The Coinbase NFT platform will simplify the sharing and selling of NFTs.
Users of the social marketplace will be able to create profiles to show off their NFT collections, similar to Instagram and other image-based social media platforms, which will enable them to show their interests and grow their communities. All users, including creators and collectors, will be able to both follow other users and build a community of followers, facilitating connections with those interested in the Web3 space through the “Accounts to Follow” section.
For music artists, beyond sales — which have been highly publicised since 3LAU earned $11.6 million in 24 hours last year with a single NFT album drop — Web3 provides untapped marketing potential. Fan engagement historically began and ended with the purchase of an album, and while social media has changed that paradigm now Coinbase is banking on NFTs launching a new level of engagement.
To do this, Coinbase NFT will make engaging with NFTs and Web3 as frictionless as possible for an audience who may be unfamiliar with this emerging technology. Currently converting fungible currency to Ethereum and purchasing NFTs can be confusing and intimidating.
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