Coinbase unveils the beta version of its long-anticipated NFT marketplace. The launch comes six months after the company announced plans to create a waitlist for the product.
Coinbase Expands into the NFT Ecosystem
World-famous crypto exchange, Coinbase Global Inc., launches a trial version of its NFT Marketplace. The company initially announced plans for the platform in October 2021, and now, it’s been moved into the beta stages.
Coinbase unveiled the trial version for the NFT marketplace on Wednesday, describing it as a platform “designed to sell ownership of digital arts and possibly other items.” It’s expected that the Coinbase NFT marketplace will allow beta testers and users (after the official launch) to create online profiles and exchange NFTs.
Coinbase vice president of product and ecosystem, Sanchan Saxena, hinted during a press briefing that the Marketplace’s structure would adopt the functionalities of traditional NFT marketplaces and social media platforms. He also pointed out a community aspect to NFT ecosystems, and they’re more than designated spaces for exchanging assets.
Saxena further disclosed that the platform would create avenues for engagement between creators and users. The Coinbase NFT marketplace will allow users to view the profiles of creators and other users. Users will also be able to comment on artworks and engage with the other users in many different ways.
Coinbase’s exploration into NFT ecosystems follows a trend of crypto exchanges expanding into NFT marketplaces. Binance and FTX are the first set to do it, and now, Coinbase is set to join them a few months later.
Coinbase NFT: Expectations and Regulations
Investors had high hopes for a growth trajectory when Coinbase went public a year ago. However, things haven’t been looking up for the crypto exchange as its shares have tanked to a record low. The marketplace launch is expected to help diversify the company’s revenue and revive its growth prospects.
In addition, Coinbase seeks to reduce its reliance on trading fees by partnering with 0x labs. Coinbase further announced that there wouldn’t be transaction fees while the Marketplace was in the trial stages, and they aim to reduce gas fees for ETH transactions on their platforms.
Regarding regulations on the Marketplace, Saxena disclosed that the platform would allow users and lawmakers to “decide the law of the land.” He further stated that the staff has no business determining what’s right or wrong, only what’s legal.
When Will Users have access to the Marketplace?
Coinbase launched a waitlist last year when they announced plans to create the Marketplace. In a statement regarding the beta launch, Coinbase disclosed that the platform will be available to everyone above 18 years “in the coming weeks.” However, the exchange will only allow access to the NFT marketplace based on each user’s position on the waitlist. There are over 8.4 million email addresses already on the Coinbase NFT waitlist. Nonetheless, the Coinbase NFT marketplace promises a beautiful experience for creators and users. So, we look forward to the opportunities the platform will present.