The world’s second largest cryptocurrency exchange Coinbase finally unveiled the beta version of its NFT marketplace sending the NFT community into a frenzy.
Coinbase NFT, which is built on the Ethereum blockchain, already has a wide selection of NFT collections available on the marketplace such as Azuki, Boss Beauties, Doodles, etc.
Only a small number of beta testers are chosen based on their position in the waitlist, and more people will be added as time goes on.
As this is a beta version, Coinbase revealed that they will not be charging transaction fees for a limited time, but when they do, they will be in line with the industry standards.
Coinbase has teamed with 0x Protocol to streamline transactions for cheaper costs. Other blockchains will be supported by the marketplace as well in the near future.
On the marketplace, beta testers will be able to create a profile and purchase and sell NFTs. They can use Coinbase Wallet or MetaMask, or any other self-custody wallet.
There are profiles where users can show off their collections as well as a discover feed that Coinbase claims will propose NFTs to you depending on what you buy, what’s trending, who you follow, and more.
The marketplace looks like a cross between Instagram and OpenSea. It allows users to comment on collections and open a conversation where artists and collectors can connect.
Drops, minting, token-gated communities, and the ability to buy NFTs using a Coinbase account will all be added soon in the platform. In January, Coinbase partnered with Mastercard to let people use their cards to make purchases on the marketplace which is also going to be implemented soon.
While functions like commenting and following other NFT accounts aren’t on-chain or decentralized, Sanchan Saxena, Coinbase’s VP of product, noted that the company’s goal is to gradually decentralize and bring all of those capabilities on-chain over time.
Unless it is illegal in the country where the NFTs are being marketed, the platform has no plans to filter any NFTs submitted to the marketplace. For example, if an NFT contains information that is illegal in the US, the Coinbase NFT marketplace will reject it.
Saxena said there is flexibility for creators when it comes to royalties norms. “Creators with contracts that don’t support any of the common royalty standards can set an on-chain override through the Royalty Registry,” he noted.
In hopes of luring more people to its platform, it will collaborate with NFT artists throughout the world, who will release collections on Coinbase NFT.
Coinbase announced the launch of its NFT marketplace last October and says that there are a variety of seemingly essential features that aren’t in the current beta. So let’s stay tuned for the surprises yet to unravel by the platform.
