Coinbetter and The New Wave of Web 3 Properties in Coinbase NFT

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Coinbetter and The New Wave of Web 3 Properties in Coinbase NFT

May 03
14:06 2022

After more than a year of fiery development, the NFT track has broken many industry records. However, after the hustle and bustle, the NFT market has gradually become calm.

However, the unprecedented development momentum of moonbirds has ushered in a slight turning point for NFT.

According to the latest data from nftgo, the current total market value of NFT is 18.3 billion US dollars, and the total transaction volume is 52.5 billion US dollars. Among  them, the number of people holding NFT exceeds 2.1 million, which is 4 times that of the end of 2021. The number of whale addresses holding millions of NFTs is 1378, which is twice the number at the end of 2021.

We can see that the development momentum of the NFT market remains strong.

A few days ago, Chris Brown, the best rapper at the 58th Grammy Awards, announced the launch of the NFT series The Auracles; football star David Beckham submitted an application for Metaverse and NFT-related trademarks; China Li Ning established “Boring Ape Club China” Li Ning Division”, and is preparing to launch this series of clothing.

Since last year, whether it is the testing of traditional giants such as Porsche, Valentino, Coca-Cola, McDonald’s, Givenchy, Alibaba, Tencent, or the joining of stars such as Mr. Mu, Justin Bieber, Neymar, Curry, Jay Chou, Shawn Yue, etc., More and more brands and influential figures have entered the NFT market. With the help of the scarcity and uniqueness of NFTs, the influence of brands and personal IPs has been increased, and value empowerment has been increased.

In such a frenetic NFT field, how can Coinbase, the first digital currency, let go of this cake?

After waiting for more than half a year and the number of candidates exceeded 4 million, the Coinbase NFT market finally launched the beta version and unveiled its mystery.

In the descriptions of many experiencers, Coinbase NFT shows different attributes from the Binance NFT market, that is, Coinbase NFT focuses more on the combination of social attributes, which is another popular Web3 in the market.

On the user’s homepage, Coinbase NFT can set avatars and nicknames, associate Ethereum addresses, and also support personalized applications, such as personal information, showing or hiding NFT, and linking Twitter and Instagram. In addition, the Coinbase NFT market also supports following and interacting functions, any user can check the following status and publicly comment and like in the comment area.

It is foreseeable that this function has become an important platform for buyers and sellers to communicate or discuss onlookers.

In a blog post announcing the launch, Coinbase made no secret of its huge ambitions for the social nature of the NFT market, calling it a Web3 social marketplace for NFTs and a platform to help creators and collectors build and engage communities, rather than simply market place.

The emphasis on social is also reflected in the various pages of the Coinbase NFT marketplace.

On the Discover page, the Coinbase NFT Marketplace presents NFTs for sale in a stream of information and personalized recommendations. When users interact with the platform more, they find that the page will be optimized according to the products the users purchased, trends, people they follow, etc. The Coinbase NFT market will also recommend platform creators specifically to help creators better reach users and build communities.

Coinbase officially revealed that it will also add functions such as NFT minting, drop (generally referring to whitelist snapping), and token gated communities (only users who hold specific NFTs can access the community), among which the NFT gated community function may It will be one of the core competencies of the platform’s social functions, which can truly realize the vision of helping creators build communities on the platform and gather more loyal users on the platform.

Therefore, to a certain extent, Coinbase NFT not only benchmarks the decentralized NFT market Opensea, but also proposes innovations on this basis.

Coinbetter believes that the current NFT track has lost its impetuousness and fanaticism, and all players have started shrinking games as the crypto market goes bearish. The irrational frenzy of the market has come to an end, which has also prompted the integration of Coinbase NFT and Web 3 to innovate a newer gameplay and be ahead of the change.

As we all know, the NFT market has been lacking in technological innovation since the beginning of the bull market. The NFT market has not made much progress in the underlying blockchain technology (in the past year, the NFT market has only experienced several technological innovations), and its development prospects are also limited. During the period of lack of technological innovation, new ideas It is difficult to get iterative development.

Now Coinbase NFT combines Web 3 elements to create a kind of social NFT, which is bound to have some more positive effects—experienced NFT enthusiasts will get a smoother trading experience, and the NFT market will also be Usher in a new round of changes.

As a digital currency exchange in the industry, Coinbetter naturally does not miss the layout of the NFT sector, and prefers to build an application NFT to race against time on the road of “connecting Web2 and Web3”.

In this NFT market battle, with competitors emerging, Coinbetter found that only by experimenting with unique features, discovery/solidification platforms, and token incentives to attract users and build their foothold can become mainstream.

Inspired by Coinbase NFT, Coinbetter will also innovate in gameplay to better combine Metaverse, NFT, and Web3 to achieve a new level of interaction and create a more convenient and comfortable platform to serve the majority of NFT users.

In short, with the continuous enrichment of the NFT world, NFT will promote the development of the crypto world in a more colorful direction, rather than the gray “copper world”.

At present, the cooling period of NFT has not yet come, but the irrational frenzy of the market has come to an end. NFT can still play the role of capital and user expectations, and it is irreplaceable for the time being. In the long run, the realization of the NFT track can be expected, but it needs to be rational.

The ever-changing NFT market has faded away from the irrational fanaticism of the market, but once a new platform or project emerges with new development ideas, NFT will usher in a benign development stage. Coinbetter believes that NFT can still play the role of capital and user expectations, and is irreplaceable for the time being. In the long run, the realization of the NFT track can be expected, but it needs to be rational.

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