Getting on the NFT Hype

Even though we like to plan everything ahead of time, we can never cover every single possibility. Hence, we are left with no option but to adapt to whatever is thrown our way. While this ends up expanding our horizons over time, the whole process remains tricky as ever, so to make it a little more guided, we would try and develop different methods along the way. Talk about the stated methods, each one will actually have a very unique role in our journey, but that was before technology took over and centralized all the responsibility. With an ingenious creation like technology running the show, we were suddenly in a position where we were longer afraid of any change. This, as you can guess, ended up paving the way for a lot of fresh forays, and a big one among them was cryptocurrency. Since arriving on the scene, cryptocurrency has ruffled a lot of feathers. However, all that controversy hasn’t slowed it down it one bit. In fact, looking at a recent move from Coinbase, we should expect the crypto buzz to grow even further moving forward.

After much wait, Coinbase has officially made its NFT marketplace available to “a a small set of beta testers who’ll be invited based on their position”. As per the initial details, the crypto giant has seemingly tried to bring a social media gist to the NFT world. For instance, it’s the first NFT marketplace that has a dedicated commenting system, along with other features like an option to upvote and downvote. Apart from it, the platform also has algorithm feed, which suggests NFTs to you on the basis of what you buy, what’s trending, who you follow, and more. Going back to the “Who you follow” bit; every user has an Instagram-like personal feed where they can show-off their entire NFT collection.

While the beta testers can access the shop section to purchase NFTs, the only payment option available, for now, is of Ethereum. Coinbase, on its part, has reassured that it will start supporting Mastercard at some point. Notably enough, there are many features that we might not see until further beta tests. To give you an example, you can expect to mint NFTs on other blockchains. Beyond that, the users will also be able to purchase tokens through their Coinbase account or a credit card.

“We believe NFTs are here to stay,” a Coinbase spokesperson said. “Beyond buying and selling NFTs, our marketplace offers better ways to find the right communities and better spaces in which they can feel connected with each other.”

If we talk about the artists behind these NFTs, all of them are likely to receive their royalties on a day-to-day basis. Furthermore, they’ll also have a smart contract in place.

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