New Version of NFT Marketplace in Beta

Coinbase NFT has a waitlist of more than 8.4 million email addresses, with the project announcing that it would be available to everybody over the age of 18 “in the coming weeks.” Exchange of cryptocurrency More than six months after announcing intentions to create a waitlist for its nonfungible token (NFT) marketplace, Coinbase has entered beta.

Coinbase NFT beta testers will be able to create online accounts and buy and sell NFTs, according to a blog post published on the exchange’s website on Wednesday. Sanchan Saxena, Coinbase’s vice president of product and ecosystem, said during a Tuesday press conference that the marketplace’s design would be a combination of a social networking platform and current NFT platforms such as OpeaSea.”While buying and selling NFTs is a key component of the ecosystem today, we’ve learned from interacting with numerous users and producers that there’s more to it than that,” Saxena said. There is a social component to it.”

New Exciting Features like Comment Section

According to Saxena, the site will encourage interaction between users and artists. As is the case with many social networking sites, Coinbase NFT will allow users to follow artists and others, comment on artwork, and watch a personalised feed to locate new NFTs based on engagement and purchases.

Regarding comment moderation, Saxena indicated that the platform would function on the basis that users and lawmakers would define “the law of the land.” The CEO of Coinbase said that the company’s staff is “not in the business of evaluating what is good or bad, as long as it is legal.”

While the marketplace is in beta, Coinbase claimed that there will be no transaction charges for a limited duration and that the exchange would collaborate with 0x Labs to lower gas rates for Ether (ETH) transactions. But, of course, it’s up to the user whether or not to use the Coinbase Wallet or their private wallets.

Coinbase indicated that it aimed to increase access to the NFT marketplace based on users’ waitlist positions, with the platform finally being open to everybody over the age of 18 “in the coming weeks.” User comments are one of the “other services” that will be “decentralised in the future,” according to Coinbase.

Coinbase NFT’s Waitlist

As of the time of this writing, there were over 8.4 million email addresses on Coinbase NFT’s waitlist. In addition, the crypto exchange claimed to have over 89 million verified users trading $547 billion in quarterly volume, which would include the exchange’s NFT activity.

Wen Coinbase NFT? Soon.

We recently met with 100+ creators and we’re continuing to build the product based on community feedback. We appreciate your patience and can’t wait to show you what we’re cooking up.

💙🙏🔜 -Coinbase NFT

— Coinbase NFT (@Coinbase_NFT) March 14, 2022

Coinbase is one of a tiny handful of crypto exchanges intending to engage in NFT sales. Binance, the world’s biggest crypto exchange, started an NFT marketplace in June 2021 with the objective of cutting transaction costs, while FTX and its US affiliate built a marketplace in September, allowing consumers to trade NFTs cross-chain on the Solana and Ethereum blockchains.

OpenSea is rated #1 among NFT marketplaces, according to DappRadar, with about $130 million in 24-hour traffic. However, the recent bid on an NFT of Jack Dorsey’s first tweet shows that the market may be slowing down – a user got the tokenised image in 2021 for $2.9 million, while the highest bid at the time of publication is roughly $32,000.