Following great anticipation, crypto exchange Coinbase has published a beta version of its NFT marketplace for a select group of customers.
Coinbase NFT Marketplace Goes Live in Beta
The NFT beta market is now open to the public, but according to Coinbase, only a select number of users can trade on the platform. In October, it opened a waiting list and received over 1.5 million registrations. Users were invited to join based on their position on the waitlist, and they can now use the platform by connecting their crypto wallet. Coinbase will not charge transaction fees for a limited time, the exchange said, adding that it will eventually add fees in line with industry standards.
At the moment, Coinbase NFT only supports Ethereum-based NFTs, but the crypto exchange told Kripteu Magazine via email that it plans to integrate other blockchains in the future. For users concerned about high gas prices, the crypto exchange said it has partnered with 0x Protocol to optimize transactions at lower cost, and has partnered with Mastercard to allow users to to buy NFTs with their credit card.
The is a huge amount of competition
Coinbase is not the first crypto exchange to see the benefit of offering NFTs to its consumers. Other exchanges, including Binance and FTX, as well as Crypto.com and Okcoin, have entered the NFTS market, but at the moment crypto exchanges are not in the lead, with OpenSea remaining the largest market with a monthly. volume over $2 billion
Maybe Coinbase can make a difference in this regard, and one of the ways to do that is to allow communities to engage, which makes the market more interactive. It is also trying to become a social platform where collectors and artists can interact by allowing comments and focusing on ways for people to discover new artists.