Coinbase recently beta launched their Coinbase NFT platform. If you haven't heard of Coinbase (you can read our full review here), it is a well-known centralized cryptocurrency exchange in the space and is a public listed company with the stock ticker COIN. Coinbase's venture into the NFT space is a big deal as their centralized exchange platform boasts approximately +89 million verified users in over 100 countries. Last year with the announcement of the Coinbase NFT platform, they garnered a waiting list of over 1.1million users.
OpenSea reached 1.1million users who traded at least once in Jan 24,2022, more than 4 years after being launched in December 2017.
The lucky set of NFT enthusiasts who have joined the Coinbase NFT waitlist early will be able to beta test the platform - create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet. For a limited time, there’ll be no Coinbase transaction fees! The Coinbase NFT beta can be explored by anyone at nft.coinbase.com.
Coinbase NFT platform is looking to add more features In the coming weeks and months as they aim to bring the vision for a web3 social marketplace to life: NFT drops, minting, token-gated communities, option to buy NFTs with your Coinbase account or a credit card, and even support NFTs on multiple chains. Coinbase also put forth their intent to decentralize more features by moving them from Coinbase tech to decentralized solutions.
Increasing competition in the NFT space on top of the economic and geopolitical factors affecting cryptocurrencies and NFT volumes, makes our bullish 2022 OpenSea volume prediction of 3-5x 2021 volumes a tough target to reach. OpenSea, the leading NFT marketplace will need to keep the competition in mind as Coinbase NFT platform is positioned to take a chunk of market share if their beta launch fairs well. Interest in NFT's has been cut in half after reaching an impressive US$4.96 billion in monthly volume for January 2022, down to US$2.48 billion for March. April volume as of the 21st sits at $2.41billion and is on track to beat March and reverse the downtrend with just 9 days to go.
OpenSea analytics can be viewed on dune.xyz by @rchen8
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