Coinbase Unveils AI-Generated NFTs with “Instamint”

Crypto exchange Coinbase’s NFT marketplace has released a AI-generated NFT feature.In an X post on January 18, Coinbase unveiled its latest feature, “Instamint,” on its NFT marketplace. This feature enables users to generate NFTs using artificial intelligence.Coinbase is providing users with a complimentary NFT transaction experience for a limited time, though users will be responsible for Ethereum gas fees associated with recording transactions on the blockchain.The new tool is presently accessible in its beta version on Coinbase NFT’s 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 the NFT’s name and description, along with setting its price (starting from $0.01 and at the user’s discretion).Coinbase has joined the ranks of crypto exchanges embracing AI technologies in NFT creation. Last year, Binance introduced its Binance Bicasso AI NFT generator, which also allows users to craft personalized digital artworks through text or images.

Coinbase’s NFT Marketplace

Coinbase announced the launch of its NFT platform, Coinbase NFT, in May 2022. Coinbase NFT provides users with the capability to create, buy, and showcase collectible digital assets.

The marketplace enables users to create personal profiles and follow other accounts, similar to the functionality of social media networks like Instagram. The platform also features personalized content feeds for each user, allowing NFT traders to upvote and downvote posts and comments from others.

In the initial week of its beta launch, the exchange’s NFT marketplace recorded only 900 transactions and a sales volume of 73 ETH (approximately $210,000). However, Coinbase did not disclose the number of users who had been given access to the platform.During a press briefing in April 2022, Sanchan Saxena, the company’s Vice President of Product, revealed that Coinbase NFT aimed to capture a portion of the market share from the NFT marketplace leader OpenSea. As part of this strategy, the platform debuted with zero-transaction fees for a limited time.