Coinbase officially launched its Coinbase NFT social marketplace for non-fungible tokens on Wednesday (April 20), which will serve as an aggregator for any NFT built on the Ethereum blockchain and provide collectors and creators a place to build community.
Coinbase NFT brings together the typically disparate areas of NFT marketplaces, like OpenSea and Nifty Gateway, and social platforms, like Twitter or Discord. By integrating a social element into an NFT marketplace, creators, collectors, and the NFT curious will be able to browse collections, see what’s for sale, and comment or upvote and downvote all on a single platform built from feedback from the NFT community.
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.
Community is an important aspect of the Web3 space as evangelists, collectors, creators, and others interested typically use platforms like Discord to talk about how the emerging technologies interact with their work (e.g., how can marketing leverage web3), privacy in the metaverse, and upcoming NFT drops. If you’re a Web3 creator, participating in these discussions can be hugely beneficial to create a group of people who are invested in you and your work. Now Coinbase NFT wants to host those conversations in a more familiar style that has grown widely familiar through other social media platforms. For musicians, that means interacting with fans through comments and bonding over a shared interest in NFTs.
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.
What and how artists develop their NFTs varies. Artists like The Weeknd and Aphex Twin who have had success applying their own artwork or likenesses to NFTs, Timbaland and karma.wav who have been experimenting with more interactive NFTs, while Ashanti and Avenge Sevenfold have tied in-person experiences to their tokens. For all of these, and as the medium continues to develop, Coinbase NFT now hopes to be the host for the conversations that surround them.
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. With Coinbase NFT, a one-stop shop for Ethereum-based NFTs, once a person has built their profile and connected their e-wallet that verifies their identity, they will be able to interact with others, browse NFT collections, and make purchases across marketplaces. (Purchasing from credit cards will be available in the future.) On launch day, users will find NFTs from featured creators like Doodles, TIMEPieces, and Azuki.
At present, Coinbase NFT is buying and selling on the Ethereum blockchain, however, other chains will be added in future, broadening the number of available NFTs.
Coinbase NFT is launching with a limited number of partners and plans to add more features and partners in the weeks and months to come, including the ability to mint NFTs on the platform and have exclusive NFT drops. For music, UnitedMasters is the only music-specific partner at launch and they believe that Web3 will help artists diversify their careers, with the community-building tools provided by Coinbase NFT able to do just that.
“The economics of the emerging creator class in music is shifting,” said Sally Shin, UnitedMasters chief strategy officer, in a statement to Billboard. “NFTs are bringing a new layer of authenticity to the ways artists are engaging with their audience, all while unlocking new and meaningful revenue streams to build their careers. Coinbase has always championed the creator and we are excited they have chosen UnitedMasters as a launch partner in the music category.”