What other information we don’t know about Coinbase’s NFT trading market?

NFT has caused a sensation in the crypto field. In fact, Coinbase , the world’s largest crypto exchange, now attaches great importance to it.

The Coinbase NFT market will be launched before the end of 2021. However, after its official announcement, the community has a lot of questions and different responses.

As expected, Coinbase has now released more information about the upcoming market .


However, one million users corresponds to one million questions.

On October 18th, Sanchan S. Saxena, Vice President of Coinbase Products, shared a tweet to inform users of some features of Coinbase NFT.

So the first question we face is whether there are so many eager users? Coinbase CEO Brian Armstrong confirmed that more than one million people registered and joined Coinbase NFT in approximately 24 hours on October 14 .

Brian Armstrong tweeted that since we launched Coinbase NFT yesterday, more than 1 million users have registered.

At the same time, Saxena’s sharing includes features such as qualifications, ownership, strategy, wallet availability, and user interface .

Although the Coinbase NFT waiting list is currently only for U.S. residents, Saxena emphasized that all creators can become part of Coinbase NFT.

He further clarified that the NFT will be minted on the chain, but the metadata is not located on Coinbase’s servers.

This means that creators will be able to bring their NFTs to other markets and list NFTs minted elsewhere.

Saxena also pointed out that wallets and even currencies can be used on the Coinbase NFT market .

“Buying your favorite NFT or collectors will be able to use their favorite self-custodial wallet (such as CB wallet, Metamask, etc.) to purchase NFT. Just log in with their custodial Coinbase account (and after purchase, be kept by CB). Yes Yes, you can also use U.S. dollars.”

Finally, he explained that although ETH will be the public chain where the cross-chain NFT is located, Coinbase’s ultimate goal is to improve a single interface for the cross-chain NFT , similar to Crypto transactions.


Saxena also pointed out, “Just like you can buy any Crypto on CB today, you can use CB NFT to buy any NFT on any chain.”

This is a brand new direction. This positive and cheerful announcement marked a powerful breakthrough for Coinbase from the events of September and the disappointment brought to users. Earlier, Coinbase was ready to start its business Coinbase Lend program.

However, the US Securities and Exchange Commission issued a notice to the company, stating that it would prosecute it. Therefore Coinbase abandoned the business. However, Coinbase NFT seems unlikely to cause concern for regulators .

NFT has been a hot topic in the community recently, but it is not always good. For example, NFT series “Doodle” obviously consume too much of Gas fee, making Ethernet Square Gas costs soared to 7200gwei. However, under normal circumstances, the cost of this part is only 98 gwei.

Wu Blockchain pointed out on Twitter, “Because of Doodle, the congestion reward generated within 5 minutes exceeds 200 ETH.”

The original text comes from ambcrypto, compiled and compiled by Blockchain Knight, the English copyright belongs to the original author, please contact the compiler for Chinese reprint.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-other-information-we-dont-know-about-coinbases-nft-trading-market/
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