Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta
Coinbase, a Nasdaq-listed cryptocurrency exchange, has created a beta Web3 social marketplace for non-fungible tokens (NFTs). Additionally, the exchange stated that there will be no Coinbase transaction fees for a limited time.
‘Coinbase NFT’ is now available in beta.
Coinbase, a Nasdaq-listed cryptocurrency exchange, revealed on Wednesday that its “Coinbase NFT” beta programme is now live. The business describes Coinbase NFT (non-fungible token) as a “peer-to-peer community platform where creators and collectors can come together to find, display, purchase, and produce digital assets.” In October of last year, Coinbase revealed its intention to develop an NFT marketplace.
“There will be no Coinbase transaction fees for a limited time,” the company added. We’ll eventually introduce fees that are in line with web3 industry standards, and we’ll give advance notice.”
In a blog post published Wednesday, Sanchan Saxena, Coinbase’s VP of Products, characterized Coinbase NFT as “a Web3 social marketplace for NFTs.” He stated that starting on Wednesday, anyone can browse the Ethereum blockchain’s massive database of NFTs. In addition, beta testers can build a Coinbase NFT profile and buy and sell NFTs “using any self-custody wallet.”
Coinbase stated, “We’re constructing a social marketplace powered by web3.” “You will not require a username or password. To log in, you’ll instead utilize a self-custody crypto wallet as your digital passport. You’ll use it to pay for things and store NFTs as well.”
Coinbase is curating and promoting a variety of NFT collections during the beta launch, including Doodles, World of Women, and Azuki. Any Ethereum-based collection will be available on Coinbase NFT, with “additional [blockchains] coming soon,” according to Alex Plutzer, NFT product lead at Coinbase NFT. “Over time, we’ll cycle these [collections] out to help introduce people to fantastic NFTs on the platform, particularly for folks who aren’t as familiar with NFTs.”
For a limited time, there will be no transaction costs for NFTs on its marketplace. The price will rise over time, but it will still be a “low single-digit fee,” according to Sanchan Saxena, vice president of product at Coinbase, who spoke at the meeting. To trade NFTs on the platform, users can utilize a Coinbase wallet or any other self-custody wallet they own.