Coinbase NFT marketplace review

In October of 2021, popular crypto exchange Coinbase announced the launch of a peer-to-peer marketplace for minting, buying and discovering NFTs along with an invite to join a waitlist that reached 2.5M.

On April 20, 2022, Coinbase launched the marketplace in beta. It was originally only open to users that registered on the waitlist, but as of May 2022, anyone can now buy and sell NFTs on the platform.

Coinbase cofounder Brian Armstrong told the media that he expects Coinbase NFT to rival its current cryptocurrency business. With more than 50 million users already trading more than $300 billion each quarter on Coinbase's existing ecosystem, the NFT marketplace is likely to gain traction.

Our take on the Coinbase NFT marketplace

The Coinbase NFT marketplace was highly anticipated. There were millions of users on the waitlist, and at first, only a few beta testers selected from the waitlist were able to use the platform. Now, anyone can use the marketplace as of May 2022.

We appreciate the slow release and advertisement of 0% trading fees, and the lack of gas fees during this soft launch.

You read that right — for a limited time, the platform has no gas or marketplace fees. When fees are implemented, Coinbase states it wants to keep fees in the single digits. A Coinbase blog post from April states, "We'll eventually add fees, which will be in-line with Web3 industry standards, and we'll provide notice before anything changes."

There's also a curated feed. On the main page of the marketplace, you can select Discover your feed, which functions much like other social media sites, displaying NFT listings and collections based on interests and purchase history.

It's a neat feature, but we'll see if it catches on — many crypto applications rely on social media platforms like Discord and Twitter. But users may not want to follow another feed.

About Coinbase NFT

You don't need to create a Coinbase account to use the NFT marketplace; simply connect a Web3 wallet and you're all set.

Other features on the Coinbase NFT marketplace include:

• Social features. Create a profile and curate it with NFTs, follow other users, have conversations, post comments directly on NFTs and even upvote or downvote comments. Some famous NFT influencers and creators to follow on the platform include Gary Vaynerchuk, Dillon Francis, Brian Armstrong and Paris Hilton.
• Creator control. Coinbase promises creative control to creators through decentralized contracts, with a more simple minting process than competitors.

Since this is still a soft launch, only preapproved creators are able to mint on the platform.

Coinbase NFT is supported by the Coinbase exchange — a veteran and a behemoth of an exchange. The exchange launched in 2012 and currently lists well over 100 different cryptocurrencies. Coinbase's exchange is also the first crypto exchange to go public and publicly traded via NASDAQ under ticker COIN.

Coinbase NFT blockchain and currency

Coinbase NFT is currently supporting NFTs on the Ethereum blockchain, and accepting ETH payments. Coinbase plans to add support for other blockchains in the future.

Right now, ETH payments and any self-custody wallets are supported. Coinbase NFT currently supports the crypto wallets: Coinbase Wallet, MetaMask and WalletConnect.

Read review

Compatible exchange: Coinbase Digital Currency Exchange

N/A
Minimum Deposit

250
Cryptocurrencies

23
Fiat Currencies

• Pros and Cons
• More Info
• Details

• Over 100+ coins to buy and sell
• User-friendly interface
• Offers staking
• Has debit card to spend your crypto
• Multiple deposit methods

• Hacked in 2021
• Poor customer service reviews
• High debit/credit card deposit fees

Coinbase is a large cryptocurrency ecosystem, known for its cryptocurrency exchange that launched in 2012. It's an American company, and is the largest crypto exchange in the US by trading volume. Coinbase's exchange lists over 100 coins for sale, multiple deposit methods and accepts many fiat currencies.

The platform can be a great starting point for crypto newbies, but the fees may be too high for some users.

Deposit Methods	Bank transfer (ACH) Debit card PayPal Wire transfer Apple Pay Google Pay
Deposit Fees	Wire transfer: $10
Withdrawal Fees	Wire transfer: $25
Trading Fees	Maker: 0.00 - 0.4% Taker: 0.05 - 0.6%

How to buy NFTs on Coinbase NFT

On Coinbase's marketplace, follow these steps to buy an NFT:

1. Get an ETH wallet. To buy NFTs on the marketplace, you need an ETH-compatible crypto wallet. Coinbase supports ETH wallets such as MetaMask.
2. Buy or deposit ETH. Coinbase's marketplace requires ETH payments, so you'll need to either buy or deposit ETH into your wallet. Buy ETH on multiple exchanges, including Coinbase's exchange, Gemini and Crypto.com.
3. Browse listings. With a readied wallet, browse the NFT listings. If you find something you like, choose it.
4. Buy the NFT. If you're ok with the price of the NFT, select Buy Now. If you haven't already, you'll need to connect your ETH wallet at this point to move forward with the purchase. There are no auctions during the beta launch.

For now, there are no gas fees or marketplace fees when buying NFTs on Coinbase NFT — however this isn't permanent. When trading and gas fees are implemented, Coinbase wants to keep them small.

Creators and collections on the marketplace

Some notable creators and collections available on the marketplace include:

Coinbase's marketplace is mixed — but you can only filter search results by collection, not by category.

How to sell NFTs on Coinbase NFT

Currently, there are no listing fees on Coinbase NFT. During the soft launch, you can only list NFTs for a fixed price and auctions will be released in the future, according to Coinbase.

Here's how to sell an NFT on Coinbase NFT:

1. Go to your profile. With your wallet connected and the NFT in your profile, find the NFT you want to list for sale and select it.
2. List for sale. With the NFT selected, hit List for sale and enter the amount you want to sell the NFT, in ETH. Fill out the other fields required, such as description or title if necessary.
3. Confirm. With the price and right NFT selected, confirm the listing. At this time, there's no listing fees during the beta launch.

List an NFT that you already own or one that you've purchased at another NFT marketplace.

Coinbase NFT fees

As mentioned, there are no marketplace fees or gas fees at the time of writing. However, this is temporary during the beta launch.

Coinbase NFT drops

We couldn't find a landing page outlining upcoming or past drops, but seeing as Coinbase NFT is still in beta, this isn't surprising. And there isn't an auction sale method yet, either, which is how NFT drops are often sold in an attempt to reach a "true" market value.

We may see exclusive Coinbase NFT drops in the future once the marketplace is out of beta and auctions are fleshed out.

How the Coinbase NFT app works

Coinbase has a mobile app for both Android and Apple devices. On Google Play, the app has nearly 700,000 reviews and sports a 4-star rating. On Apple, the Coinbase app has an even more impressive review history, with over 1.6 million reviews and a 4.7 star-rating — many crypto applications are fraught with negative reviews and poor customer service, but Coinbase's app is known for user-ease and education materials.

However, as impressive as all that is, you can't buy or sell NFTs on the Coinbase app quite yet. Using the Coinbase wallet app, though, lets you display and store your digital assets.

Coinbase NFT marketplace's unique features

Aside from the lack of marketplace and gas fees, which are temporary, the feature that sets Coinbase's marketplace apart is the social aspect.

Follow crypto influencers, NFT artists and other users on the NFT marketplace, further curating your personal feed.

Is the Coinbase NFT legit?

Coinbase is a well-known crypto ecosystem, and the marketplace is legitimate. However, it's only been open to the public for less than a month, at the time of writing.

Security-wise, there are a few reports of hacks and security breaches with Coinbase's exchange, but they're small scale compared to other security breaches we've seen.

In December 2021, a Coinbase account was hacked resulting in $24,000 stolen, as reported by Fox Orlando. Coinbase doesn't recover lost refunds as the result of "unauthorized access to Coinbase accounts" if a user's login credentials are compromised. However, this policy is standard among exchanges and NFT marketplaces.

There was another incident in October 2021 — a large-scale phishing scam gave hackers (posing as Coinbase) access to around 6,000 Coinbase users, reported by PC Magazine. This major breach had to do with a flaw in Coinbase's two-factor authentication, and users were able to recoup their losses.

These incidents prove that you can back up your accounts, set up two-factor authentication and keep your wallet passwords safe, and hackers can still try — and sometimes succeed — to gain access to your accounts. For more information on avoiding common crypto and NFT scams, read our NFT scam guide.

Compare marketplaces to buy NFTs

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Name	Product	Categories	Services	Blockchains	Payment methods
Gala Entertainment		Gaming	Buy, Sell	Ethereum, Binance Smart Chain, GALA	Cryptocurrency	Blockchain gaming platforms where you can earn Gala and NFTs through playing.	Go to site View details	Compare	loading Fetching your data...
Upland		Sports, Gaming, Music, Metaverse	Buy, Sell, Mint	EOS	Credit card, Cryptocurrency, PayPal	Upland is a blockchain-based game where you can buy, sell and mint NFT properties mapped to the real world. Receive a 4500 UPX bonus for signing up	View details	Compare	loading Fetching your data...
Splinterlands		Collectibles, Gaming, Trading cards	Buy, Sell, Stake	Hive	Cryptocurrency, PayPal	Splinterlands is a digital, play-to-earn, collectible card game built on hive blockchain technology.	Go to site View details	Compare	loading Fetching your data...
Binance NFT Marketplace		Sports, Collectibles, Art, Gaming, Music, Trading cards, Domain names, Metaverse (Virtual Worlds), Memes, DeFi, Mixed	Buy, Sell, Mint	Ethereum	Credit card, Debit card, Cryptocurrency, Bank transfer	A peer-to-peer marketplace supported by one of the worlds largest cryptocurrency exchange, Binance. Not currently available to U.S. residents.	Go to site View details	Compare	loading Fetching your data...

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Bottom line

Coinbase NFT is still very new — it's not even fully launched yet.

Some features aren't up and running, such as selling NFTs through auctions. And there are no marketplace or gas fees during this soft launch, so that's nice.

Additionally, not needing to set up another account to use the marketplace is great — we all have so many individual accounts to keep track of already. The social features look promising, but only time will tell if this feature is something users actually want.