Coinbase has launched a beta version of its highly anticipated NFT marketplace, with full access only being handed to those who sit at the top of the project’s waitlist.
The exclusive set of users will be able to curate and connect a profile, begin building and engaging with the platform’s community, and discover, buy and sell NFTs. For now, users will be able to enjoy such activities without incurring any Coinbase transaction fees (whilst also using any self-custody wallet they wish). However, the platform has announced that fees ‘in-line with Web3 industry standards’ will be implemented some time in the future (with notice given).
Coinbase intends for the platform to be a virtual space which transcends beyond the mere transactional functions of preexisting marketplaces, as it will include functions such as profile following, commenting on NFTs, and up- or down-voting comments. It will also be embedded with a sophisticated algorithm to ensure only relevant assets are listed within a user’s ‘Discover’ and ’Shop’ tabs.
In the upcoming months, Coinbase intends to add drops, mints, token-gated communities, and the option to buy NFTs with Coinbase accounts or credit cards to the platform, along with the support of NFTs on multiple other blockchains. In wake of its full launch (estimated to be around three weeks away), the platform then plans to diverge away from its centralized Coinbase solutions, and towards solutions of a decentralized nature.
