Coinbase Gives Preview Of Its NFT Platform, Reddit Tests NFT Profile Pic Feature
In anticipation of the official launch of their non-fungible token (NFT) platform, major crypto exchange Coinbase has shared a preview of the forthcoming product.
In a recent series of tweets, Sanchan S. Saxena, Vice President for Products at Coinbase, said his intention was to demonstrate how “super easy” it will be for potential users to buy NFTs on the platform with the use of a self-custody wallet of choice, including CB Wallet and MetaMask, among others.
“As mentioned earlier, we are building an open marketplace and you will be able to buy an NFT using any self-custody wallet of choice OR using your CB account and custody it with CB. You can buy an NFT that was minted on any platform, right on CB NFT,” Saxena said.
According to Saxena, Coinbase customers will be guided during their NFT purchase through a step-by-step buying process, with "clear information" on what to do available at each step. Switching and using the right wallet, says this VP, will be "a breeze during the buying process.”
Saxena added that:
“In the end, this NFT will show up on your profile too. You can always hide it or list it for sale immediately.”
He also announced that he would share a preview of Coinbase’s social discovery feed next week, and show how users can follow artists to discover new NFTs.
The latest development comes as major crypto exchanges are intensifying their efforts to streamline more NFT-related activities and transactions into their platforms.
Last December, rival crypto exchange Kraken announced it was working on a new functionality that would enable its users to borrow funds against their NFTs. Jesse Powell, the company’s CEO, said Kraken was developing a system that would determine the liquidation value of users’ NFTs. The
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