Coinbase, one of the top crypto exchanges in the world, just announced it’s added a new artificial intelligence (AI) tool called “Instamint” to its non-fungible token marketplace. The new feature is aimed at onboarding new users into the NFT space by simplifying the process of creating NFTs.
News of the feature was announced via an X post from Coinbase on January 18th. For a limited time, creators will be able to mint NFTs for free. However, they will be responsible for paying the gas fees on Ethereum.
Here’s how Instamint works: Users can upload an image from their gallery and enter details such as name, price, and description. The NFTs can be priced for as little as $0.01. Once the details are entered, users need only to click the “Mint Now” button and their new NFT will be minted and become visible on the Coinbase NFT marketplace. For now, the feature only works for static images.
While the move from Coinbase could go a long way to help onboard people into Web3, it isn’t entirely original. Instamint is similar to a product released last March by the world’s leading crypto exchange Binance. Binance ‘Bicasso’ (later renamed ‘Bixel’) also taps AI technology to let users create personalized digital artwork effortlessly. After a beta test that was wildly popular, the feature became publicly available in July 2023.
Also, in October 2023, the Phantom multi-chain wallet launched ‘Camera Mint’ to let users upload images and mint them as NFTs instantly. OpenSea has also simplified the process of minting NFTs by allowing users to create self-custodial crypto wallets using only their email.
Coinbase launched its NFT marketplace in May 2022. After a tough year for NFTs overall in 2023, the popular exchange looks like it’s trying to bring some attention back to the space and onboard new users. Interested creators can try out the new AI NFT minting feature at NFT.coinbase.com.
Competition for NFT Marketplaces Heats Up
In 2021, at the height of the NFT craze, one marketplace dominated all others — OpenSea. But over the past year, we’ve seen the competition heating up, and now there are several NFT marketplaces vying for the position for the number one spot.
At Rarity Sniper, we wrote dozens of articles about NFT marketplaces last year. Here are some of the top headlines from 2023:
- December. LINE NEXT Raises $140M for NFT Marketplace
- December. Tensor Takes Top Spot for Solana NFT Marketplaces
- November. New Bitcoin NFT Marketplace Bioniq Launches on ICP
- November. G2A Game Distributor Opens NFT Marketplace
- November. Dapper Labs Partners with Disney to Debut NFT Marketplace
- September. PayPal Files Patent for Innovative NFT Marketplace
- June. Kraken’s NFT Marketplace Graduates Beta
As the NFT space continues to evolve, it’s unclear which marketplaces will survive and which will fall. But the days when one marketplace dominates the NFT space entirely appears to be a thing of the past. With this latest feature Instamint, and the continued success of its crypto exchange, Coinbase certainly looks like it wants to be in the running for top NFT marketplace.
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