Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta

Nasdaq-listed crypto exchange Coinbase has launched a Web3 social marketplace for non-fungible tokens (NFTs) in beta. In addition, the exchange noted that for a limited time, there will be no Coinbase transaction fees.

‘Coinbase NFT’ Officially Live in Beta

Nasdaq-listed cryptocurrency exchange Coinbase announced Wednesday that “Coinbase NFT” is officially live in beta. Coinbase NFT (non-fungible token) “is a peer-to-peer community platform where creators and collectors can come together to discover, display, purchase and create digital assets,” the company described. Coinbase first announced its plan to launch an NFT marketplace in October last year.

The official Twitter account for Coinbase NFT detailed:

Today we kick things off with a full-access experience for some of our waitlist frens. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT.

The company added: “For a limited time, there’ll be no Coinbase transaction fees. We’ll eventually add fees, which will be in-line with web3 industry standards, and we’ll provide notice ahead of time.”

Sanchan Saxena, Coinbase’s VP of Products, described Coinbase NFT in a blog post published Wednesday as “a Web3 social marketplace for NFTs.” He explained that starting Wednesday, anyone can explore the vast collection of NFTs on the Ethereum blockchain. Beta testers can additionally create a Coinbase NFT profile to buy and sell NFTs “using any self-custody wallet.”

“We’re building a social marketplace powered by web3,” Coinbase emphasized. “You won’t need a username and password. Instead, you’ll use a self-custody crypto wallet as your digital passport to log in. You’ll also use it to pay for stuff and store NFTs.”

Furthermore, the Coinbase NFT website notes that “At launch, Coinbase will only support file types in the form of digital illustrations, photos, and videos,” elaborating:

At a later date, we plan to support more file types, such as audio and more.

What do you think about Coinbase NFT? Let us know in the comments section below.

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