Coinbase jumps into the NFT pool with the launch of a beta mode for the acquisition of these digital assets. Something that they had been announcing since last year, but that had not materialized into a final product. At the moment only available to some specific users, the idea of the exchange par excellence is to jump on the trending topic and gain ground on the competition already established in the sector. OpenSea, Ethernity, or Rarible are already old acquaintances in the NFT buying and selling business. Also, Monday is known for being the favorite of celebrities both for its use and to raise money for its financing. And where Paris Hilton or Bruce Willis have acquired their Bored Ape collections.
In any case, Coinbase wants to make a difference with its worthy rivals in the NFT territory. The listed company seeks to add a social point to these digital assets by adding comments. Some in which buyers can vote against or in favor of the NFTs that Coinbase offers on the platform; all to help potential buyers find the content that interests them. Under a system of algorithms, which could well remember the recommendations of Instagram or TikTok once it tracks your preferences, the platform will begin to show content that it believes may be of interest to the potential buyer.
“Users want better ways to discover them, better ways to find the right communities, and better spaces where they can feel connected to each other. That’s why we’re building a product that is much more than a transaction. We seek to empower people to create, collect and connect”, they point out from Coinbase on their blog. In other words, the platform wants the NFT market to be more like a social network than a typical marketplace.
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Some decisions and approaches will have to be seen if it convinces a falling market. Since the boom of NFTs between 2021 and the beginning of 2022, the sector has been experiencing low hours. According to data from Bloomberg, OpenSea has recorded 67% fewer operations in March this year compared to the previous one. Also 23% fewer active buyers on the platform. A fall that has spread to the rest of the most prominent platforms.
It is not the first time that the union of social networks and NFT materializes. Mark Zuckerberg himself announced during SXSW that Instagram was already working on the integration of NFT. Also for the Facebook division of him. At the moment, the only approximation that we have in this regard points to an environment for the creation, purchase, and sale of NFTs, but without further details about it. Of course, Twitter is also ground for this new wave of digital assets; at least as a source and loudspeaker of its sale and distribution. Jack Dorsey himself sold the NFT from the first tweet in history for $2.9 million. It was almost the starting gun for an entire ecosystem.
According to Coinbase’s official announcement through its blog, some first impressions of what will be the fate of the company’s NFT social network can already be seen. Its view is similar to that of Instagram. By the time Instagram launches its digital assets, it will likely end up looking something similar. The system of comments and likes that they propose is not far from any of the social networks of the moment.
On the other hand, they are also looking for users who want to try this approach to web3 with a simple claim: for a limited time, Coinbase will not charge transaction fees, which can be done through an Ethereum wallet. But Coinbase is fully intent on opening up more options and even accepting Mastercard. For this, the company has enabled a waiting list where they will open profiles to enter the platform.