Coinbase Launches Beta NFT Marketplace

After months of waiting, NFT enthusiasts can finally visit the Coinbase non-fungible token platform, a Web3 marketplace for such collectibles. The beta version is live on Tuesday, and, as of now, only beta testers selected from the waitlist can create profiles to transact NFTs, but the site is open for anyone to check out the first version of Coinbase’s take on the industry.

A Marketplace Beyond NFT Transactions

Coinbase will gradually allow more people to use the platform since the newly-launched marketplace is still in the beta phase, the blog post outlined. Currently, the beta version is fee-free, as tweeted by Coinbase.

🔐ALL THE WALLETS🔐

Beta testers will be able to create a profile to buy & sell NFTs using ~any~ self-custody wallet, whether that’s @CoinbaseWallet or something else.

— Coinbase NFT (@Coinbase_NFT) April 20, 2022

Users can connect any self-custody wallet to select the NFTs they want to exhibit on their profile. The platform’s interface shares similarities with Meta’s Instagram, which will integrate NFT transactions and displays in the coming months.

Coinbase regards its new marketplace as more than “just buying and selling.” Instead, it is a socially-engaging community around creators and collectors.

To extend such a goal, the largest US exchange has built an interface that allows users to follow other profiles and start conversations by commenting directly on NFTs. Meanwhile, users can post up/downvote comments as conversations unfold, a functionality that imitates what social media platform offers to their users.

What’s Next?

Though the marketplace only offers NFT collections built on the Ethereum blockchain, Coinbase explained that users will be able to buy digital collectibles from other blockchains in the future. Also, people can purchase NFTs with their Coinbase accounts or credit cards, which will expectedly facilitate the mainstream adoption of such assets.

The company also outlined its ambition of going deep into the creator economy, as it promises to offer creator royalties for talents in the marketplace. Besides, the crypto giant also vows to provide more decentralized solutions aimed to shape the platform as a web 3 decentralized space.