Sanchan Saxena, Coinbase's VP of product, has demonstrated what the user experience will be like for the crypto exchange’s forthcoming non-fungible token (NFT) platform.
Saxena posted a video Wednesday narrating the process to buy an NFT on Coinbase’s forthcoming platform. Users can find a verified NFT collection, select a specific NFT they want to buy, then purchase the token using a connected Coinbase wallet or self-custody wallet.
“We have made it super simple to go through a buy flow. Users will be guided through a step-by-step buying process, with clear information available to them about what they need to do at each step. Switching and using the right wallet will be a breeze during the buying process,” Saxena further explained on Twitter.
To be clear, Coinbase has not announced the launch date of its NFT platform. But with over 900,000 people already in line to use the platform — and the top NFT marketplace OpenSea continuously drawing ire for user issues — Coinbase’s NFT platform appears primed to hit the ground running at launch.
As The Block's Data Dashboard shows, OpenSea still dominates NFT marketplaces with a majority of the monthly trading volume. A new competitor called LooksRare joined the scene in January and brought in $1.87 billion in sales, though The Block Research notes that a majority of this activity came from individuals trading with themselves to drive up prices.