What is NFT?
A non-fungible token (NFT) is a unique and non-interchangeable unit of data stored on a digital ledger (blockchain). NFTs can be used to represent easily-reproducible items such as photos, videos, audio, and other types of digital files as unique items (analogous to a certificate of authenticity), and use blockchain technology to establish a verified and public proof of ownership.
Coinbase NFT is to increase economic freedom by enabling more people to join the creator economy and profit from their work. NFTs have an important role to play in this. Artists impact is already being felt. NFT artists have shaken-up the traditional art world. Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership. But if you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking.
All Available NFT Marketplaces
Users currently can purchase NFT from more famous Openseas.com. OpenSea is the original peer-to-peer NFT marketplace, and far and away the largest. Next biggest compititor are Rarible and SuperRare. There is NBA based NFT issued on NBA Top Shot Marketplace. There is collectible NFTs issued on nieche and small marketplaces such as KnownOrigin, Foundation, MakersPlace, Nifty Gateway. All those NFT are minted in Ethereum network with very high fees. They are low fee based NFTs issued on Cardano network such as CNFT and others. There is NFT issued on Tezo blockchain in tezos.art. Cryptokitties one of the famous NFT going to switching to FLOW blockchain from Ethereum. There is Binance NFT Marketplace for Binance users and BakerySwap for Binance Smart Chain base NFT as well. There is Solanart for NFT on Solana Network. In Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.
Coinbase NFT Marketplace
Coinbase is making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. Coinbase is going to add social features that open new avenues for conversation and discovery. Coinbase want to grow the creator community exponentially, a win for artists and for fans. Coinbase NFT want creating an NFT to simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront.
Coinbase NFT Standards
A key part of that experience is control. Coinbase NFT want to be effortless for artists to maintain creative control through decentralized contracts and metadata transparency. All NFTs are on-chain. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. The ERC-1155 standard offers "semi-fungibility", as well as providing a superset of ERC-721 functionality (meaning that an ERC-721 asset could be built using ERC-1155). Unlike ERC-721 where a unique ID represents a single asset, the unique ID of an ERC-1155 token represent a class of assets, and there is an additional quantity field to represent the amount of the class that a particular wallet has. The assets under the same class are interchangeable, and the user can transfer any amount of assets to others. Coinbase NFT want to provide the best user experience without never lock creators in.
Developing community
Buying and selling will be core features of Coinbase NFT. Coinbase NFT want to be vibrant, secure marketplace. Coinbase NFT is designing for social engagement by promoting connections, Coinbase NFT will help creators, collectors, and fans build community. Based on users interests Coinbase NFT will curate personal feed. Coinbase profile will showcase all uses NFTs in one place, helping you connect with like-minded fans or artists. Coinbase NFT want you to sharing passions, encouraging new collaborations, and imagination.
Expanding the Creator Economy
Coinbase NFT want to create a universal way for creators to own, control, and benefit from their creations, in the digital world. Coinbase NFT want to build the “creator economy” as a central driver.
When can You Join Coinbase NFT?
Coinbase NFT will launch to the public late in 2021. Coinbase will send an email to let you know once you’ve completed the waitlist signup.
Who is eligible to join the Coinbase NFT waitlist?
If you’re 18 years or older and reside in the US, you can join the waitlist. Coinbase NFT will expand to other countries some time in the future. Coinbase will also update those on the waitlist when new countries are added.
When will You be let off the Coinbase NFT waitlist?
We’ll let people off the waitlist in late 2021 in order of the waitlist ranking, starting from user #1.
How to Sign up for Coinbase NFT?
Sign up for early access and regular updates today by link provided below. Coinbase NFT will be exciting. After sign up for Coinbase NFT wait list, a verification email has been sent to you. Please verify your email to secure your spot on the waitlist.
In Summary
Things you need to watch out with NFT are original artist work been copied by others without permission. Also there is this known as sleepminting where fraudster mint NFT in an artist's wallet and transfer it back to their own account without the artist aware of it. Always buy NFT from trusted sources that been verified by the marketplace of choice. I would only buy NFT with history of price appreciation where you can see the demand for it. I would only buy NFT issued on Ethereum network because they are more demand for it. Last thing is you want to pour your hard earned money on NFT that has no traction where you cannot sell in the future to make a profit from it.
