Coinbase is launching a marketplace for NFTs

Discussion in 'Crypto Assets' started by johnarb, Oct 13, 2021.

  1. johnarb


    Probably nothing...

    Coinbase is launching a marketplace for NFTs
    PUBLISHED TUE, OCT 12 20211:00 PM EDTUPDATED TUE, OCT 12 20213:56 PM EDT

    Ryan Browne@RYAN_BROWNE_
    • Coinbase has opened a waitlist for a marketplace that lets users mint, collect and trade nonfungible tokens.
    • The NFT market has boomed this year, with sales volume topping $10 billion in the third quarter, according to DappRadar.
    • The move could be a way for Coinbase to branch out into new revenue streams — it currently relies heavily on exchange fees.
    Coinbase is getting into NFTs.

    The cryptocurrency exchange said Tuesday it plans to launch a marketplace that lets users mint, collect and trade NFTs, or nonfungible tokens. Users can sign up to a waitlist for early access to the feature, the company said.

    NFTs are one-of-a-kind digital assets designed to represent ownership of online items like rare art or collectible trading cards. They aren’t fungible, meaning you can’t exchange one NFT for another like you could with bitcoin and other cryptocurrencies.

    Sales of such tokens have boomed this year. The NFT market topped $10 billion in transaction volume in the third quarter of 2021, according to DappRadar, a company that tracks data on crypto-based applications.

    Notable purchases include the almost $70 million someone shelled out for a digital collage made by Mike Winkelmann, the artist known as Beeple, and the nearly $3 million another person paid for the first-ever tweet.

    Coinbase said its NFT marketplace, called Coinbase NFT, would include “social features” and tap into the so-called creator economy, a term used to describe the world of people who make money posting videos and other content online.

    Advocates say NFTs are a way to fairly compensate artists who’ve seen their income decline due to the widespread availability of media online. Critics, on the other hand, view them as another speculative bubble in the crypto market that’s waiting to burst.

    Still, a move into the NFT space could be a way for Coinbase to branch out into new revenue streams — the company is currently heavily reliant on exchange fees. It would also pit the firm against other crypto start-ups like Gemini, Binance and OpenSea, which is backed by early Coinbase investor Andreessen Horowitz.

    Last month, OpenSea admitted insider trading took place on its platform. The company is by far the biggest NFT marketplace, according to DappRadar.
  2. johnarb


    This video from another thread belongs here

  3. NoahA


    So lets get the ball rolling here!!

    One of the guests says at one point that when the crash happens, we will see what projects people truly value and what they were in just for the money. This is also the same guest who said that its not really about the visual appeal of the image.

    Well, I'm left scratching my head as to what someone really will value about these things if it isn't for the monetary gain. Clearly the art isn't that spectacular. You don't have incredible detail, you don't have brush strokes, etc. You have a potato head toy like image where you play around with different types of accessories you can put on him like a hat, mustache, glasses, etc.

    If the price drops from 100 ETH to 0.1 ETH, how much will these things be enjoyed? The only enjoyment factor is making money, and showing off your wealth. If your collection crashes, you will only be showing off your stupidity. Does that have value?
  4. johnarb


    Just like traditional art or any collectible, you do not put all your lifesavings or all your portfolio into NFT's

    A tiny amount of funds you do not need any time soon

    You have to have enough liquidity that you do not become desperate to dump your Banksy you purchased for $5M for $2M or your crypto punk you got a $2M offer on OpenSea a month ago for $500K because you needed to pay your loan shark because you lost a $1M bet on Wilder - edited the stupid mistake, lol
    Last edited: Oct 13, 2021
    NoahA likes this.
  5. NoahA


    So getting to the end of the video, he talks about Kaiju Kingz. He mentioned about getting on the white list. What's this? The ability to mint one for 0.01 and then later sell to a sucker?

    There is already a floor price of 1.15 ETH and yet absolutely no sales. I love how the price is set just based on the bids (which once again, they call offers), but with not a single transaction, its kind of worth nothing.
  6. NoahA


    Just wanted to add this comment I saw for this video over at Youtube.

    Someone makes this comment..... "30 minutes in, do they ever talk about any affordable nfts or just talk about how their bags of fidenzas and other things that cost 100k+ are gonna moon?"

    And here was the reply (which is very sad).....

    4 hours ago
    lol honestly it is kind of getting annoying and its starting to get to clear to see that everytime they talk about a nft it pumps. And no they are rarely ever affordable. Even newly minted nfts are kinda stupid right now with the gas costing the same price as the nft. I am getting annoyed with this though. I really do like this channel but this whole nft thing is starting to make me sad, I have lost a lot of money. I never lost money on the coins I would buy learning about them on this channel. But as far as NFTs I cant even afford to buy enough eth for gas right now so I can try to get lucky enough to get a fresh mint. Most that go anywhere are at least 0.2 eth. And I can only do that so many times. Its depressing. I was ahead, but now I am stuck and sadly it seems ill be here until I can get lucky. I simply can't afford to spend money I do not have with my mom being sick. At the same time I would love to get lucky make money and be able to give it to her and tell her everything is going to be ok. Its like I'm being pulled in both directions. I do love this channel. But yeah NFTs are for the big boys and it seems I'm not one of them.
  7. johnarb


    Whitelist is exclusive to people who are part of the community or who have purchased a previous collection from the artist/creator, sometimes multiple NFT's

    The website for the project will tell you more

    That link you sent looks fake. No verified checkmark
  8. NoahA


    I thought so as well, plus they all looked the same! LOL.... Maybe its not even opened yet then since he did say he was trying to get on the whitelist.
    johnarb likes this.
  9. johnarb


    Looks like OpenSea removed the listing. It was fake, most offers were just a tad lower than the listed price and one even had a higher offer than the listed price which doesn't make sense, if I was the NFT owner, I would accept it immediately
  10. kroxobor


    Good signal for ETH a lot of money will come in to the market from US investors.
    #10     Oct 13, 2021
    johnarb likes this.