Coinbase is jumping into the NFT pool with the launch of a beta mode for acquiring these digital assets. Something they had been teasing since last year but hadn’t materialized into a final product. Currently only available to specific users, the idea of exchanging par excellence is to jump on the trend theme and gain ground on the already established competition in the sector.
OpenSea, Ethernity or Rarible are already old acquaintances in the field of buying and selling NFTs. Also, MoonPay, is known to be the favorite of celebrities both for its use and for raising funds for its financing. And where Paris Hilton and Bruce Willis acquired their collections of bored monkeys.
Coinbase Introduces its NFT Market and it’s a Carbon Copy of Instagram
In any case, Coinbase wants to make a difference with its worthy rivals in the NFT territory. The listed company seeks to add a social point to these digital assets by adding comments. Some in which buyers can vote against or in favor of the NFTs that Coinbase offers on the platform; all with the aim of helping potential buyers find the content that really interests them.
As part of a system of algorithms, which may well remember recommendations from Instagram or TikTok once it tracks your preferences, the platform will start showing content it thinks may be of interest to you. potential buyer.
“Users want better ways to discover them, better ways to find the right communities, and better spaces where they can feel connected to each other. That’s why we’re building a product that’s so much more than a transaction.
We seek to empower people to create, collect and connect,” they point out from Coinbase on their blog. In other words, the platform wants to make the NFT market a social network than a typical market.
Some decisions and approaches will have to be seen if they convince a falling market. Since the NFT boom between 2021 and early 2022, the sector has been experiencing low hours.
According to data from Bloomberg OpenSea recorded 67% fewer operations in March this year compared to the previous one. Also 23% fewer active buyers on the platform. A fall that has spread to the rest of the most prominent platforms. This is not the first time that the union of social networks and NFT has materialized. Mark Zuckerberg himself announced during SXSW that Instagram is already working on NFT integration. Also for its division of Facebook.
At present, the only approximation we have in this regard indicates an environment for the creation, purchase and sale of NFTs, but without further details in this regard. Of course, Twitter is also at the heart of this new wave of digital assets; at least as a source and speaker of its sale and distribution.
In fact, Jack Dorsey himself sold the NFT in the first tweet in the story for $2.9 million. It was almost the start of an entire ecosystem.
According to Coinbase’s official announcement via its blog, some first impressions of what the fate of the company’s NFT social network will be can already be seen. In fact, his vision is similar to that of Instagram. By the time Instagram launches its own digital assets, chances are it will end up looking the same. The system of comments and likes they offer is not far from any of the social networks of the moment.
On the other hand, they are also looking for users who want to try this web3 approach with a simple claim: for a limited time, Coinbase will not charge transaction fees, which can be done through an Ethereum wallet.
But Coinbase is fully committed to opening up more options and even accepting Mastercard. For this, the company has activated a waiting list where they will open profiles to enter the platform.
I am Bhumi Shah, a highly skilled digital marketer with over 11 years of experience in digital marketing and content writing in the tech industry.