Nasdaq listed crypto exchange Coinbase announced Coinbase NFT marketplace officially live in Beta


On Wednesday, Nasdaq
listed cryptocurrency exchange Coinbase announced that Coinbase NFT which is a peer-to-peer
community platform is officially going live in the beta version of its NFT
marketplace.
Coinbase NFT
will serve as an aggregator for any NFT built on the Ethereum blockchain. This NFT
marketplace is accessible to a small set of beta testers those who will receive
invitations based on their position on its waitlist before a wider rollout to
more customers on Coinbase's waitlist. Using an algorithmic feed and a comment
system, the company wants to compete with established players. The Coinbase NFT
will also function as a social platform, where users can follow other profiles,
browse and comment on NFTs, and by upvoting or downvoting discussions they can
take part in those. Coinbase NFT beta testers will be able to use Coinbase
Wallet or others for their profiles. Last year in the month of October, Coinbase
first revealed its plan to launch an NFT marketplace.
Coinbase NFT is
a social marketplace for non-fungible tokens where platform creators and
collectors can come together to discover, display, purchase, and create digital
assets.
As per the
company, there will be no Coinbase transaction fees for a certain time. Eventually, the company will provide notice before adding fees and fees which will be in line with web3 industry standards. Sanchan Saxena, Coinbase’s VP of Products,
detailed Coinbase NFT in a blog post that got published on Wednesday where he
said Coinbase NFT is a Web3 social marketplace for NFTs. In
addition, beta testers can set up a Coinbase NFT profile to buy and sell NFTs.
Coinbase's blog
post includes screenshots that look similar to Instagram crossed with OpenSea,
one of the largest NFT marketplaces. Profiles will be there where users can
show off their collections and also discover feed. The marketplace also
supports favoriting NFTs.
Coinbase NFT
waitlist was set up when the NFT market was booming. Over the past 12 months NFT
sales volume has hit $25 billion. As per the data from NonFungible.com, weekly
sales have been more than cut in half from their peak in early January of
nearly $1 billion. The prior week's sale was $207 million. Last week the data
shows an 18% rise to $246 million in sales. As per NonFungible, five best-selling NFT
collections over the past week include Bored Apes Yacht Club, Cool Cats,
CryptoPunks, Doodles, and The Sandbox.

Indrani Bose
CBW - External Analyst
INDIA