Coinbase has officially made its Web3 social marketplace for non-fungible tokens live in beta. It is a peer-to-peer community platform where creators and collectors can come together to discover, display, purchase, and create digital assets.
The Nasdaq-listed crypto exchange had initially announced its plan for the NFT marketplace in October 2021. Coinbase’s official Twitter handle highlighted that the exchange has kicked things off with a full access experience for some of its waitlist frens. Everyone can now explore the vast collection of NFTs on the first version of Coinbase NFT.
Moreover, users can take advantage of “no transaction fees” which is for a limited time only. Coinbase will add the fees later on. It will be in line with Web3 industry standards. The exchange will inform its users in advance through a notice.
Sanchan Saxena, VP of Products at Coinbase, shared that the company came up with the NFT marketplace for people to discover, buy and sell non-fungible tokens, and to connect with the right community. He said people want better spaces in which they can feel connected with each other.
Coinbase is starting with a small set of beta testers. The exchange will invite them based on their position on the platform’s waitlist. Coinbase will start at the top of the waitlist and open access to more people over time. Users can create a profile that represents them by curating it with the NFTs that tell their story. They can connect any self-custody wallet to select the NFTs to highlight or hide on the profile.
Saxena said the rise of NFT communities showed Coinbase that online conversation extends far beyond the moments around transactions. Coinbase NFT marketplace is more than just buying and selling. The platform wants to help creators and collectors build and engage their communities.