Coinbase Launches Beta Version of NFT Marketplace

Coinbase Launches Beta Version of NFT Marketplace

Coinbase, one of the most famous crypto exchanges, recently launched a beta version of its marketplace for NFTs, non-fungible tokens. According to the Vice president of Coinbase, Sanchan Saxena, the NFT beta marketplace will empower people to create, collect and connect.

The current beta users, selected from a waitlist, can buy and sell NFTs using their self-custody wallets. Even though Coinbase might institute transaction fees at a later date, at the moment, all transactions are free.

Why Coinbase decided to enter the NFT industry?

Coinbase is a secure online platform that allows users to sell, buy, or transfer digital currencies. The company was launched back in 2012, and it’s been growing ever since. Whether you are looking to invest in crypto or merely use it as a form of payment, Coinbase is ideal for you.

Currently, Coinbase boasts of approximately 89 million users who trade about $547billion in crypto every quarter. With that in mind, Coinbase ranks up as the largest crypto exchange platform in the US in terms of volume. For years, the company has been interested in the NFT world, and now with their beta version, they can finally offer this service to their users. The beta mode is based on the Ethereum dApps platform.

The NFT world is a $41 billion marketplace, but its most significant rife are scams. Thankfully, established platforms like Coinbase will help get rid of such challenges in the market. What’s more, since NFTs are based on blockchain technology, it’s relatively secure, and all transactions are placed in a public ledger. That helps deal with counterfeit issues that would otherwise ail the market space.

Coinbase Web3 Social Marketplace

The Coinbase NFT marketplace aims to create a Web3 Social Marketplace as part of the Coinbase NFT strategy. This marketplace will allow the users to buy and sell NFTs while engaging with the collectors, creators, and the NFT community.

Since Coinbase has an NFT waitlist, those at the top will be the beta testers on the marketplace. These users will create profiles and showcase both the NFTs they’ve traded and created. According to Saxena, the Vice President of Product at Coinbase, the whole platform will then be available in the coming weeks to everyone above 18.

The NFT social marketplace will be like an Instagram profilewhere one showcases the photographs. But in this case, the users will instead showcase their NFTs. People will be able to follow, comment and even interact with each other. Currently, Coinbase is showcasing several NFT collections, such as Doodles and World of Women. Soon, any ETH-based collection will also be accessible on Coinbase’s NFT marketplace.

Usually, people in the NFT community have to use differentsocial platforms like Twitter and Discord to engage with community members. The Coinbase NFT marketplace will be an all-in-one platform for the NFT community. However, certain features such as commenting aren’t yet on-chain and decentralized. But the goal is to decentralize all these features and make them available to its users.

Coinbase even plans to add features such as NFT drops, minting, and token-gated communities. And with the addition of a credit card or Coinbase account in the buy option will make the ecosystem more accessible to the mainstream audience.

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