• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Cult Of Money

Cult Of Money

Personal finance for the crypto-curious.

  • About
  • Podcast
  • Contact
  • Cryptocurrency
      • How To Start

      • What Is Cryptocurrency And How To Invest?
      • What Is Bitcoin And How Does It Work?
      • What Is Ethereum And How Does It Work?
      • Most Common Crypto And NFT Scams (And How To Avoid Them)
      • Proof Of Work vs. Proof Of Stake vs. Proof Of History
      • How To Invest In Crypto In Your IRA Or 401k
      • Tools + Resources

      • Best Cryptocurrency Exchanges
      • Best Cryptocurrency Wallets
      • Best Crypto Savings Accounts
      • Best Tax Software For Crypto And NFT Traders
      • Reviews

      • Coinbase Review
      • Gemini Review
      • BlockFi Review
      • Binance Review
      • Hodlnaut Review
      • Ledger Wallet Review
  • DeFi
      • How To Start

      • What Is DeFi?
      • What Is Staking Your Crypto?
      • Centralized vs. Decentralized Exchange
      • Tools + Resources

      • What Is Uniswap And How Do Decentralized Exchanges Work?
      • Reviews

  • NFT
      • How To Start

      • What Is An NFT?
      • Tools + Resources

      • Most Popular Play-To-Earn Crypto Games
      • Popular Projects

      • What Are VeeFriends And Are They Worth It?
      • Bored Ape Yacht Club NFTs Are Popular (And Expensive)
      • What Is The Sandbox And How Can You Play?
      • Why Visa Bought A CryptoPunk
  • Investing
      • How To Start

      • Tools + Accounts

      • Reviews

  • Personal Finance
      • Banking

      • Best Bitcoin Rewards Checking Accounts
      • Tools + Resources

      • Tax

      • Income Tax Prep Guide
      • Bookkeeping And Accounting For Crypto And NFTs
NFT

Coinbase NFT Marketplace – What To Know

By Tom Blake • November 16, 2021

At The Cult of Money, we want to help you navigate your finances. To do this, many or all of the products featured here may be from our partners whom we receive compensation from. This doesn’t influence our evaluations or reviews. Our opinions are our own. Learn more here.Advertiser Disclosure

There are thousands of financial products and services out there, and we believe in helping you understand which is best for you, how it works, and will it actually help you achieve your financial goals. We're proud of our content and guidance, and the information we provide is objective, independent, and free.

But we do have to make money to pay our team and keep this website running! Our partners compensate us. CultOfMoney.com has an advertising relationship with some or all of the offers included on this page, which may impact how, where, and in what order products and services may appear. The Cult of Money does not include all companies or offers available in the marketplace. And our partners can never pay us to guarantee favorable reviews (or even pay for a review of their product to begin with).

For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. CultOfMoney.com strives to keep its information accurate and up to date. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website. All products and services are presented without warranty.

Coinbase NFT Marketplace

Non-fungible tokens, or NFTs, have been all the rage for investors and collectors throughout 2021. According to Statista, NFT trading doubled between July and August 2021 alone. And the hype doesn't show any signs of dying down.

Coinbase, one of the world’s most popular cryptocurrency exchanges, has announced plans to launch its own NFT marketplace. There’s currently a waitlist to get early access to Coinbase NFT. But given Coinbase’s popularity, this move is certainly exciting for NFT investors and creators alike.

But how will Coinbase NFT work, and how can investors, collectors, and digital creators take advantage of the new marketplace? In this article, we’re covering everything you need to know about Coinbase NFT and how you can stay in the loop.


Table of Contents
What Is The Coinbase NFT Marketplace?
What Does This Mean For NFT Investors?
What Does This Mean For NFT Creators?

How Does The Coinbase NFT Marketplace Compare?
Is NFT Investing Right For You?
Final Thoughts

What Is The Coinbase NFT Marketplace?

On October 12th, 2021, Coinbase announced Coinbase NFT, a peer-to-peer marketplace that will let users mint, purchase, display, and find new NFTs. According to Coinbase, just as the platform “helped millions of people access Bitcoin for the first time in an easy and trusted way - we want to do the same for NFTs.” Coinbase says that it plans to launch the new marketplace by the end of 2021.

One of the reasons Coinbase is such a popular exchange is because of it’s user-friendliness. Users can buy dozens of cryptocurrencies and stablecoins with funds right from their bank account after creating an account. Verifying your account with KYC information is also snappy.

Coinbase NFT looks like it will follow the same formula. In its announcement, Coinbase stated it’s making NFTs more "accessible" by creating interfaces that put the complexity behind the scenes. Social features that promote NFT discussion and discovery are also going to be part of the marketplace. Finally, Coinbase also wants to put creators first and have a system where creating NFTs just takes a few clicks.

Key Features

From a technical perspective, Coinbase NFT plans to leave control in the hands of creatives. NFTs on the marketplace are going to be on-chain, meaning media and metadata are stored within smart contracts.

Coinbase states: “We will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency...We’ll provide the best user experience, but we’ll never lock creators in.”

This creator-first approach and dedication to user-friendliness sounds like great news. And so far, early sneak peaks of Coinbase NFT have been promising.

On November 4th, 2021, Coinbase’s VP of Product Sanchan Saxena Tweeted a short video of Coinbase NFT’s onboarding flow. In the video, users can sign in to Coinbase NFT with their Coinbase wallet, but they also have the option to use an independent cryptocurrency wallet or Web3 wallet like Metamask.

Recently, we announced Coinbase NFT marketplace (https://t.co/IP1PZyw47K). And today, we wanted to share a sneak peak of the product and get your feedback.

Here's a video of the onboarding flow for any user to connect and create their profile ???? pic.twitter.com/tRr9phFwta

— Sanchan S Saxena (@sanchans) November 4, 2021

The variety of wallet choices means you don’t need a Coinbase account to use Coinbase NFT as things currently stand. Overall, this is excellent news for NFT creators and investors because you’re not locked in to being a Coinbase user to explore its NFT marketplace.

Waitlist & Requirements

You have to join the Coinbase NFT waitlist to get early access to the marketplace. Only an email address is required to join the waitlist. You can also advance your waitlist spot by referring other users to sign up. Currently, there’s over 2.4 million users on the waitlist.

Once the marketplace is live, you'll have to be 18 or older and live in the United States to create a Coinbase NFT account. Coinbase states it plans to expand to other countries in the future and will update international residents on the waitlist when support for new countries is added.

What Does This Mean For NFT Investors?

NFT investors aren’t lacking choices when it comes to purchasing NFTs. For starters, OpenSea is the largest NFT marketplace in the world, and users can buy NFTs of artwork, music, domain names, real estate, collectibles, sports, and various other categories. Entrepreneurs like Gary Vaynerchuk are even selling NFTs of VeeFriends on OpenSea.

Furthermore, other exchanges like Binance and FTX have also launched NFT marketplaces to give users greater access to this new asset class. Considering the growth of NFT popularity, it’s not surprising to hear more exchanges are jumping on the trend.

But what makes Coinbase’s NFT announcement exciting is how large its user base is. Coinbase has over 68 million verified users according to its website. This means millions of cryptocurrency investors might enter the NFT market for the first time. As Coinbase NFT expands international support, the wave of new investors in the space should also increase.

For investors who are already buying and selling NFTs, Coinbase NFT might not be a gamechanger. But having more choice is generally a good thing for consumers, especially for an emerging space. So Coinbase NFT is ultimately a positive for investors.

What Does This Mean For NFT Creators?

Coinbase has made it clear that it’s putting creators first with its NFT marketplace. If you can truly create and sell NFTs with just a few clicks when Coinbase NFT launches, that should help more artists enter the space.

Coinbase also has aspirations to build a community of digital creators. But only time will tell how much social engagement Coinbase can generate on its marketplace.

Like NFT investors, artists have several platforms to choose from for selling their creations. But having more choice is a plus, and if millions of first-time NFT investors enter the space through Coinbase, that directly benefits digital creators trying to monetize their artwork.

How Does The Coinbase NFT Marketplace Compare?

It’s difficult to judge Coinbase NFT fully since the marketplace isn’t live yet. However, it’s fair to say that Coinbase is entering a very competitive market despite NFT popularity being more recent.

As mentioned, marketplaces like OpenSea currently dominate the space. According to DappRadar, the total volume on OpenSea over the last 30 days is approximately 407.11k Ethereum, or $1.93 billion dollars.

There are also more niche players in the NFT space. For example, NBA Top Shot lets you buy officially-licensed NBA and WNBA “digital moments collectibles'' on its marketplace.

Is NFT Investing Right For You?

People invest in NFTs for different reasons. An NFT is a one-of-a-kind asset, which can be attractive for collectors who want to own NFTs for sentimental reasons. For other investors, NFTs represent an emerging space with the opportunity to flip digital assets for profit.

You need to know what your investing goals are before dabbling in NFTs. Additionally, it’s important to note that NFT popularity is a recent development. So it’s difficult to say if the recent growth is a bubble or if it can be sustained.

The bottom line is that investing in NFTs is a more speculative play. You shouldn’t spend money on NFTs you can’t afford to lose. Remember, there are many other ways to invest in blockchain technology too, like through cryptocurrency investing, staking, or even lending out crypto on platforms like BlockFi and Celsius.

Final Thoughts

Coinbase has a massive user base, so any new feature the company introduces is going to make a splash. And, for a space as new as NFTs, opening the door for beginners is a positive for Coinbase, investors, and digital creators alike.

Right now, your best option is to join the Coinbase NFT waitlist and to watch for more developments. Between Coinbase NFT and market leaders like OpenSea, you certainly have a lot of options to start getting involved in the wild world of NFTs.

Tom Blake
Tom Blake

Tom Blake is a personal finance writer with a passion for making money online, cryptocurrency and NFTs,  investing, and the gig economy.

Editorial Disclaimer: Opinions expressed here are author’s alone, not those of any bank, credit card issuer, airlines or hotel chain, or other advertiser and have not been reviewed, approved or otherwise endorsed by any of these entities.

Comment Policy: We invite readers to respond with questions or comments. Comments may be held for moderation and are subject to approval. Comments are solely the opinions of their authors’. The responses in the comments below are not provided or commissioned by any advertiser. Responses have not been reviewed, approved or otherwise endorsed by any company. It is not anyone’s responsibility to ensure all posts and/or questions are answered.

Subscribe
Login
Notify of

0 Comments
Inline Feedbacks
View all comments

Primary Sidebar

  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter
  • YouTube

Editor’s Picks

  • 8 best cryptocurrency exchanges ranked

    8 Best Cryptocurrency Exchanges Ranked For 2023

  • crypto savings accounts

    6 Best Crypto Savings Accounts For 2023

  • Cryptocurrency Bonus Offers

    10 Best Crypto Promotional And Bonus Offers

  • best crypto wallets

    Best Crypto Wallets For 2023 (Software And Hardware Options)

  • Best Portfolio Trackers For Cryptocurrency And Stocks

    6 Best Portfolio Trackers For Cryptocurrency And Stocks

  • best tax software for crypto and NFT traders

    Best Tax Software For Crypto And NFT Traders In 2023

Popular Posts

  • proof of work vs. proof of stake vs. proof of history

    Proof Of Work vs. Proof Of Stake vs. Proof Of History

  • Why I Bought An NFT

    Why I Bought An NFT [And 5 Reasons You Should Too]

  • My Dogecoin Experiment: What I Learned From Investing $2,000 In DOGE

  • common crypto and nft scams

    Most Common Crypto And NFT Scams (And How To Avoid Them)

  • Bookkeeping and Accounting for Crypto and NFTs

    Bookkeeping And Accounting For Crypto And NFTs

  • what is a 51% attack

    What Is A 51% Attack? (And How Is That Game Over For Crypto?)

  • what is staking crypto

    What Is Staking And How Can You Make Money With Your Crypto?

  • what are veefriends

    What Are VeeFriends And Are They Worth It?

  • how to file a complaint against crypto exchanges

    How To File A Complaint Against A Crypto Exchange [Crypto Regulators]

Footer

Pages

  • Best Cryptocurrency Wallets
  • Best Cryptocurrency Exchanges

Categories

  • Cryptocurrency
  • DeFi
  • NFT
  • Personal Finance

About

  • About The Cult Of Money
  • Contact
  • How We Make Money
  • Advertise With Us
  • Facebook
  • Instagram
  • Pinterest
  • RSS
  • Twitter

Copyright © 2023 | Cult of Money | Privacy Policy | Terms of Service

wpDiscuz