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Coinbase’s highly anticipated NFT marketplace – announced in October – has finally launched in beta mode on April 20 and will be available to select beta testers.
The marketplace, with a waiting list of more than four million as of April 21, allows beta testers to create a Coinbase Non-fungible token (NFT) profile to buy and sell NFTs using a self-custody wallet, whether that’s Coinbase Wallet or something else, Sanchan Saxena, vice president of product at Coinbase, said in a blog post. Just a day after announcing it was launching an NFT marketplace in October, Coinbase’s waiting list reached 1 million signups, as GOBankingRates previously reported.
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For a limited time, there are no Coinbase transaction fees.
“We will eventually add fees, which will be in line with Web3 industry standards, and we will notify you before anything changes,” Saxena said in the post.
James Aitken, CMO of NFT platform Ethernity, told GOBankingRates that entering Coinbase’s NFT market is an exciting advancement for NFTs as a whole, as increased competition in the marketplace is likely to fuel innovation within existing marketplaces, including OpenSea.
“The advantage of Coinbase is the sheer number of users worldwide,” Aitken said. “Coinbase has also mastered the user experience on their site and will make it easier than ever for new users to enter the NFT space. It will be interesting to see how many Coinbase users are interested in NFTs and how it develops the NFT market in the long run.”
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Saxena added in the post that the marketplace will allow users to build their profile and connect any self-keeping wallet to select the NFTs you want to highlight or hide on their profile.
In addition, Coinbase said it aims to make buying and selling NFTs simple and easy.
Coinbase CEO Brian Armstrong tweeted on April 20 that “Coinbase NFT has a social component. I just want to acknowledge that we need to make social more decentralized over time – we are still stuck in a web 2.5 world , heading to web3.”
“Assets are decentralized and identity can be decentralized, but follower charts, comments and some of the message content are still centralized. There are plenty of opportunities to move more of this into chains over time,” he added.
In terms of future plans, Saxena said Coinbase will add more features in the coming weeks and months that will “gradually bring our vision for a web3 social marketplace to life”.
This includes plans to add drops, minting, token gated communities and the option to buy NFTs using your Coinbase account or a credit card.
“We will also add support for multi-chain NFTs. And over time, we plan to decentralize more features by moving them from Coinbase technology to decentralized solutions,” he said.
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In the meantime, Coinbase will have to compete with several other marketplaces, most notably OpenSea, the leader of them all. In just the past 7 days, OpenSea had a trading volume of $840 million (as of April 21), according to DappRadar data.
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About the author
Yael Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including: Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also served as vice president/senior content writer for major New York City financial firms, including New York Life and MSCI. Yael is now a freelancer and most recently co-authored the book “Blockchain for Medical Research: Accelerating Trust in Healthcare”, with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in journalism from New York University and one in Russian studies from Université Toulouse-Jean Jaurès, France.