Crypto exchanges all around the world are aggressively trying to jump onto the highly-popular bandwagon of NFTs. Recently, Coinbase has announced its new Web3 Social Marketplace solely focusing on NFTs.
The Nasdaq-listed crypto exchange has announced yesterday about their new “Coinbase NFT” going live in beta. According to them, Coinbase NFT “is a peer-to-peer community platform where creators and collectors can come together to discover, display, purchase and create digital assets.”
Previously, Coinbase had announced its plan to launch an NFT marketplace in October last year. At that time, the official Twitter account for Coinbase NFT detailed:
“Today we kick things off with a full-access experience for some of our waitlist frens. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT.“
In addition to that, the company added:
“For a limited time, there’ll be no Coinbase transaction fees. We’ll eventually add fees, which will be in-line with web3 industry standards, and we’ll provide notice ahead of time.”
Coinbase’s VP of Products, Sanchan Saxena described Coinbase NFT as “a Web3 social marketplace for NFTs.” In their blog post yesterday, he stated that anyone can explore the expansive collection of NFTs on the Ethereum blockchain. Moreover, Beta testers can create a Coinbase NFT profile and sell NFTs through a ‘self-custody wallet’.
Coinbase explained:
“We’re building a social marketplace powered by web3. You won’t need a username and password. Instead, you’ll use a self-custody crypto wallet as your digital passport to log in. You’ll also use it to pay for stuff and store NFTs.”
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