Coinbase floats its NFT beta edition for limited clients
Coinbase launches a beta version of its NFT marketplace, which currently supports Ethereum-based NFTs and Ether payments only.
The beta version, on the other hand, is only available to a select group of people.
The NFT marketplace will be open to the public, but only certain individuals will be able to buy and sell NFTs on it.
In an interview with The Block, the VP of product at Coinbase, Sanchan Saxena, says:
“Coinbase will be launching a small group of users into the beta for Coinbase NFT. “
The NFT market has been in the works for nearly a year, with Coinbase announcing plans for it in October 2017.
In October, after more than 1.5 million people signed up for the waitlist, Coinbase opened a beta sign-up list.
The beta version will be accessible on a first-come, first-served basis to the subscribers.
The NFT marketplace will be accessible to those who have been granted access.
And they will function as Beta testers by being able to create a profile on the market where they may sell and buy NFTs.
They can utilize any self-custody wallet, including the Coinbase Wallet and MetaMask.
The firm plans to learn from the feedback generated during the beta phase and make changes accordingly before launching the platform for everyone.
Coinbase’s NFT marketplace will have a few unique features.
For instance, it will be one of the few platforms that allow users to buy, sell, or hold their NFTs directly on Coinbase.
To begin with, Coinbase will not charge any fees; however, they will be introduced for a limited period. It aims to follow industry standards and charges accordingly.
For the time being, beta testers will only be able to trade Ethereum-based NFTs and must do so exclusively in ETH.
Sanchan Saxena, on the other hand, promises that the market would integrate additional blockchains over time and provide “full fiat on-ramps.”
This will enable users to purchase NFTs using credit cards, as it did last year after signing a deal with Mastercard.
To execute transactions for less money, Coinbase teams up with 0x Protocol.
“Of course, we’re creating a marketplace where you can buy and sell NFTs, but more significantly, you can interact.
You can chat with the creator. You can converse with collectors.
And you may engage with other collectors from a community surrounding that NFT. This is an essential component of our plan.”
“Coinbase will also help mint NFTs, which will add to the supply of available assets on its marketplace.
The 0x partnership is essential to this offering.
As it allows Coinbase to tap into a decentralized network of liquidity providers that offer users the best prices for their assets.”
Coinbase also partners with several other crypto exchanges in launching NFT marketplaces.
Some of the exchanges that have now launched NFT marketplaces include Binance, Okcoin, and FTX.
Coinbase’s move into the NFT space comes as the market for these assets has seen a boom in recent months.
NFTs, or non-fungible tokens, are digital assets that are unique and cannot be replaced.
They have been gaining in popularity as a way to collect and trade digital items like art, music, and other
Coinbase has been one of the biggest supporters of NFTs.
The San Francisco-based firm had listed an NFT from digital artist Beeple in February. Which was then sold for $69 million, setting a new record for the most expensive NFT ever sold.
It will be interesting to see how all of this will play out, as we await the next big NFT launch.