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The premier FIAT on-ramp and crypto-assets trading platform Coinbase made a surprising announcement about an upcoming Coinbase NFT marketplace on Oct 13. This is exciting news as the new peer-to-peer Coinbase NFT marketplace will allow users to create and trade NFTs, it’s likely to be a direct competitor to OpenSea and is almost guaranteed to pique public interest further in this new asset class. According to Vice President of Product at Coinbase Sanchan Saxena, it will be priced in Ether (ETH) for Ethereum based assets, which form the overwhelming majority of NFTs issued on-chain.
Since, Coinbase has an excellent track record in on-boarding new users to the NFT place, it is being expected that it won’t be any different this time and the Coinbase NFT marketplace will play a major role in introducing new entrants to the exciting world of NFTs! The new NFT marketplace will be open to all creators without any restriction, once it has been completely rolled out. The users will also be available to import their NFTs, minted on any other platform also.
Yes – for all NFTs on Ethereum, they will be priced in ETH. As we add more chains, we will price NFTs natively on those chains.
— Sanchan S Saxena (@sanchans) October 20, 2021
Coinbase NFT marketplace will feature complete ownership of NFTs minted on the platform and will store metadata for the NFTs on InterPlanetary File System with on-chain minting.
3/ Your NFT is YOURs –> Like @brian_armstrong mentioned, CB embraces decentralization (https://t.co/dAwtB2d0H7). Every NFT will be minted on-chain, with metadata stored on non-CB servers (e.g IPFS). From day-1, you can take your NFT anywhere you want – it's not a walled garden
— Sanchan S Saxena (@sanchans) October 18, 2021
Even though, it will be started from Ethereum, Coinbase NFT marketplace will feature more chains in the future such as Polygon, Solana etc. using a single interface. It will also enable a more social experience by providing community with the tools to discover, collaborate, build following and start a movement around this new asset class. The marketplace will feature buying from common wallets such as MetaMask and users won’t be restricted to only custodial Coinbase wallets off-chain.