Coinbase, the cryptocurrency exchange, announced the launch of its NFT marketplace in a limited-access beta phase, six months after it first disclosed its long-teased ambitions.
Coinbase NFT project is now accessible to select people added to the queue since October. As per the exchange, users will be selected in order of signup, with the goal of adding everyone in the “coming weeks.”
The bitcoin exchange platform announced its foray into the NFT sector and plans to build a peer-to-peer platform for artists and purchasers. When it is fully operational, users will be able to purchase and sell NFTs using cryptocurrencies and other payment methods.
Coinbase NFT Marketplace Launch Date
The Coinbase NFT marketplace has now been released as a beta as of April 20, 2022. However, the launch date for the stable version of the Coinbase NFT marketplace has not yet been disclosed.
Built on the Ethereum blockchain, the marketplace’s beta edition offers digital works by artists such as Cool Cats, Doodles, and Azuki. Coinbase is presently accepting beta testers out of its queue and would not charge for purchases. Testers may create an account and purchase and sell NFTs using their crypto wallets. Additionally, they may utilize social capabilities to communicate with other users and develop communities on the site.
Users will be able to promote their profiles and follow profiles whose material will appear in a “For You” stream similar to that of Instagram and TikTok. Additionally, users will be able to “like” and comment on one another’s content.
Coinbase will also accept credit card payments for NFT purchases, as stated earlier this year. The firm worked with MasterCard to enable consumers to purchase NFTs using their credit cards.
“We’re creating an ecosystem where you can buy and trade NFTs, but more importantly, where you can interact,” Sanchan Saxena explained during a press conference. “You can communicate with the author. You have the option of communicating with the collector. Additionally, you may interact with other collectors who are part of a community-centered on that NFT. This method is a critical component of our plan.”
Sanchan Saxena confirmed that the marketplace, like the main Coinbase platform, requires consumers to undergo a know-your-customer procedure. Sanchan Saxena stated that the company’s royalty standards are flexible for creators. “Creators whose contracts do not adhere to any of the commonly used royalty standards can enable an on-chain override via the Royalty Registry,” he explained.
Coinbase Pro is another initiative operated by Coinbase, Inc., in addition to the Coinbase NFT Marketplace. Coinbase Pro is a Coinbase, Inc. product. Coinbase Pro is a cryptocurrency trading platform designed for independent traders and hobbyists. It offers a fully-featured trading API for expert traders and a secure and simple way to instantaneously purchase, sell, and deal digital assets across many trading pairs. With just a Coinbase Pro account, users can watch the market, check trade history, run multiple portfolios, and much more.
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