Coinbase’s NFT Marketplace has been launched beta, with support for Ethereum NFTs. The platform includes a social layer, and for now requires a self custody wallet.
Today, Cryptocurrency exchange Coinbase announced that its NFT marketplace has been launched in a limited-access beta launch. This comes six months after it announced its long-teased plans.
Coinbase NFT is now accessible to selected users who have been added to the waitlist. The waitlist has attracted millions of potential members since October. The exchange claims that it will add users in order of signup and plans to add all members in the “coming weeks”.
The peer-to–peer marketplace launched with support for NFTs created on Ethereum. This is the most popular platform for NFT artwork, and Coinbase plans to support other blockchain platforms in the future.
Coinbase NFT will combine listings from multiple marketplaces. A rep told Decrypt “any NFT for sale on Ethereum blockchain will be searchable” via the platform.
Coinbase’s platform debuts with no additional transaction fees. However, it will still charge standard Ethereum gas fees. Coinbase’s VP of Product Sanchan Saxena said that the marketplace will eventually add its own fee.
Coinbase NFT can only be used with self-custody wallets like MetaMask and Coinbase Wallet. This means that the wallet can be linked to other exchanges and marketplaces as well as decentralized apps.
Coinbase NFT plans, however, to launch optional NFT custody and allow users to buy NFTs using a Coinbase credit card or an account. Saxena said that this planned move was part of an effort “to bring NFTs to people through this platform.”
Coinbase NFT is more than just selling and buying NFTs. It is a social experience that allows users to easily view other collectors’ NFT holder and comment on individual NFT pages. It is similar to Instagram, in that users have their own profile pages linked to their wallets. Users can interact with and follow other users.
While some of that functionality–including comments–will exist on Coinbase’s own centralized servers at launch, the company said that it will progressively decentralize such features and gradually transition them to decentralized services in the future.
Coinbase doesn’t offer NFT minting at launch. However, that feature will be available in the future. Coinbase plans to host NFT project drops via its marketplace, including those created by its launch partners.
An NFT token is a blockchain-based token that identifies the owner of an item. It can be artwork, photos, video games, or sports collectibles. In 2021, the NFT market grew to $25 Billion in trading volume, led by top marketplace OpenSea. This is Coinbase NFT’s main rival.
Coinbase NFT has gathered dozens of well-known creators and artists to be launch partners. This includes popular projects like Azuki, Doodles and World of Women, creators such as Gary Vaynerchuk and Pak, as well as media brands like TIME and Rolling Stone. With their respective NFT projects, Bill Murray (actor) and Ozzy Osbourne (rocker) are also included on the list.
Although the Bored Ape Yacht Club creator Yuga Labs is not listed as a launch partner in Coinbase documents. However, the exchange announced recently a collaboration to create short films that are based on the Ethereum NFT collection. After a recent acquisition by Larva Labs, Yuga Labs also has the CryptoPunks as well as the Meebits IPs.
