase NFT Marketplace
Coinbase launched the waitlist for its NFT marketplace product on October 21, 2021, and most analysts expected the goal to be around 1.5 million signups. Still, by the time Coinbase launched its beta product two weeks ago, 4 million signups had been garnered by the company.
Most people agree about the Coinbase NFT marketplace because it takes the community aspect of its product seriously. Most companies claim to be about community, but majority of the time, it’s all talk, no action.
Judging by the actions taken by Coinbase lately toward its NFT marketplace project, the company has shown an exciting commitment to community engagement and management.
Coinbase understands that it might not be easy to draw users from existing NFT marketplaces such as OpenSea, LooksRare, Magic Eden, Binance, and the likes, so the company is investing a considerable amount of its resources into being an avenue for NFT newbies to discover the NFT space.
According to a blog post shared on April 20, Coinbase wants to help users “Effortlessly browse NFTs for sale with the Discover feed. We’ll make personalized NFT recommendations to save you time searching for them. As you engage with the marketplace, recommendations will improve based on what you buy, what’s trending, who you follow, and more.”
At the end of the day, breaking into the NFT space promises to be a tall order for the Coinbase NFT marketplace team, but if they’re successful, Coinbase can shake up the entire NFT space.