Coinbase Launches Beta NFT Marketplace, “Coinbase NFT,” Amid Market Excitement

Behemoth cryptocurrency exchange Coinbase announced the launch of a Web3 social marketplace for non-fungible tokens (NFTs) dubbed “Coinbase NFT” on Wednesday, although only the beta version. The company first announced its plans for an NFT marketplace in October 2021.

According to the official report, Coinbase NFT “is a peer-to-peer community platform where creators and collectors can come together to discover, display, purchase and create digital assets.”

The company also noted via its official Twitter page for its NFT project:

“Our beta is officially live!
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.”

Coinbase and Its Web3 NFT Marketplace

In a blog post published yesterday, Vice President of Products at Coinbase, Sanchan Saxena, described the new platform as “a Web3 social marketplace for NFTs.” Saxena explained that from Wednesday, the platform’s vast collection of NFTs was more open for exploration to interested individuals or entities on the Ethereum blockchain. He also detailed that beta testers can create a Coinbase NFT profile to trade NFTs “using any self-custody wallet.”

The company further asserted: “We’re building a social marketplace powered by web3,” adding: “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.”

Finally, the company’s NFT website detailed that “at launch, Coinbase will only support file types in the form of digital illustrations, photos, and videos,” adding:

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