- Coinbase NFT draws in blue-chip collections such as Crypto Punks and Bored Ape Yacht Club.
- 2.5M subscribers in the waiting list to test the beta marketplace.
- NFT and social media mixed to differentiate from OpenSea as a simple listing platform.
Coinbase NFT is the new beta marketplace that aims to bring NFT trading closer to a social media experience. Coinbase has hinted for months at building a marketplace, finally succeeding with a limited version.
Coinbase NFT is accessible to a waiting list of early subscribers, and will show how matters like low-value collections, high fees, scams and stolen items will be handled. Coinbase is adding to the mainstream adoption of NFT items, though with a focus on high-end collections with gimmicky art.
There are 2.5M registrations on the marketplace, with the potential to bring in significant trading activity. But there is no guarantee of positive price action, as some sellers may also tank the floor price.
What Kind of NFT Will Coinbase Host
There is a divide in the NFT space, between the utility of NFT and their esthetics. Coinbase NFT sits on the side of blue-chip collections, or high-prestige, high-priced items.
Punks and Apes have no real utility yet, despite some talk of launching NFT games. However, they do have the appeal of exclusivity and already get joined in a category of “blue-chip NFTs”.
Coinbase NFT also uses a layout similar to Instagram, placing NFT items as a tool for swag. The initial listings omit utility NFTs, such as Axies, Pegas, Crabs or other tokenized media that also works within a game.
The new marketplace is thus far from the approach of OpenSea, which listed all tiers and types of assets. Coinbase may go on to promote the eventual high-end P2E attempts that derive from those swag avatar collections.
NFT Market Proves to be Resilient
The NFT market remains resilient, with a $2,000 average price for sales in the past week. The secondary market reaches $44M per week, with nearly 25% expansion in the past seven days.
Smooth NFT sales are key for new gaming projects. For some games, the initial purchase is also a key to subsequent earnings. Even before the game is launched, NFT staking is a possibility, as well as perks for early buyers.