Coinbase wants to build its own NFT marketplace. Unlike OpenSea open to everyone, the Coinbase NFT marketplace may be a selective artist and curated place for users to purchase curated NFTs.
Coinbase is likely to have its own NFT marketplace that is centralized and curated on its own. The future of the NFT marketplace will evolve between regulated NFTs and open-source NFTs.
Here is a 1 min summary of the article if you want to skip the reading.
When Crypto Centralized
Coinbase is a centralized crypto banking service. Although they portrayed themselves as a financial service provider or shadow bank, they use cryptocurrency to leverage their investment assets and charged customers with trading fees that were similar to the banking systems.
Although there are no details on how Coinbase will roll out their NFT plans, they partner with traditional financial services like credit card company Mastercard which may leak some indications on their NFT roadmap. They want to become a bank with NFTs that people will have investment portfolios linked into the service. It may become an ETF alike financial product.
Why Choose Credit Card Companies
Credit card companies will have the resources to integrate their investments into NFTs. brandings, advertisements, and many other opportunities that credit card companies had would help Coinbase NFT marketplace easily take off.
Coinbase partners with Mastercard can easily dominate the NFT marketplace. Both companies have massive resources to acquire high-value NFTs and reach out to their existing users.
Rug Pull Prevention
One of the common concerns is NFTs project like to rug pull people. Coinbase may raise a high bar to allow certain creators to place their designs in their marketplace to prevent potential rug pull from users.
A centralized NFT marketplace will likely compete with an open-source NFT marketplace. We will see how each platform plays out in the future.
This article is also published in Cryptologist as parnership publication.
Photo by Jezael Melgoza on Unsplash
Note: the post was shared on multiple platforms here.
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.