Do You Think Coinbase NFT Will Be Open Sea Killer?

So am sure lots of people have seen the news about Coinbase NFT, which sounds awesome because it just shows that NFTs are here to stay now, NFTs have changed and have revolutionized the art industry. Well I guess this is just business for Coinbase as they dive into another stream of revenue. But after reading about it I couldn’t help but think of Open Sea, the most popular NFT market place for Ethereum based NFTs.

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If you read the blog posted by Coinbase you will see a lot of features the new Coinbase NFT Will posses, giving it a representation that seems like a platform that supersedes its competitors. For a start, Coinbase has over 50 million users that it provides cryptocurrency services to, and with the new NFT market place on Coinbase, it will seem easier to access NFTs. On open sea, some people find it complicated using the Metamask or Trustwallet, and with the private keys and all the complex ways to keep them safe, I feel people might consider using Coinbase more.

Coinbase has proven lots of times to be one of the easiest and best ways to buy cryptocurrencies, that’s one thing that has made them top the crypto exchange industry. This is the reason people find it convenient to use Coinbase to buy cryptocurrencies more, and now Coinbase is saying it will bring the simplicity of buying NFTs into its Coinbase NFT platforms. A social feature with friendly user interface will be introduced to make it easier for newbies that want to explore NFTs explore it.

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One of the reasons I haven’t accessed or decided to have an opensea account is because of the interface. The first time I visited the site it seemed a little bit complex to me. There have been speculations from NFT investors thinking that Coinbase NFT Will only be used by newbies(which is one of the goals of Coinbase) but they think the fees will be higher compared to opensea because Coinbase is so dependent on transaction fees.

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But on the other side, open sea kind of gives you a web 3 decentralized(not fully) standard because it’s in your metamask or trust wallet which are decentralized wallets. But Coinbase NFTs is not going to be on those wallets, they will be on Coinbase which is a centralized platform. So the Decentralized enthusiast might not consider switching to Coinbase at all because they don’t trust them.

Other people will also consider opensea because of the NFT royalties they are benefiting from openseas. This is one thing am sure Coinbase won’t do because they don’t want it to be considered a security.

Due to Coinbase wanting to make NFT easy to understand and used by new users and everyone interested, if the fees are outrageous, lots of new users will definitely use Coinbase to get acquainted to NFTs, after they get fed up by the high fees, they will move to Open Sea.

The benefit of Coinbase’s involvement in NFT right now is just exposure, meaning that it’s just bringing more exposure to NFT, my point right now is if they try their best to make gas fee or transaction fees way cheaper, I feel people won’t mind switching from Open Sea to Coinbase. But at the same time it might just be a healthy competition that will urge both platforms to do better since we now have varieties of options.

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