Coinbase NFT Marketplace with Social Media Now Live in Beta

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Cryptocurrency exchange Coinbase Inc. today announced the long-awaited launch of its social marketplace for non-fungible tokens called Coinbase NFT, which will allow anyone to view the marketplace and make it available to a number of customers to buy and sell NFTs.

The market is now available in beta test mode after being announced in October when Coinbase opened registrations for an access waitlist. A small group of beta testers are now invited based on their position on the waitlist and more will be added gradually over time to build profiles, buy and sell in the new marketplace.

Coinbase NFT seeks to add a social experience to minting, buying, selling, and trading NFTs, which are digital assets that represent ownership of virtual items, music, and game items. video. Profiles will allow users to display their NFT collections as part of self-expression and build communities around the NFTs they purchase and entertain conversations around them.

“The rise of NFT communities has shown us that the online conversation extends far beyond moments around transactions,” said Sanchan Saxena, vice president of product at Coinbase. “We are building a place that is not limited to buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities.

Once logged in, users will be able to post comments directly to NFTs, vote up and down, and participate in conversations. It will also create a continuous stream of what users are interacting with and talking about, making it easier for the community to discover NFTs, creators, collections, and each other.

The beta market is already stocked with a number of NFT collections from launch partners who are star designers, including Doodles’ “rainbow” styles, the female-led NFT collection Boss Beauties and Azuki. The platform will also include features like royalties so creators can continue to earn money on their work after the initial sale.

In order to kick-start NFT sales and transactions for beta users, there will be no Coinbase transaction fees for a limited time. Eventually, fees will be added, but they will be in line with other marketplaces, Saxena said, and a notice will be sent before that happens.

Coinbase NFT currently only supports Ethereum-based NFTs and ether payments. However, the market will soon integrate other blockchains in the future, and plans are underway to enable the purchase of NFTs using credit cards. Earlier this year, Coinbase partnered with Mastercard for exactly this upcoming feature.

The launch of this marketplace means that Coinbase will compete with other massive marketplaces already entrenched in the NFT industry such as OpenSea, which launched in 2017, Rarible, MakersPlace, and others. The NFT market itself generated $41 billion in trading volume in 2021 and Coinbase will introduce its 89 million users to this market through its platform.

“We’re just getting started and can’t wait to explore new ways to bring people together around NFTs and the creators behind them,” Saxena said.

Picture: Coinbase

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