Coinbase’s Ethereum NFT Marketplace debuts in Beta

The long-awaited Coinbase NFT platform is now live, with a 0% marketplace fee and social media-like features.
Coinbase, the cryptocurrency exchange, announced today that its NFT marketplace is now officially live in a limited-access beta launch, six months after it first teased its plans.

Coinbase NFT is now available to select users who have been added to the waitlist, which has accumulated millions of prospective members since October. According to the exchange, users will be added in the order in which they signed up, with plans to add everyone in the “coming weeks.”

The peer-to-peer marketplace has launched with support for NFTs minted on Ethereum, the leading platform for NFT artwork and collectables, and Coinbase says it will soon add support for other unspecified blockchain platforms.

The Coinbase NFT platform will aggregate listings from various marketplaces, with a representative saying that “any NFT that’s for sale on the Ethereum blockchain will be searchable.”

Coinbase’s platform will launch with no additional transaction fees, though standard Ethereum gas fees will remain. The marketplace will eventually implement its own fee, which Coinbase VP of Product Sanchan Saxena described as a “low single-digit fee” in a media briefing.

Coinbase NFT is currently only compatible with self-custody wallets like Coinbase Wallet and MetaMask, as well as wallets that support the WalletConnect protocol. Users are fully responsible for their own assets held within a wallet, which can be linked to other marketplaces, exchanges, and decentralized applications.

However, Coinbase NFT intends to launch optional NFT custody services and allow users to purchase NFTs with a Coinbase account or a credit card in the future. That planned move, according to Saxena, is part of an effort to “bring NFTs to the masses through this platform.”

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at [email protected]

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