Coinbase’s NFT marketplace now has AI-created NFTs available for sale.
On January 18, Coinbase introduced a new feature called “Instamint” on its NFT marketplace. This feature helps people create NFTs using AI.
Coinbase is giving users a free NFT transaction experience for a short time. Users will have to pay for Ethereum gas fees for recording transactions on the blockchain.
The new tool is now available in its testing phase on Coinbase NFT’s website.
Users can make their own NFT by uploading a picture that will be used for the token. Also, they need to give the NFT a name and description, and choose its price (starting from $0. 01 and as they prefer).
Coinbase is using AI technology to make NFTs. Last year, Binance created the Binance Bicasso AI NFT generator. It lets users make their own digital art using text or pictures.
Coinbase’s NFT Marketplace
Coinbase started a new platform called Coinbase NFT in May 2022. Coinbase NFT lets people make, buy, and show off digital things they collect.
The marketplace lets people make profiles and follow other users, like Instagram. The website has personalized content for each user. NFT traders can vote on posts and comments from other users.
During the first week of testing, the exchange’s NFT marketplace had 900 transactions and made 73 ETH in sales (about $210,000). However, Coinbase did not say how many people were allowed to use the platform.
In April 2022, Sanchan Saxena, the company’s Vice President of Product, said that Coinbase NFT wants to take some of the market from the top NFT marketplace, OpenSea. As part of this plan, the platform started with no fees for a short time.