Coinbase NFT marketplace goes live with selected users

Coinbase, a leading cryptocurrency exchange platform, has announced the beta release of its NFT marketplace. Coinbase NFT has been an eagerly awaited platform, as its waitlist constitutes millions of users.

Coinbase NFT goes live

On April 20, Coinbase announced that a beta version of its Coinbase NFT marketplace had gone live. Coinbase NFT has attracted much attention in the crypto space since the company announced its planned release in October last year.

The beta version of the NFT marketplace will be accessible for viewing to everyone. However, trading NFTs on the platform will only be possible for a few selected users. The users who will test the beta version of the marketplace can create a profile on the platform to buy and sell NFTs.

The testers can use self-custody wallets such as the Coinbase Wallet and MetaMask to trade NFTs. The platform will not charge any trading fees for a limited time. However, the exchange said that fees would be charged eventually, similarly to the rest of the industry.

The VP of Product at Coinbase, Sanchan Saxena, has announced that the beta NFT marketplace would initially only support Ethereum-based NFTs, and payments would be made in Ether (ETH). Saxena also said there were plans to integrate other blockchains and onboard fiat payments.

Plans for Coinbase NFT were made in October last year. At the time, Coinbase said that Coinbase NFT would be a peer-to-peer marketplace that facilitates minting, purchasing, displaying and discovering NFTs. The objective of the marketplace was to make NFTs as easily accessible as Bitcoin.

“We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans,” Coinbase NFT said.

Integrating new features into the marketplace

Coinbase is planning to adopt new features that will make this platform a better platform than the others. Coinbase is already addressing the issue of gas fees with NFT transactions. The company has said that it has partnered with the 0x protocol to lower gas fees for transactions.

Coinbase NFT will not only facilitate NFT trading but also permit community engagement. Allowing the communities to engage aims to make Coinbase a superior platform compared to other existing marketplaces such as OpenSea. Engagements will be available for creators and collectors.

Coinbase NFT will also adhere to the regulatory framework. It would have a know-your-customer verification process that will require customers to prove their identity. KYCs are used to comply with anti-money laundering laws.

The platform is also focusing on creators. Saxena said that “creators with contracts that don’t support any of the common royalty standards can set an on-chain override through the Royalty Registry.”

Coinbase is not the only centralized exchange that has launched an NFT marketplace. Binance, FTX and Okcoin have launched the NFT marketplace, and Coinbase NFT offers unique features to beat the growing competition.