Coinbase to launch NFT by the end of the year, integrate multiple chains next year, and combine dynamic walls and personal pages to create social functions.
Coinbase has been hinting at venturing into applications such as NFTs and DeFi. Today, it further announced the launch of a whitelist registration feature, claiming to provide users with the most intuitive and simple way to mint and trade NFTs. The platform will be built in a decentralized manner and is set to eventually expand to support multiple chains.
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Coinbase NFT
Coinbase Product Manager Sanchan Saxena announced key points about the "Coinbase NFT" platform in a statement:
- Building a user-friendly interface for easier access to NFTs
- Peer-to-peer trading platform to facilitate minting, trading, showcasing, and exploring NFTs
- Platform is decentralized, with all NFTs existing on-chain
- Support for Ethereum ERC-721 and ERC-1155, with multi-chain support planned in the future
- Initially available to U.S. users, with plans to expand to global users
Social Integration with NFTs
Coinbase aims to develop communities and expand the creator economy through the NFT platform, as mentioned by Sanchan Saxena:
While trading will be at the core of "Coinbase NFT," we have also integrated social features. The platform will help creators, collectors, and fans build communities. Based on user preferences, we will create personal dynamic walls for users, and their profiles will display the NFTs they own, facilitating connections between users with similar interests, fans, and artists.
Whitelist Registration
Whitelist registration can be completed with just an email. Upon filling out the email on the application page, no KYC is required, and a confirmation email with a referral code will be received.
The more people use your referral code, the higher your position will be on the waiting list.
NFT Platforms by Exchanges
Since the beginning of this year, major exchanges have successively launched their own NFT platforms, each with varying features, including:
- Support for blockchains: Ethereum, BSC
- Supported currencies: ETH, BNB, BUSD
- Transaction fee: 1%
- Royalties: 1%
- Minting feature: Invitation-only for specific users
- Cross-chain functionality: Supports Ethereum, BSC transfers
- Support for blockchains: Ethereum, SOL
- Supported currencies: ETH, SOL, USD
- Transaction fee: 2%
- Royalties: Not supported due to securities law violations
- Minting feature: Available with a $10 fee
- Cross-chain functionality: Supports SOL deposits and withdrawals, Ethereum in development
- Support for blockchains: OKExChain OEC, Ethereum
- Supported currencies: ETH, USDT, USDC, DAI, OKB, ERN
- Transaction fee: None
- Royalties: User-defined
- Minting feature: Available
- Cross-chain functionality: Supports "cross-platform" trading for selected projects
Currently, OpenSea remains the leading trading marketplace, with about 70% of NFT transactions taking place on Ethereum. Exchange NFT platforms that do not embrace cross-chain functionality, akin to standalone games, face challenges in gaining market favor.
Despite evident shortcomings, platforms face technical bottlenecks and high fees in cross-chain integration, leading to subdued trading volumes despite lower minting fees compared to Ethereum.
In response, Sanchan Saxena stated:
Initially, Coinbase NFT supports the Ethereum blockchain, which means users face high fees. However, this will change as the product develops. We are excited about Layer 2 solutions and other optimization strategies, and plan to integrate multi-chains in early 2022.
According to the Coinbase NFT whitelist page, the marketplace is set to launch by the end of this year.