Coinbase’s NFT Marketplace is Now in Beta: Take a look at this

CryptoNewsPipe
3 min readApr 25, 2022

Coinbase, one of the most popular cryptocurrency exchanges, has officially launched its NFT marketplace. After months of development, the long-awaited platform has finally gone live in beta form.

The highlight is the like and comment functionality; users can now like and comment on other people’s NFTs on the platform, just like they can on Instagram, Facebook, or Twitter.

A Web3 Social Network?

Since October of last year, the largest exchange in the United States has been involved in the NFT foray, confirming plans to build its own NFT marketplace called Coinbase NFT.

The move was widely welcomed by the crypto community and Coinbase users, with over 3 million registrations at the time of announcement.

Despite widespread public support, the development of Coinbase NFT has taken a long time, raising concerns about the official release date.

The NFT marketplace beta was finally released on Wednesday in the form of a public post on Coinbase’s official Twitter account.

Coinbase NFT has marketplace-like features such as buying, selling, and exchanging.

The highlight is the like and comment functionality; users can now like and comment on other people’s NFTs on the platform, just like they can on Instagram, Facebook, or Twitter.

Many see this as a different path than OpenSea or LooksRare, as Coinbase is aiming for a social network version of NFT, a Web3 social network.

Coinbase’s NFT platform enables the integration of the Coinbase wallet as well as many other popular Ethereum wallets such as MetaMask to improve user convenience and accept bank card payments.

Beta is here

Coinbase NFT will not charge transaction fees during the beta period, instead requiring customers to pay ETH transaction fees. However, the marketplace will charge users a reasonable fee in the future.

However, despite receiving a lot of attention since its release, the beta version elicited mixed reactions because it fell short of the…

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