Coinbase NFT Marketplace launches in beta

Coinbase has launched its much-awaited NFT marketplace, with the first version of the NFT marketplace going live on Wednesday.

Per a blog post announcing the Coinbase NFT beta, the launch marks the first step in the platform’s quest to make the creation, collection and interaction through non-fungible tokens easily accessible.

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Anyone can now go to Coinbase NFT to experience and explore a growing collection of NFTs, said Sanchan Saxena, the VP of Product at Coinbase.

The platform is built on the Ethereum blockchain.

No fees (for now)

According to Saxena, the launch is set to allow a select number of Beta testers across the United States. This group of customers will be selected from a waitlist, with more added as the testing progresses.

Coinbase NFT will not charge any fees (initially) and users can transact using any self-custody wallet, the Coinbase exec said in the blog announcement.

The platform will “eventually add fees,” but when it happens, it will take into account Web3 industry standards. Coinbase has assured its customers that any changes will come after adequate notification.

Some of the popular creators accessible through the NFT marketplace include Azuki, Doodles, and Boss Beauties.

Other features of Coinbase NFT

The NFT marketplace has a Discover feed and Shop Tab that make it easy for anyone to find, buy and sell NFTs.

Future developments to the platform include the addition of drops, minting and token-gated communities. These features, according to Coinbase, are all part of the broader vision of building a Web3 social marketplace. Coinbase wrote:

We’re building a place that’s for more than just buying and selling. On Coinbase NFT you can follow other profiles, post comments directly on NFTs, and up/downvote comments as conversations unfold.”

Coinbase on Twitter

Other improvements include support for NFT purchases with a credit card or a customer’s Coinbase account.  

Support for multiple chains is also in the pipeline while shifting features to decentralised solutions will help add the critical element of decentralisation.

NFTs on the rise

NFTs, which are digital certificates that prove authenticity and ownership and are secured on the blockchain, has seen an explosion in interest over the past couple of years.

In 2021, the digital collectibles ecosystem saw sales of over $40 billion, up from around $340 million in 2020.

Marketplaces such as Opensea, Rarible and LooksRare are some of the most popular and largest in the NFT space. Coinbase, which first announced the NFT project last October, will now look to cut into these projects’ volumes.