Cryptocurrency News

Coinbase Releases Beta Version of its Highly-Anticipated NFT Marketplace

By April 21, 2022 No Comments

Key takeaways:

  • Coinbase NFT has launched in beta with a focus on social features and user interaction
  • Community-oriented features include discussion boards, customizable Coinbase NFT account profile, digital art discovery options, and more
  • While only NFTs issued on Ethereum are currently available, support for other chains is reportedly in the pipeline

Coinbase NFT launches in beta, currently available to a limited number of beta testers

After roughly six months since Coinbase unveiled its plans to launch a non-fungible token (NFT) marketplace, the beta version of its products is finally here. The Coinbase team shared the news on Twitter.

Coinbase NFT looks to expand beyond the current paradigm of competing marketplaces that mostly focus on facilitating buying and selling of digital collectibles and provide a platform where creators and collectors can interact with each other, share their thoughts, and build relationships.

In mid-March, the publicly traded exchange revealed that it had met with more than 100 creators to gauge their thoughts about the upcoming NFT product. Sanchan Saxena, VP of Product, Ecosystem Products, commented in a statement about what the team learned from the community:

“We learned that people don’t just want better tools to buy and sell NFTs: they want better ways to discover them, better ways to find the right communities, and better spaces in which they can feel connected with each other.”

Saxena added that the feedback provided by both NFT collectors and digital art creators was instrumental when building the product that empowers people to “create, collect, and connect.”

According to a Wednesday blog post, Coinbase integrated several community-oriented features into its product, including profile customization, discussion boards, an NFT discovery feed, and more. 

Coinbase NFT is currently available to small number of users that have secured their spot on the waitlist. Coinbase is reportedly planning to gradually introduce more users to the platform in the “coming weeks and months”. Likewise, the Coinbase team will be adding more features in the near future to bring the “web3 social marketplace to life.” 

At the moment, only Ethereum NFTs are listed and available to trade on Coinbase NFT. However, support for other chains and new payments methods are reportedly in the pipeline.