Coinbase (COIN 4.68%) is launching an NFT platform in beta form that allows users to have followers and build a community. In this Motley Fool Live segment from "The Crypto Show," recorded on April 20, Fool.com contributor Travis Hoium takes a look at Coinbase's vision for how it will be a leader in the future digital world.
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Travis Hoium: So this morning Coinbase announced -- or actually, launched their NFT platform in beta form. There are a number of people who have access but not a very large pool at this point. So I just wanted to cover this because I think this is something that we've talked about -- is Coinbase becoming the Google, the Facebook of the crypto space long term, and this is I think a big step in that direction.
So here's what we basically know right now. I'll have more about this on fool.com in a couple of days too. They have no fees for now, but they said long-term, they will eventually have fees that will be at a market rate. So about 2-2.5% is about what we should expect from a fee standpoint for transactions with NFTs.
You can have followers, so you can build something of a community. It looks a little Twitter-like, but we'll kind of see how that builds out. Twitter and wallet addresses are on the -- each person has basically their own page, which would show what NFTs they have. That's kind of available on OpenSea, but there's not quite as much information there. So you're basically able to create a profile of yourself from an NFT standpoint. So that's pretty interesting. And then they're talking about having these communities that you're going to be able to build -- so, crypto-gated communities or NFT-gated communities. I'm actually wearing my first crypto swag, or NFC swag here that I bought from a community that I'm part of. So this is one of the first use cases is, that, it was actually a Shopify shop that you had to sign in with your wallet to prove you had the NFT to be able to buy one of these hoodies.
So that's maybe, kind of, one of those integrations that we're going to talk about long term. Instead of signing in with your wallet, maybe you sign in with your Coinbase account, because they're doing more integrations between the Coinbase account and the Coinbase wallet, which are actually separate. That's something we've talked about in the past, but I do want to note that. So I think this is an interesting play. It is still in beta, so I would expect to have more features over time.
But I think from the case -- look, I'm very bullish on Coinbase and this is a big reason why, is I think they're integrating a lot of these things under one ecosystem. And long-term, if we're gonna from having, I don't know what it is, 10 million people using crypto and NFTs to a billion, it's going to have to be way easier than it is today, and a company like Coinbase is a logical leader in that space, and this is, I think, kind of showing their vision for how they're going to become our identity in the digital world. But yeah, kind of breaking news this morning.
