Coinbase Launches NFT Marketplace in Beta
Coinbase has its NFT marketplace up and running in beta mode, the company shared in a blog post Wednesday. Last fall, the cryptocurrency exchange platform announced its entry into the NFT market and its intention to create a peer-to-peer interface for artists and buyers. When it launches in full, users will be able to buy or sell nonfungible tokens with cryptocurrency and other forms of payment.
Built on the Ethereum blockchain, the beta version of the marketplace features digital works that you can browse from artists such as Cool Cats, Doodles and Azuki. Coinbase is currently selecting beta testers from its waitlist and will not charge transaction fees for purchases. Testers are able to set up profiles and buy or sell NFTs with their crypto wallets. They can also use social tools to converse with fellow users and build communities on the platform.
Despite some high-profile losses in the NFT market, over $2.4 billion-worth of the tokens were traded on NFT exchange OpenSea in March, up from $96 million in April last year.
According to Coinbase, the marketplace will support Ethereum-based standards ERC-721 and ERC-1155. Though the service isn't available to the general public yet, everyone is invited to check out the first version of the site at nft.coinbase.com.
Fees will eventually be added to the beta version as well as other features that make it easier to get in on the action. Coinbase hasn't provided a timeline for when the marketplace will be open to all.
However, the company said in the coming months, it's "planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card." Additionally, more chains will be gradually added to the platform. Coinbase is welcoming feedback during this process and encourages people to reach out on Twitter.
Read more: Would You Spend $10K on NFT Stick Figures? Lots of People Have
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