Coinbase mints a social platform
Future. Cryptocurrency exchange Coinbase wants you to show off your NFTs with its new trading platform, Coinbase NFT, which also works as a social platform for the crypto community. Considering how each post is an actual work of art instead of user-generated content, Coinbase NFT may function more as a democratized digital-art gallery than anything else… that is until it also becomes a bonafide streaming platform.
Instagram of Web3
Last Wednesday, Coinbase rolled out its new NFT trading platform in beta, where users can buy, sell, trade, and mint cryptoart. But it’s more than just a trading platform — it’s a full-on social platform reminiscent of Instagram.
- Users can set up a profile to showcase all of their NFTs, giving them a handle, avatar, and follower count.
- There’s also a newsfeed-like “Discover” tab, a “Trending” tab to see what NFT collections are gaining popularity, and the ability to join auctions.
- Users can also comment on, upvote, and downvote others’ NFTs.
According to Fast Company, Coinbase could even get its own influencers someday.
Coinbase’s move into social media is smart, considering NFTs are already becoming popular as profile pictures on Twitter, and the community is active on Discord and Telegram. Coinbase is basically saying, “here’s a home for you.” But in true blockchain fashion, the company is also developing a way for users to put their “follower graphs” on the chain so that it can be “carried over to other platforms in the future.” Is Coinbase inadvertently helping future competition?
Additionally, another wrinkle that Coinbase will have to deal with is moderation (that old social media headache). Just like the ethos behind crypto, Coinbase is leaning heavily on platform freedom, allowing “everything that’s legal, and banning anything that’s illegal in the United States of America.” The ultimate goal is for the community to eventually moderate themselves. Easier said than done.