Coinbase Revealed its NFT Marketplace Beta with Distinctive “Social Function”

Coinbase Revealed its NFT Marketplace Beta

On Wednesday, Coinbase announced that its NFT marketplace is currently in beta, and that “a small set of beta testers who’ll be invited based on their position” on the waitlist will be welcomed.

Coinbase is showing a variety of NFT collections in the beta teaser, including Doodles, World of Women, and Azuki. Any Ethereum-based collection will be available on its NFT marketplace, with “more [blockchains] available soon,” according to Alex Plutzer, NFT product lead at Coinbase NFT, “We’ll cycle these [collections] out over time to help introduce people to awesome NFTs on the platform, especially for people who aren’t as familiar with NFTs.”

Coinbase NFT marketplace’s primary difference, according to the firm, will be a new “social function” that aims to increase the connection between artists and users, allowing them to build an endlessly growing community of creators. However, no official launch date has been set as of yet.

Some teaser images of the marketplace have been revealed in an official blog post that resembles a mix of Instagram and OpenSea. Users may create profiles to display their collections (which others can follow), as well as a discover feed that, according to Coinbase, can suggest NFTs to you “based on what you buy, what’s trending, who you follow, and more.” The upcoming NFT marketplace, as OpenSea and other markets, promotes favouring NFTs.

On March 14, Coinbase NFT announced on its official Twitter account that its team has met with over 100 creators to prepare for the launch of its new NFT marketplace.

On January 18, the largest cryptocurrency exchange in the United States announced an important collaboration with a well-known payment firm Mastercard. This event is intended to make it easier for NFT buyers to buy and sell NFTs without owning any cryptocurrency, thereby increasing the popularity of NFT trading even for those who have not yet entered the crypto market.

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