Coinbase has finally pulled the trigger on launching its NFT marketplace. Following the announcement last year, the Coinbase NFT is now live. The platform primarily serves as a Web3 social marketplace for non-fungible tokens and remains in beta until further notice.
Coinbase NFT is Live
The NFT industry has grown by leaps and bounds over the past few years. It is one of the hottest verticals in crypto and blockchain. However, there is a growing need for competition among marketplaces and solutions, making the industry more accessible to mainstream users. Coinbase NFT strongly emphasizes the social aspect of building a non-fungible token marketplace.
The platform gives access to the growing number of NFT collections on the Ethereum blockchain. Users can buy and sell assets throughout the beta period through any self-custody wallet. Additionally, there will be no Coinbase transaction fees, although those will be added in the future. More information on that switch will be communicated through the official social media channels.
Coinbase NFT will be accessible by a limited set of beta testers. Based on the project’s waitlist, those users are selected with a first-come-first-serve approach. More people will access the platform over time, as the Coinbase team aims to collect valuable feedback. Users can still sign up for accessing the beta platform, although they may have to wait a while before it is their turn.
The Coinbase NFT platform is rather barebones today, which is normal for a beta release. More features will roll out over the coming months. Building a Web3 social marketplace takes time and effort. Future functionality to look forward to includes NFT drops, minting, token-gated communities, and buying NFTs directly through a Coinbase account or credit card.
In addition, the marketplace will support collections beyond Ethereum. Non-fungible tokens have taken off on BNB Chain, Solana, and other ecosystems in recent months. It is time for marketplaces to bring all of these communities under one accessible marketplace.