A few websites currently dominate the growing market, but it looks like they came to play hard. It is not easy to enter a space with such strong players, but Coinbase is well known in the cryptocurrency space, which helps a lot when entering a new era.
In this article, discover the main features of this new NFT website, what it is doing to have a chance in this market, and what makes this competition so intriguing.
What is Coinbase NFT Offering?
Whenever entering a market that some other company already dominates, you definitely need to bring something new to the table to attract users and have a chance to compete. Coinbase NFT is doing that and has brought some interesting features, as you will find out below.
Buying NFTs
To make any purchase or trade, users can use any digital wallet they wish as long as it is Ethereum-based and you have some ETH to spend. Connect it to the website or create your own Coinbase crypto wallet, and you are ready to start buying. If you choose to use the Coinbase wallet, it also has an app and extension version for Chrome, making the journey easier for you.
0% Fees
During the beta version of Coinbase NFT, there will be 0% fees on both buying and selling NFTs. However, fees will eventually be integrated into the platform once the beta version is over.
Social Media Experience
A huge innovative feature Coinbase NFT is bringing to the market is a social media experience. Just like Twitter and Instagram, you can see a feed with people you follow and content suggestions based on what you consume on the website. Users can also comment and like each other’s posts to express their opinions on the platform.
You will be able to follow friends, other buyers, and creators to keep up-to-date with what is happening around the NFT community and have a chance to see first-hand what is being created by these people.
Can I List My Own NFT?
Yes, anyone will be able to sell their artwork on Coinbase NFT. Users can connect their wallets and list their NFT for free during the beta version of the platform.
What Is New On Opensea?
Solana NFTs
You can now buy Solana NFTs on Opensea. Up until recently, only Ethereum-based NFTs were supported. This change has seen an influx of new users and has definitely made Opensea stand out as the dominant NFT platform in both Ethereum and Solana.
How Much Does an NFT Cost?
The price will vary on the uniqueness of the token and what it represents. Many artists entered this market, and their fame can significantly increase their value, meaning you could acquire an NFT for free, a few cents, hundreds, or even thousands of dollars.
Since the cryptocurrency market is also in a high place right now, these little pieces are earning more value every day, but you can still find some affordable ones if you are not that into them and just want to have some fun.
Is it Worth Investing in NFTs?
The real answer is that only you can decide that for yourself. It will depend on how much money you have to invest or even if you just like to show off nice things. People love to show others everything they have, especially if it is rare and expensive. That is probably the main reason why NFTs became so popular. However, even if you do not care about that, you could still make money out of it.
By acquiring a token increasing in value, you could sell or trade it later for more than you paid for it. It is like an investment in a bank or building a house to sell it later but requires much less work.
Is Coinbase NFT Better than Opensea?
As you can see, there are new features added to Coinbase NFT to make it stand out and have a chance in the already well-established market for Opensea. Therefore, it is still early to tell how the platform will do in the long term, but the new additions seem to be useful in the non-fungible token world.
One thing is for sure, the Coinbase NFT vs Opensea dilemma is positive for users since both platforms will have to keep their game on point to make investors happy, which might mean lower fees and better features.
What about you? Do you plan to test Coinbase NFT, or are you sticking with Opensea?
