The biggest US-based cryptocurrency exchange is now dipping its toes in the NFT world. Coinbase NFT marketplace went live on Wednesday, April 20th.
NFT enthusiasts can now use Coinbase to access and trade their digital collectibles. For now, all Ethereum-based collections are available with more blockchains coming soon.
Coinbase is among the largest crypto exchanges in the world with around 89 million users. It has digital funds worth $278 billion and quarterly trading volume amounting to $547 billion. The exchange announced plans of launching the NFT marketplace six months ago and finally today Coinbase NFT has launched its beta mode.
A number of interesting digital collectibles including Doodles and World of Women are being showcased since the launch.
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NFT product lead at the exchange Alex Plutzer said during the press conference, “We’ll cycle these [collections] out over time to help introduce people to awesome NFTs on the platform, especially for people who aren’t as familiar with NFTs.”
At the time there is no transaction fee for trading NFTs on Coinbase. Nonetheless, the platform will start charging a small fee over time. You can use Coinbase wallet or any other self-custody wallet to trade NFTs.
Coinbase NFT is another addition to the already sprouting NFT marketplaces. But unlike others, the platform plans to implement a “web3 social marketplace”. Users will be able to buy, sell, and engage with creators, collectors, and the community around the NFTs.
Coinbase anticipated adding more features such as NFT drops, minting and token-gated communities, and the option to buy NFT using a Coinbase account or credit card. It also plans to partner with artists globally to launch new art pieces on the platform.