Coinbase Launch Beta of its Social-Oriented NFT Marketplace

Fri, 22 Apr 2022 07:55:45 +0000

Coinbase NFT Marketplace Beta Launch

After enduring months of speculation off the back of its announcement last year, Coinbase NFT has finally launched its NFT marketplace in beta. According to the platform itself, the new marketplace will be a virtual space that transcends beyond the mere buying and selling of NFTs. 

As its beta stature infers, full access to the marketplace has only been given to the select few individuals who sit in the upper regions of the project’s waitlist. Here, the exclusive user base will be able to curate and connect a profile, begin building and engaging with the Coinbase community, and discover, buy and sell NFTs without any fees – all whilst using any self-custody wallet.

As alluded to by the imagery and ‘creativity lives here’ tagline of its announcement video, Coinbase intend for the new marketplace to break free from the transaction-oriented dynamics that reside within preexisting NFT marketplaces, by adding social media-esque functions which revolve around following other profiles, commenting directly on NFTs, and up/downvoting comments as conversations unfold.

Just like other social networks such as YouTube, the platform’s ‘Discover’ and ‘Shop’ tabs will also incorporate a sophisticated algorithm to ensure that user’s browsing experiences stay relevant to their Coinbase NFT marketplace activity.

With regards to the future of the platform as it makes its way to full launch, Coinbase has stated its intent to add drops, mints, token-gated communities, and the option to buy NFTs with Coinbase accounts or credit cards in the upcoming months, as well as the support for NFTs on multiple chains. Over time, the overarching ambition of the platform is to move operations away from Coinbase tech, and into the hands of decentralized solutions.

It also goes without saying that the fee-less dynamic that is currently in place will not be what plays out in the long run, as Coinbase have announced that the addition of transaction fees will be coming some time in the future, with such implementation falling in-line with Web3 industry standards whilst also coming with ample notice.

As of now, a date for the marketplace’s full launch is yet to be announced, however, circulating rumours are suggesting that some time in June 2022 will see its genesis (however don’t take this as gospel).

Check out the beta >> Here 

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