Coinbase NFT marketplace goes live in beta with no transaction fees

Crypto exchange Coinbase, on Wednesday, said its NFT marketplace is in beta mode on the Ethereum blockchain. Currently, the firm is onboarding a selected number of users into beta mode.

Sanchan Saxena, VP of Product, Ecosystem Products, in a blog post, wrote, "We’re taking the first step on that journey by releasing our beta." The entire platform is expected to be available to everyone over the age of 18 in the coming weeks.

"We learned that people don’t just want better tools to buy and sell NFTs: they want better ways to discover them, better ways to find the right communities, and better spaces in which they can feel connected with each other. That’s why we’re building a product that’s much more than a transaction. We’re looking to empower people to create, collect, and connect."

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The blog post further read, "We’re starting with a small set of beta testers who’ll be invited based on their position on our waitlist. We’ll start at the top of the waitlist and open access to more people over time. 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.”

Individuals who are given access will act as beta testers and will be able to build a profile on the marketplace, which will enable them to buy and sell NFTs. At the moment, it supports wallets, including Coinbase Wallet and MetaMask, and the company plans to support Mastercard in the future.

The firm intends to include a follow feature, as well as an 'accounts to follow' section, to help users better connect. There will also be a comment feature that allows users to leave comments on each other’s NFTs. The company plans to make personalised NFT recommendations for its users.

During its beta launch, the firm will feature various NFT collections including Cool Cats, Doodles, World of Women, Where My Vans Go, and Azuki. The firm also claims all the Ethereum-based NFTs will be available on its marketplace.

There will be no transaction fees but the company plans to include it and a few other features in the beta version in the future. The company did not confirm when the marketplace will open to the general public.

"We’re just getting started and can’t wait to explore new ways to bring people together around NFTs and the creators behind them. We’ll continue to listen, learn, and build based on feedback."