Major cryptocurrency exchange Coinbase is launching a beta version of its NFT marketplace six months after the official announcement and the launch of the waiting list. According to a blog post on Wednesday, the crypto exchange said Coinbase NFT beta testers will be able to create online profiles and buy and sell NFTs. A day earlier, a representative of the crypto exchange at a briefing said that the new design platform will be a cross between the social network and other NFT trading platforms , such as OpeaSea:
“While it’s true that buying and selling NFTs is a big part of the ecosystem today, we’ve learned from talking to many customers and creators that it’s more than just buying and selling. There is also the community aspect.”
Representatives of the exchange also added that the possibility of communication will be both between buyers and between the authors of the collections. Like many social media platforms, Coinbase NFT will allow users to follow the profiles of creators and others , comment on artwork, and follow a personalized feed to unlock new NFTs based on engagement and purchases.
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In matters of moderation, Coinbase will be guided by the “law of the country” principle. That is, employees “will not be engaged in judging what is right and what is wrong.”
Since the marketplace is in beta, no commission will be charged for this period . And in the future, transaction fees on the Ethereum network will be reduced thanks to a partnership with 0x Labs. In addition, users can choose their own wallets for storing tokens, not just Coinbase Wallet.
According to Coinbase, the exchange planned to open the NFT platform based on the position of users on the waiting list. At the same time, the platform will be available to everyone over the age of 18 “in the coming weeks.” In addition, Coinbase said it plans to “decentralize more features” such as user comments in the future.
By this time, there are 8.4 million users on the waiting list . Crypto exchange Coinbase is launching its NFT marketplace following Binance, which did so back in 2021, and FTX, which launched the marketplace last September. According to DappRadar, OpenSea ranked first among NFT marketplaces with around $130 million in sales in 24 hours.
