Nasdaq-listed crypto exchange Coinbase has launched a Web3 social marketplace for non-fungible tokens (NFTs) in beta. In addition, the exchange noted that for a limited time, there will be no Coinbase transaction fees.
‘Coinbase NFT’ officially available in beta
Nasdaq-listed cryptocurrency exchange Coinbase announced on Wednesday that “Coinbase NFT” is officially live in beta. Coinbase NFT (non-fungible token) “is a peer-to-peer community platform where creators and collectors can come together to discover, view, purchase and create digital assets,” the company described. Coinbase first announced plans to launch an NFT marketplace in October last year.
The official Twitter account for Coinbase NFT detailed:
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 will be no Coinbase transaction fees. We will eventually add fees, which will be in line with Web3 industry standards, and notify you in advance.
Sanchan Saxena, Coinbase’s VP of Products, described Coinbase NFT in a blog post published Wednesday as “a Web3 social marketplace for NFTs.” He explained that starting Wednesday, anyone can explore the vast collection of NFTs on the Ethereum blockchain. Beta testers can additionally create a Coinbase NFT profile to buy and sell NFTs “using any self-custody wallet.”
“We are building a web-powered social marketplace3,” Coinbase pointed out. “You won’t need a username and password. Instead, you’ll use a self-service crypto wallet as a digital passport to log in. You will also use it to pay for things and store NFTs.
Furthermore, the Coinbase NFT website notes that “At launch, Coinbase will only support file types in the form of digital illustrations, photos, and videos,” elaborating:
At a later date, we plan to support more file types, such as audio, etc.