Coinbase updates NFT platform details, no account needed, decentralized storage, Product VP: Your NFT is yours

Coinbase announced the launch of "Coinbase NFT" on 10/13, and today the Vice President of Product revealed more details, emphasizing the platform's high degree of decentralization features, including multi-chain support, decentralized storage, and no requirement for a Coinbase account.

Coinbase NFT

The Coinbase Product Vice President, Sanchan S Saxena, updated the latest developments of its NFT platform on Twitter here, highlighting the following points:

Recently, we announced the launch of Coinbase NFT marketplace (https://t.co/rPTtl2bSO3). We have been humbled by the incredible response from the community 🙏🙏.

Here is a quick 🧵to share some initial details. More to share in the upcoming weeks. @coinbase @Coinbase_NFT #NFT

— Sanchan S Saxena (@sanchans) October 18, 2021

Open to all creators

Creators and artists can unleash their creativity from anywhere in the world as Coinbase is establishing an open marketplace where any creator can join, build a profile, create a community, and sell NFTs.

Your NFT is your NFT

As outlined in the CEO Brian Armstrong's essay on 6/30 titled "Embracing Decentralization at Coinbase," NFTs on the platform will be minted on-chain, with image data stored off Coinbase servers such as IPFS.

No locking of any NFT

If users mint NFTs on other platforms, they can still list them for sale on "Coinbase NFT," and conversely, NFTs minted on Coinbase can be transferred to other platforms for sale, with no locking of any NFT.

No Coinbase account required

Users can log in through self-custody wallets like Coinbase Wallet, Metamask, or Coinbase accounts hosted by Coinbase for custody.

Interoperability

As previously reported, Coinbase will initially support Ethereum ERC-721 and ERC-1155, with plans for multi-chain support in the future. Saxena stated that this is akin to being able to trade any cryptocurrency on Coinbase.

According to Saxena, the latest development progress of "Coinbase NFT" will be updated weekly going forward.

Despite the existence of bubbles, previous reports have indicated that according to Bloomberg statistics, 73.1% of NFTs sold on OpenSea have no record of being resold 90 days later; only 19.4% have been resold at least once, but the concept of NFTs gradually becoming mainstream is a fact.

Leading in the art world, Sotheby's also announced the launch of an NFT trading platform, "Sotheby’s Metaverse," on 10/14, positioning itself early in the digital art market.

While Binance, FTX, OKEx have all launched NFT platforms before Coinbase, their functionalities are not yet complete, making Coinbase, which has a simple interface and is good at guiding novice users, a potential beneficiary.