Quick take:
- The beta version of Coinbase NFT marketplace is now live.
- Users will be able to create a Coinbase NFT profile to buy and sell NFTs.
- Users can also follow other profiles and comment on NFTs.
Coinbase announced today that it has launched its long-awaited NFT marketplace in beta. From today, anyone can visit the first version of the marketplace and explore the vast collection of NFTs on the Ethereum blockchain for now.
However, only a small set of beta testers will be invited – based on their position on the waitlist – to have a full-access experience of the marketplace. They will be able to create a profile to buy, sell and store NFTs using any custody wallet including the popular Metamask, or Coinbase wallet.
There will be no transaction fees for a limited time, although Coinbase will eventually start charging fees in line with Web3 industry standards. Coinbase says that it will notify users before anything changes.
Coinbase started out as a cryptocurrency exchange, which is now ranked number two on CoinMarketCap’s top cryptocurrency spot exchanges by volume. The exchange now has approximately 89 million verified users.
The platform’s entry into the NFT market poses a challenge for Opensea which currently dominates the market with one million active user wallets. Once fully launched, Coinbase NFT marketplace will be able to leverage some of Coinbase Exchange’s large user base to entice creators and drive volume. The company says it’ll be giving users the option to buy NFTs with their Coinbase account or credit card in partnership with Mastercard.
To set itself apart from existing marketplaces, Coinbase NFT is incorporating social networking features to enable users to engage with their communities. Users can create a profile and curate it with the NFTs that represent them on an Instagram-like interface.
To do so, users can simply connect any self-custody wallet to select the NFTs they want to highlight or hide on their profile. Once signed in, users can also follow other profiles and comment directly on NFTs, and can up/downvote comments as conversations unfold.
“The rise of NFT communities has shown us that online conversation extends far beyond the moments around transactions. We’re building a place that’s for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities,” Coinbase wrote in a blog post.
Users can also browse NFTs for sale on the personalised “For You” feed. Just like Instagram’s “Explore” feed, the recommendations on Coinbase NFT’s “For You” feed are algorithmically generated based on what the user buys, what’s trending, and who they follow.
There’s also a “Shop” tab, which offers users a look at all the NFTs for sale, including a wide range of projects from featured creators like Doodles, Boss Beauties, and Azuki.
In the coming months, Coinbase will be adding more features that will gradually bring its vision for a Web3 social marketplace to life, such as drops, minting, token-gated communities, and multi-chain support.
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