Coinbase’s NFT marketplace has introduced a new feature called “Instamint,” as revealed in a post on January 18. This feature allows users to create NFTs (Non-Fungible Tokens) using artificial intelligence.
Coinbase is currently offering users a complimentary NFT creation experience for a limited time. However, users will be responsible for covering the Ethereum gas fees associated with recording their transactions on the blockchain.
The new tool is currently available in its beta version on the Coinbase NFT website.
To create their own NFT, users need to upload an image that will serve as the basis for the token. Additionally, they must provide a name and description for the NFT and set its price, which can start from $0.01 and can be determined by the user.
Coinbase has now joined the list of crypto exchanges that have embraced AI technologies for NFT creation. In the previous year, Binance introduced its “Binance Bicasso” AI NFT generator, which also allows users to craft personalized digital artworks using text or images.
Coinbase’s NFT Marketplace
Coinbase unveiled its NFT platform, Coinbase NFT, in May 2022, providing users with the ability to create, purchase, and display collectible digital assets.
This marketplace allows users to set up personal profiles and follow other accounts, offering features similar to those found on social media networks like Instagram. Additionally, the platform includes personalized content feeds for each user, enabling NFT traders to engage by upvoting and downvoting posts and comments from others.
In the initial week of its beta launch, Coinbase’s NFT marketplace recorded 900 transactions and achieved a sales volume of 73 ETH (approximately $210,000). However, the number of users granted access to the platform was not disclosed by Coinbase.
During a press briefing in April 2022, Sanchan Saxena, the Vice President of Product at Coinbase, stated that Coinbase NFT aimed to gain market share in the NFT marketplace, potentially competing with the leader, OpenSea. To facilitate this goal, the platform was launched with a temporary offer of zero-transaction fees.
