Cryptocurrency trading and investing platform Coinbase has launched its NFT marketplace, initially making it available to a limited number of beta testers. Coinbase notes that new features will be added to the platform as the company expands access for new users in other countries.
Coinbase NFT is a peer-to-peer marketplace where users will be able to create, buy, sell, and share NFTs. Currently, it only supports the Ethereum blockchain. For a limited time, the platform will not charge transaction fees.
The platform will offer new ways to build and engage in communities. In addition to typical trading features, Coinbase aims to introduce social features such as a comment (with downvotes and upvotes) system and an algorithmic feed.
Screenshots demonstrated by Coinbase show an interface that is a combination of Instagram and OpenSea (one of the largest NFT marketplaces). Users will be able to showcase their collections in their profiles, and other users can follow them. The discover feed will also offer recommendations based on the user's purchases, trends, and who they follow.
Users will be able to use any wallets, including Coinbase Wallet and MetaMask. While Coinbase noted that its marketplace would support Mastercard in the future, prices are currently only listed in ETH.
Coinbase first announced plans to launch a social marketplace for NFTs in October 2021. Since then, more than 1.5 million users have signed up for the waitlist.