Coinbase has launched its NFT Marketplace in beta mode, according to a blog post shared by the company.
Coinbase made its intention to enter the NFT market last year and create a peer-to-peer interface for artists and buyers.
Users will be able to trade nonfungible tokens with cryptocurrency and other forms of payment once it is launched fully.
The Beta version of its NFT marketplace is built on the Ethereum blockchain and features digital works you can browse from various artists such as Cool Cats, Doodles, and Azuki. Beta testers will not have to pay the transaction fee for the purchases and they will be picked by Coinbase from its waitlist.
The beta testers can set up their profile and trade NFT with their crypto wallets. Additionally, they can have social tools to communicate with other users and build communities on the platform.
Over $2.4 billion worth of the tokens were traded on the NFT exchange OpenSea in March, irrespective of the high profile losses in the NFT markets, this figure has jumped from $96 million in April last year.
Coinbase said the platform will support Ethereum-based standards ERC-721 and ERC-1155. Currently, the service is not available to the general public though you can check out the first version here.
Eventually, fees will be added to the beta version along with new features to make it easy for users. There is no official word from Coinbase on when the marketplace will be open to all.
Coinbase added it is “planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card.” Down the line, more chains will be added to the platform.
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