Leading crypto exchange Coinbase launched its non-fungible token (NFT) marketplace in its beta phase. According to an official post, any user can visit the marketplace to explore its Ethereum-based collections, but only a handful of testers will be able to buy and sell digital assets.
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The platform will be compatible with any custody wallet, such as Coinbase Wallet or MetaMask, and transactions will be feeless for “a limited time”. Any change on the latter will be notified to users and will meet what the exchange called Web3 industry standards. The post added:
We’re starting with a small set of beta testers who’ll be invited based on their position on our waitlist. We’ll start at the top of the waitlist and open access to more people over time. Stay tuned as we gradually make access to create profiles, buy, and sell on Coinbase NFT available to everyone.
The NFT Marketplace will let users create profiles, as mentioned above, and connect with NFT communities. The latter is an important aspect for Coinbase. They believe NFTs go “far beyond the moments around transactions”.
Many NFT projects provide their holders with access to exclusive perks and communities. This allows to holders connect with like-minded investors, and creators to stay in touch with their audiences. The community usually works to improve the project or to make proposals for its future.
Coinbase seeks to expand on this feature directly on its platform by giving users a comment section with up/downvotes. This attempts to make the conversation more dynamic.
In addition, the NFT Marketplace will provide users with customized recommendations about other projects which Coinbase claims will “improve” as they interact with the platform. In the future, the marketplace will have more features, such as minting, token-gated communities, drops, and more.
NFT Community Weighed In On Coinbase Marketplace
According to the exchange, the NFT Marketplace has been in development for a while. Last year, the platform announced the marketplace and provided access to creators and collectors.
Coinbase used their feedback to improve their platform which, they claimed, want to build in the open. In that sense, they added the following on what users will find on their marketplace and how it could stand out from the competition:
(…) people don’t just want better tools to buy and sell NFTs: they want better ways to discover them, better ways to find the right communities, and better spaces in which they can feel connected with each other. That’s why we’re building a product that’s much more than a transaction.
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At the time of writing, COIN trades at $146 with a 3% loss on the daily chart. The stock has been trending to the downside in tandem with the crypto market.