The Rise of Coinbase as the Marketplace for Trading NFTs
Ethereum’s days as the number one blockchain for NFTs may soon be over if Coinbase has anything to do about it. Coinbase NFT is looking to add support for more blockchains, and if the results of a recent poll on Twitter are anything to go by, the next one may well be
In any case, all three blockchains gathered significant support. Polygon topped the poll with 42.2% of the 251,686 total votes, followed by Solana with 26.4% and Tezos very close behind it with 24.2%. **
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Why would Coinbase be interested in supporting other blockchains? Well, that’s simple enough. Ethereum might be the most popular blockchain for NFTs, but it’s certainly not the best, what with its notoriously high gas fees and slow transaction times, making NFT sales a hassle at the best of times. The Ethereum blockchain is also - like Bitcoin - notorious for its high energy consumption, and that doesn’t sit well with the artists who create the majority of NFTs. **
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The support for alternative blockchains in the NFT community is evident. One of the highest-profile NFT collectors in the space - Snoop Dogg - recently
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NFT artists are flocking to Tezos because it’s one of the cleanest NFT blockchains around. Indeed, Tezos makes a big thing of its environmental credentials, noting in a __recent post__on Medium that Ethereum’s annual energy consumption of around 26TWh - a continuous draw of 3 gigawatts - is comparable to the nation of Ecuador, with a population of 17 million people. In contrast, Tezos uses just 60MWh per annum, a continuous draw of just 7 kilowatts. **
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“Compared to Ethereum, these numbers differ by a factor of over two million, between six and seven orders of magnitude,” Tezos wrote on Medium. It’s no wonder that artists are drawn to a far more sustainable blockchain infrastructure.
Coinbase NFTs poll is non-binding, so it doesn’t have to support any of the suggested blockchains. Yet it’s clear Tezos is fast becoming the blockchain of choice for more and more NFT creators and collectors. Coinbase, which aims to displace OpenSea as the world’s most popular NFT marketplace, would be silly to ignore it.
What is Tezos? The Blockchain making headlines in the Tokenization Industry
Tezos, one of the largest blockchains in terms of market capitalization and usage, is an open-source platform supported by a worldwide community of validators, academics, and builders that overcomes fundamental hurdles to blockchain acceptance for assets and applications. Tezos is built with long-term customization, open participation, cooperation, and smart contract security in mind.
The blockchain intended to offer the safety and code accurateness needed for assets and other high-value use cases at both the framework and application layers by utilizing languages such as OCaml and Michelson, which enable formal verification, a practice common in mission-critical industry sectors such as nuclear and aerospace, as well as semiconductor and other industries.
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Image credits: Tezos.
Disclaimer: The purpose of this article is to remove informational asymmetry existing today in our digital markets by performing due diligence, asking the right questions, and equipping readers with better opinions to make informed decisions. The writer holds Bitcoin, Ethereum, Cardano, Solana and Cosmos. The writer has a vested interest in the story.