Coinbase NFT Marketplace Introduces AI-Generated NFTs with “Instamint”
Coinbase, a popular crypto exchange, has launched a new feature called “Instamint” on its NFT marketplace, which allows users to create NFTs using artificial intelligence. This feature is currently available in beta version on Coinbase NFT’s website.
To generate their own NFT, users simply need to upload an image as the basis for the token and provide the NFT’s name, description, and price. However, users are responsible for Ethereum gas fees associated with recording transactions on the blockchain.
Coinbase’s NFT Marketplace
Coinbase introduced its NFT platform, Coinbase NFT, in May 2022. The platform enables users to create, buy, and showcase collectible digital assets. It also offers features such as personal profiles, following other accounts, and personalized content feeds.
During its beta launch week, the marketplace recorded 900 transactions and a sales volume of 73 ETH. However, the number of users with access to the platform was not disclosed.
In an effort to compete with market leader OpenSea, Coinbase initially launched with zero-transaction fees for a limited time.
Hot Take: Coinbase Embraces AI Technology for NFT Creation
Coinbase’s introduction of AI-generated NFTs through its “Instamint” feature demonstrates the growing trend of crypto exchanges embracing artificial intelligence in the creation of personalized digital artworks. By providing users with an easy-to-use tool for generating their own NFTs, Coinbase aims to capture a portion of the market share in the booming NFT marketplace.
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