Coinbase NFT marketplace goes into beta

A number of people out of the 2.5 million users signed up for the waitlist have been given access to beta test the first version of the Coinbase NFT marketplace, with others on the list to be allowed in over time.

Apr 23, 2022
by Dragan
Coinbase NFT marketplace goes into beta
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American crypto exchange Coinbase has announced that its NFT marketplace has officially gone into beta.

A number of beta testers who have signed up for the waitlist now have access to the first version of the Web3 social marketplace, giving them the freedom to buy and sell NFTs using the Coinbase Wallet or any other self-custody wallet, without paying any gas fees for the time being. VP of Product Sanchan Saxena said that there will be fees in the future, but they’ll be “in-line with Web3 industry standards.”

Considering the waitlist consists of 2.5 million signed up users, only a small group, the ones at the top of the list, has been given permission to jump in. Others who have signed up will gain access as time goes on, with plans to eventually open it up to everyone outside the waitlist as well. 

Aside from trading NFTs, Coinbase’s marketplace aims to “empower people to create, collect, and connect,” allowing you to create your own profile, follow other like-minded individuals, comment on NFTs and upvote and downvote other people’s comments. There’s also a Discover feed which will start showing you "personalized NFT recommendations" the more you spend time interacting with the marketplace. The feed will also suggest other users you can follow, and display a couple of trending collections.

“The rise of NFT communities have shown us that online conversation extends far beyond the moments around transactions. We’re building a place that’s for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities.”

“In the coming weeks and months, we’ll add more features that will gradually bring our vision for a web3 social marketplace to life. We’re planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card. We’ll also add support for NFTs on multiple chains. And over time, we intend to decentralize more features by moving them from Coinbase tech to decentralized solutions.”

Coinbase has teamed up with 0x Protocol to build this marketplace. 0x provides multi-chain NFT swap support and lowers transaction costs thanks to “0x Protocol v4 being up to 54% more gas efficient”.

Some of the projects that have already been accepted into the beta version include Galaxy Fight Club, a cross-IP NFT MOBA that went into open beta on April 20th

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