Coinbase Releases Beta Version of Its NFT Marketplace

Coinbase, a US-listed cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term, announced on Wednesday that its NFT marketplace is now in the beta phase. In addition, the company noted that the site nft.coinbase.com is now live with a vast collection of NFTs in the Ethereum blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term.

Using any self-custody wallet, such as a Coinbase Wallet or another, beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs. Moreover, transaction fees on Coinbase will be waived for a limited time. “We’ll eventually add fees, which will be in-line with Web3 industry standards, and we’ll provide notice before anything changes,” Coinbase pointed out.

The US-listed crypto exchange added in a blog post: “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.”

Marketplace Features

Coinbase stated that in the coming weeks and months, they will add more features that ‘will gradually bring our vision for a web3 social marketplace to life’.

Also, the firm plans to add drops, minting, token-gated communities and the option to buy NFTs with Coinbase accounts or a credit card. Moreover, Coinbase will add support for NFTs on multiple chains. “And over time, we intend to decentralize more features by moving them from Coinbase tech to decentralized solutions. We’re just getting started and can’t wait to explore new ways to bring people together around NFTs and the creators behind them,” Coinbase highlighted.

In October 2021, Coinbase announced the launch of its waiting list for its NFT marketplace. Coinbase NFT will be a peer-to-peer marketplace whose filters will be based on the user’s interests.