After first announcing plans for it in October, Coinbase’s long-awaited NFT marketplace has now debuted in testing for a restricted group of users.
The beta NFT marketplace is open to the public starting today, although only a few people will be allowed to buy or trade at first. According to reports, Sanchan Saxena, the exchange’s VP of product, took to Twitter to announce the Beta version going live.
In October, the exchange platform introduced a marketplace waitlist, which received more than 1.5 million sign-ups. According to the site, only a limited number of clients will be able to utilise the beta marketplace at first, based on their position on the waitlist.
On the marketplace, beta testers will be able to create a profile and purchase and sell NFTs. They can use exchange’s Wallet or MetaMask, or any other self-custody wallet. For a limited period, transaction fees will not be charged, but will eventually impose fees in accordance with industry standards, according to the exchange.
For the time being, Coinbase NFT only supports Ethereum-based NFTs and ether payments. The marketplace will eventually connect other blockchains, according to Saxena, and complete fiat on-ramps will be arriving shortly.
In terms of gas prices, Coinbase stated that it has teamed up with 0x Protocol to optimize transactions for cheaper costs. Users will be able to buy NFTs using credit cards, as the exchange platform revealed earlier this year. At the time, the company worked with Mastercard to allow consumers to purchase NFTs using their credit cards.
Coinbase NFT marketplace to permit social engagement
The exchange platform claims that their NFT marketplace would allow communities to interact as well as purchase and trade NFTs. Coinbase NFT intends to use this community-building function to differentiate itself from competitors like OpenSea and LooksRare.
Coinbase has joined the ranks of other cryptocurrency exchanges in introducing an NFT market. Binance, FTX, and Okcoin have all recently created similar exchanges. However, Saxena believes that Coinbase NFT will be the favoured destination for users due to its ease of use as a primary platform for buying and selling cryptocurrency.