According to a blog post published on Wednesday, Coinbase’s NFT marketplace is now running in beta mode. Last November, the bitcoin exchange platform announced its entry into the NFT market and its intention to create a peer-to-peer interface for artists and buyers. When fully operational, users will be able to purchase and sell nonfungible tokens using cryptocurrencies and other payment methods.
The marketplace’s beta edition, which is based on the Ethereum blockchain, has digital artwork from artists such as Cool Cats, Doodles, and Azuki. Coinbase will now choose beta testers from its backlog and will not charge fees for purchase transactions. Testers may establish accounts and buy and sell NFTs using their crypto wallets. Additionally, they may make advantage of social elements on the site to engage with other users and form communities.
Despite several high-profile losses in the NFT industry, the NFT exchange OpenSea swapped more than $2.4 billion worth of tokens in March, up from $96 million in April last year.
According to Coinbase, the marketplace will support the Ethereum-based standards ERC-721 and ERC-1155. Though the service is not yet publicly available, anybody is invited to see the site’s first version at nft.coinbase.com.
Fees and other components that enable participation in the action easier will be included to the beta version in the future. Coinbase has not established a date for the marketplace’s public launch.
However, the company said that in the following months, it’s “planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card.” Additionally, the platform will gradually incorporate chains. Coinbase appreciates feedback throughout this short period and invites users to reach out via Twitter.
Leave this field empty if you're human:— Coinbase NFT (@Coinbase_NFT) April 20, 2022
ATTN: INTERNET
Our beta is officially live!
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.
Check it out → https://t.co/gJxOOi8P15 pic.twitter.com/wYx3z3d14x
