The announcement of Coinbase NFT was made six months ago by the company, but few details had been released until this Wednesday when the beta version was launched.
Its users can already see collections of JNF like those of Doodles, World of Women and Azuki.
What are non-fungible tokens?
Non-fungible tokens (non-fungible tokensor NFT) are a kind of certificate of authenticity for a work, whose ownership history is preserved and publicly accessible through blockchain technology.
Transactions on Coinbase NFT are currently free, but fees of less than $10 will be added over time, according to Sanchan Saxena, the platform’s vice president of product.
The site currently only allows the download of JNFs based on the Ethereum blockchain, but product manager Alex Plutzer promised at a press conference that the platform will open to other blockchains soon.
The company hopes to create a
web3 social market which will allow Internet users to interact with artists, members of the community of JNF followers, collectors and collectors. A bit like an Instagram account, registrants will be able to present the JNFs they own or have created.
However, the platform does not intend to exercise control over the works that will be uploaded to it, unless they
break the law of the jurisdiction in which they are offered.
A still booming market
The non-fungible token market is currently dominated by the OpenSea platform. But Coinbase, an already well-established company, has the means to compete. In the United States, for example, it is at the top of the list of cryptocurrency exchange platforms, with some 89 million users. Its crypto assets are worth hundreds of billions of dollars, according to what can be read on its site.
Owners of virtual works and artists could also be happy to have another place to hope to get their hands on their next collector’s item or sell their digital art.
Coinbase, which claims to have succeeded in simplifying the buying and selling of cryptocurrencies for the general public, is hopeful of doing the same with non-fungible tokens. To achieve this, the company relies in particular on the possibility (to come) of making transactions with a simple credit card.
Expect Coinbase NFT to become the platform where the next Bored Ape Yacht Club, [une collection phare sur le marché des JNF] will launchsaid Sanchan Saxena.
The entire platform will roll out over the next few weeks and will be accessible to anyone 18 and older.