Coinbase launches NFT marketplace in beta

Six months ago, Coinbase, one of the largest cryptocurrency exchanges in the world, announced Coinbase NFT, a Web3 social marketplace for NFTs. Today,  the company has launched Coinbase NFT in beta with the vast collection of NFTs on the Ethereum blockchain.

Starting today, beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that’s Coinbase Wallet or something else. For a limited time, there’ll be no Coinbase transaction fees but the company says it will eventually add fees, which will be in-line with Web3 industry standards, and will provide notice before anything changes.

And also, starting today, anyone can check out the first version of Coinbase NFT at nft.coinbase.com and explore the vast collection of NFTs on the Ethereum blockchain.

Stating that it has started with a small group of beta testers to be invited according to their positions on the waitlist, the company stated that it will start at the top of the waiting list and will provide access to more people over time.

In the coming weeks and months, Coinbase will add more features including drops, minting, token-gated communities, and the option to buy NFTs with a Coinbase account or a credit card. The company will also add support for NFTs on multiple chains. And over time, it will intend to decentralize more features by moving them from Coinbase tech to decentralized solutions.

The publicly traded company says it has over 89 million users, $547 billion in quarterly volume traded, and $278 billion in crypto assets.