Coinbase Launches its NFT MarketPlace Amid Low Trading Volumes

Key Take-aways:

  • Coinbase announced the launch of an NFT marketplace on Wednesday.
  • “Coinbase NFT” has begun its beta testing with collections of NFTs on the Ethereum network.
  • The company will also collaborate with NFT artists around the world who will make collection drops on the platform.

Coinbase announced the creation of an NFT marketplace six months ago but provided few details about when it will be available. It’s now time to talk about the big news. “Coinbase NFT” has begun its beta testing with collections of NFTs on the Ethereum network.

Coinbase stated on Wednesday that its NFT marketplace is now in beta and open to “a select number of beta testers who will be accepted according to their position” in the line. The company has decided to introduce social components such as a comment system (which includes upvotes and downvotes) and an algorithmic feed to compete with other market leaders.

There are profiles for users to show off their collections, as well as a discover feed that will suggest NFTs to you. Moreover, there is a 0% Coinbase fee for a limited time.

Coinbase anticipates adding a way to buy NFTs with a Coinbase account or credit card so the ecosystem can be more widely accessible.

 To attract more people to its platform, Sanchan Saxena, vice president of product at Coinbase said it will also collaborate with NFT artists around the world who will make collection drops on Coinbase NFT in the near future. “You may expect Coinbase NFT to become the platform where the next Bored Ape Yacht Club” or future artist or group offers their products.

Baisakhi Mishra
Baisakhi Mishra

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