Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta – Exchanges Bitcoin News

Coinbase, the Nasdaq-listed cryptocurrency exchange, has created a Web3 social platform for non-fungible tokens (NFTs). The exchange also stated that there won’t be any transaction fees for Coinbase for a short time.

‘Coinbase NFT’ Officially Live 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 announced the launch of an NFT marketplace for its first time in October 2017.

This is the official Twitter account of Coinbase NFT:

We open the doors to our waiting list frens today with full access. We will be expanding our offerings so that everyone has access to the extensive collection of NFTs available on 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.”

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.”

“We’re building a social marketplace powered by web3,” Coinbase emphasized. “You won’t need a username and password. Instead, you’ll use a self-custody crypto wallet as your digital passport to log in. You’ll also use it to pay for stuff and store NFTs.”

Furthermore, the Coinbase NFT website notes that “At launch, Coinbase will only support file types in the form of digital illustrations, photos, and videos,” elaborating:

We will eventually support other file types such as audio.

Let us know your thoughts on Coinbase NFT. Please leave your thoughts in the comment section.

Kevin Helms

Kevin, a student of Austrian Economics and evangelist since 2011, discovered Bitcoin. He is interested in Bitcoin security and open-source software, network effects, and the intersection of cryptography and economics.