Giving Crypto Traders a New Way to Mint and Sell NFTs Will Take OpenC in the Battle
coinbase announced on Monday that it plans to sell, trade and mint NFTs. In detail from the cryptocurrency-based roots of the marketplace. Details on how “Coinbase NFT” will do all this are slim, but the company sees an opportunity. “Just as Coinbase helped millions of people access bitcoin in an easy and reliable way in the first place – we want to do the same for NFTs,” writes Coinbase Vice President of Product Sanchan Saxena.
The big idea seems to be social engagement. Coinbase wants to “curate your personal feed” of NFTs and feature NFTs owned by you on your profile so you can build relationships with like-minded fans of digital cats, scoundrels, apes and beyond.
At launch, Coinbase NFTs will support “Ethereum-based ERC-721 and ERC-1155 standards,” all NFTs will be on-chain, and multi-chain support is planned “soon” after launch. Aside from whatever curated feeds the company plans to offer, Coinbase NFT looks similar to what competitor OpenC offers as the current NFT marketplace du jour.
As Nerdshala notesHowever, what appears to be missing from Coinbase’s plans is any sort of layer-2 scaling integration, a popular method for reducing the cost and environmental impact of mining and trading art on the Ethereum blockchain. NFTs have been criticized for the way they mimic some uneven and speculative parts of the real world art market, but they also have a lot of environmental concerns due to the amount of energy required to run the Ethereum blockchain. There are.
Coinbase’s plans are quick and likely to change, but if another NFT showroom/trading floor piques your curiosity, the company already has A waiting list for early access you can join.