Coinbase web wallet will allow you to view your NFT collection

Coinbase's web wallet will allow you to view your NFT collection

While Coinbase is most known for its bitcoin exchange, the company has been working on multiple self-custody wallets under the Coinbase Wallet name as well as other products. Because your private keys are saved on your devices, this form of wallet allows you to maintain complete control over your cryptographic assets.

In a press release issued today, the company announced the integration of NFTs to the desktop browser. In the near future, users of the Coinbase Wallet on desktop browsers will notice a new tab labeled "NFTs," which will allow them to access the non-fungible tokens (NFTs) associated with their wallet address.

However, while many mobile wallets, such as Rainbow, Argent, and Coinbase Wallet, allow you to see your NFT collection on the go, browser extensions often do not have a built-in NFT gallery. The functionality will be available within the following several days.

Among other things, Coinbase has been working on strengthening support for testnets and alternative networks, in addition to the new NFT functionality. You can already switch between multiple networks in the Coinbase Wallet's settings, but the wallet now displays your token balances on all supported networks such as Arbitrum, Avalanche, Binance Smart Chains, Fantom, Optimism, Polygon, and xdai. Arbitrum is a network that allows you to trade tokens with other users. It serves as a centralized storage facility for all of your cryptocurrency holdings.

Additionally, EIP-3085 will be supported by the Coinbase Wallet (EIP stands for Ethereum Improvement Proposal). End users will have a better experience if their Coinbase Wallet is communicating with a decentralized application that also supports EIP-3085.

EIP-3085 enables decentralized application developers to designate a network for a transaction when creating a decentralized application. To put it another way, it makes it easier to communicate across numerous networks.

The key advantage of using a self-custody wallet is that you are not bound by the functionality of the program in which you are participating. When connecting to a third-party dapp, you can utilize WalletLink, WalletConnect, or another wallet to do so.

Coinbase, on the other hand, has directly integrated multiple decentralized exchanges into the Coinbase Wallet user interface. Coinbase, in an unusual move, is completing those transactions using Uniswap and 0x. Users that exchange tokens via Uniswap or 0x do not receive any compensation from Coinbase.

In many ways, Coinbase Wallet mimics Coinbase's web3 effort in terms of functionality. The company wants to remain relevant as cryptocurrency consumers gain more expertise and engage with a growing number of decentralized applications (dapps).

For new cryptocurrency users wanting to purchase their first NFT, MetaMask has proven to be a popular choice. Users of MetaMask, on the other hand, will tell you that the service is... less than fantastic. Coinbase, on the other hand, is not happy to remain steady. It recently bought BRD, a cryptocurrency wallet company, and plans to create its own NFT marketplace.