Coinbase Unveils Beta Version of Its NFT Marketplace

Coinbase, a major cryptocurrency exchange, debuted the beta version of its much-anticipated non-fungible token marketplace.

Users will be able to interact with basic platform functionality like creating unique profiles, linking wallets, and trading NFTs during the initial launch. Only NFTs on Ethereum is currently compatible with Coinbase’s marketplace, according to the platform. As a result, users can buy and sell digital collectibles using Ether (ETH) as payment.

Sanchan Saxena, the platform’s Vice President of Product, believes that the marketplace will add support for more networks in the future and that it has reached an agreement with 0x Protocol to ensure low-gas transactions for consumers.

The popular exchange first announced the marketplace in October 2021, along with a link to sign up for an early access waiting list. Since then, there has allegedly been a surge in interest, with over 1.5 million people signing up for the waiting list.

Although only a few people on the list will be allowed to use the platform while it is still in testing, greater access should be available soon. Indeed, beta testers may expect to see a peek of the community spirit that CoinbaseNFT aims to bring to the digital collectible space, according to Saxena.

Coinbase wants to expand on this feature by adding a comment section with up/downvotes to its platform. This is an attempt to make the discussion more lively. The site introduced the marketplace last year and gave producers and collectors access.

Several crypto exchanges have gotten on the blockchain-powered digital collectible bandwagon as the NFT excitement continues to grow. NFT marketplaces have recently been developed by exchanges like Binance and FTX. Dedicated platforms like OpenSea, notwithstanding the migration from traditional exchanges, continue to lead the market in terms of network support and trading volume.

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