After first announcing plans for the NFT marketplace in October, Coinbase’s long-awaited NFT marketplace has now debuted in testing for a restricted group of users.
Starting today, the beta NFT marketplace is open to the public, although only a few people will be allowed to buy or trade at first. Sanchan Saxena, Coinbase’s VP of product revealed “Coinbase will be onboarding a small number of users into the beta for Coinbase NFT.”
In October, Coinbase launched a marketplace queue, which received over 1.5 million sign-ups. According to Coinbase, only a limited number of consumers will be able to use the beta marketplace at first, based on their position on the waitlist.
In the marketplace, beta testers will be able to create a profile and purchase and sell NFTs. They can use Coinbase Wallet, MetaMask, or any other self-custody wallet. For a limited period, Coinbase will not charge transaction fees, but it will eventually impose fees in accordance with industry standards, according to the exchange.
Coinbase NFT currently only accepts Ethereum-based NFTs and ether payments. The marketplace will eventually connect to other blockchains, according to Saxena, and “complete fiat on-ramps will be coming soon.”
Coinbase has teamed up with 0x Protocol to optimise transactions for cheaper costs, according to the company. As stated earlier this year, Coinbase will also accept credit card payments for NFTs. At the time, the company worked with Mastercard to allow consumers to purchase NFTs using their credit cards.
Coinbase claims that their NFT marketplace will 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.
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