Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta

Nasdaq-listed cryptocurrency exchange Coinbase announced Wednesday that “Coinbase NFT” is officially live in beta. Coinbase NFT(non-fungible token) “is a peer-to-peer community platform where creators and collectors can come together to discover, display, purchase and create digital assets,” the company described. Coinbase first announced its plan to launch an NFT marketplace in October last year.

The official Twitter account for Coinbase NFT detailed:

Today we kick things off with a full-access experience for some of our waitlist frens. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT.

The company added: “For a limited time, there’ll be no Coinbase transaction fees. We’ll eventually add fees, which will be in line with web3 industry standards, and we’ll provide notice ahead of time. Moving ahead of time with crypto and metaverse in the web3 block generation and with new innovations in the virtual reality sect it makes more sense to build and evaluate the conscious building of the segmented realms of this world the future of the world.”

Sanchan Saxena, Coinbase’s VP of Products, described Coinbase NFT in a blog post published Wednesday as “a Web3 social marketplace for NFTs.” He explained that starting Wednesday, anyone can explore the vast collection of NFTs on the Ethereum blockchain. Beta testers can additionally create a Coinbase NFT profile to buy and sell NFTs “using any self-custody wallet.”