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Coinbase Launches Beta Version of NFT Marketplace for Select Customers

 


Cryptocurrency exchange Coinbase has launched a beta version of its NFT marketplace, which currently only supports Ethereum-based NFTs and Ether (ETH) payments.


However, the beta version is only available for selected customers. The NFT marketplace will be open to everyone, but only select clients will be able to buy and sell NFTs on it.


In an interview with The Block, Coinbase VP of Product Sanchan Saxena said:


" Coinbase will enroll a small number of users in the beta for Coinbase NFT."


The NFT marketplace comes seven months after Coinbase unveiled plans for it in October last year. Coinbase actually opened a marketplace waitlist in October, with more than 1.5 million people signing up. Those allowed to access the beta will be selected based on their position on the waitlist.


Beta-test

Those who are granted access to the NFT marketplace actually act as beta testers and can create a profile on the marketplace which they can then use to sell and buy NFTs. They can choose to attach any self-custodial wallet, including the Coinbase wallet and the MetaMask.


Initially, Coinbase does not charge any fees; however, this will only be the case for a limited time. The intention is to add fees that are in line with industry norms.


For now, the beta testers can only trade Ethereum-based NFTs and can only pay or be paid in ETH.


However, Sanchan Saxena said that over time the marketplace will integrate other blockchains and add "full fiat driveways" as well. This will allow users to buy NFTs with credit cards as well, as announced last year following the partnership with Mastercard.


Coinbase has partnered with the 0x protocol to streamline transactions for lower costs.


Saxena said:


“We are building a marketplace where you can of course buy and sell NFTs, but more importantly, you can get involved. You can interact with the creator. You can collaborate with the collector. And you can connect with other collectors from a community around this NFT. This is an important part of our strategy.”


Coinbase has joined several other crypto exchanges in launching NFT marketplaces. Some of the exchanges that have now launched NFT marketplaces are Binance, Okcoin and FTX.

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