Coinbase NFT Marketplace Review | The Ascent by Motley Fool

It’s very early days for the Coinbase NFT Marketplace platform, which is still in beta. If you just want to buy and sell NFTs, it will do the job. But if you’re looking for additional functionality like NFT minting or multi-blockchain support, you may be disappointed. An interesting feature there hair has been launched is community-driven interactivity. Users can create profiles, follow other users and comment on people’s NFTs and feeds. This fits with Coinbase’s desire to become a social NFT platform.

Services

Coinbase NFT Marketplace users can buy and sell NFTs on the platform. If you want to buy an NFT, you will find various NFTs available for purchase directly. If an item is not for sale, you can make an offer. Coinbase also offers NFT drops, which are timed releases of NFTs. If you’re a fan of a particular drop, click “remind me” to receive updates.

But aside from these basic building blocks, it lacks many of the extra features. For example, it is not yet possible to create NFTs on the platform, although Coinbase says it plans to roll out minting functionality soon. Coinbase also says it plans to launch auctions, more payment methods and more blockchains.

Blockchains

Unlike other top NFT marketplaces, the Coinbase NFT Marketplace platform does not support multiple blockchains. Users can only buy and sell NFTs on the Ethereum blockchain, and will need ETH in their accounts to pay for the NFT and gas fees.

READ MORE: Best Places to Buy Ethereum

A good number of NFTs are minted on Ethereum, so sticking to just one blockchain doesn’t have a huge impact in terms of the range of NFTs available. However, that means customers cannot choose to reduce their gas fees by using blockchains like Polygon (MATIC) or Solana (SOL). Ethereum’s gas fees can be significant and vary depending on the level of network congestion. For example, when I tried to buy $15 worth of NFT on the platform, the gas fee came to over $8.

Supported wallets

Most NFT marketplaces do not have custodial wallets. This means that you cannot store your digital currency or NFTs on the platform and must connect to your own NFT wallet. Coinbase NFT Marketplace supports all major wallets either directly or indirectly. It also allows you to link multiple wallets to a single account.

READ MORE: Best NFT Wallets

You can connect the following:

• Coinbase wallet. You don’t need to be a Coinbase customer to use the Coinbase wallet, although it does make it easier to buy crypto with fiat currency (traditional money like dollars).
• MetaMask. MetaMask is one of the most popular crypto wallets on the market. It supports a wide range of blockchains and integrates with many applications.
• WalletConnect. This is an app that connects to many wallets, including Trust Wallet, Crypto.com DeFi Wallet, and Argent.

Payment methods

You need Ethereum to buy or sell NFTs on the Coinbase NFT Marketplace. The platform provides prices in both dollars and ETH, but all transactions and gas fees are paid in ETH. For some transactions, such as placing an offer on an NFT that is not for sale, users will need wrapped Ethereum (wETH).

Coinbase NFT Marketplace does not accept credit or debit card payments. However, if you are a Coinbase customer, it is relatively easy to buy ETH on Coinbase and move it into your wallet or use the Coinbase Pay feature.

Fees

For a limited time only, Coinbase NFT Marketplace will not charge any fees on its platform. After the initial fee-free period, it promises that fees will be in the single digits. However, that doesn’t mean users can escape taxes entirely – they have to pay gas taxes when they buy or sell goods. This is the fee required to make a transaction on the blockchain. Note that the Coinbase exchange also charges fees when converting dollars to Ethereum, just like other top crypto apps and exchanges.