Coinbase NFT is already operating, the marketplace that aims to democratize investment in non-fungible digital tokens

Despite the fury that seems to exist around NFTs (non-fungible tokens, that is, cryptographic assets that represent something unique), during this 2022 the market has slowed down. On OpenSea, one of the main markets for buying/selling digital assets, sales fell by 50% from January to March (from $5 billion to $2.5 billion). This despite the growing number of companies and brands that have experimented with them trying to reach a different consumer.

But there are companies that continue to bet on the digital asset market. Seeking to democratize and simplify the use of NFTs, Coinbase , the largest cryptocurrency exchange in the United States, has announced the arrival of Coinbase NFT , a digital market dedicated to digital assets. The company’s blog explains that the platform is already functional, although it is still in a beta version: “Last year we announced Coinbase NFT, a Web3 social marketplace for NFT’s. Since then, we have been building openly and receiving input from the NFT’s community. We share previews of our progress with collectors and creators and get amazing feedback. We learned that people don’t just want better tools to buy and sell NFTs: they want better ways to discover them, better ways to find the right communities, and better spaces where they can feel connected to each other. That is why we are building a product that is much more than a transaction. We seek to empower people to create, collect and connect.”

At first the number of users will be limited and there will be no transaction fees, but more will be added little by little according to a registration list. The platform will offer NFT’s from popular collections such as Cool Cats, Azuki and World of Women and will use the Ethereum blockchain.

What the company seeks through this new market is to make it easier for people to buy and sell NFTs.

HOW DO NFT’S ACQUIRE THEIR VALUE?

Although it can be complex to understand, the key and value of NFTs lies in the digital certificates that allow the authenticity of a work to be proven. The sales of these digital assets are recorded in block chains or blockchains that contain information about the ownership of the piece and the history of prices and transactions linked to them. What characterizes the NFT’s is that they are unique, indivisible, transferable and it can also be shown that they are scarce. To create an NFT it is necessary to “mint” it, that is, convert it into a digital asset on the blockchain, which can be done in some NFT Marketplace such as Coinbase NFT.