Coinbase said on April 20 that it has launched beta access for its new NFT marketplace.
The new NFT marketplace will work similarly to social media platforms like Instagram and Tik-Tok. Users will be able to showcase their personal information on their profiles, follow other accounts and like, dislike or comment on NFTs. The platform will create a discovery feed based on user behavior which will offer personalized NFT and account suggestions.
Coinbase vice president of product Sanchan Saxena said:
“This product is more than just buying and selling, it is about building your community. It is about making sure that you can connect and engage with them on the platform…it’s a very social marketplace.”
For now, the platform includes projects from infamous creators like Doodles, Boss Beauties, and Azuki. Coinbase said it will increase the number of collections and creators in the coming months, and deploy new features like airdrops, and minting, as well as the option to buy NFTs with a credit card. The platform will also support any self-custody wallets in addition to Coinbase wallets.
Currently, the marketplace hosts NFTs from Ethereum only and doesn’t apply any transaction fees except for the Ethereum gas costs. Coinbasesaid it will support NFTs on multiple chains and eventually implement a low, single-digit transaction fee.
NFT space is heating
With almost $23 billion transaction volume and more than a million users, Opensea is the biggest NFT marketplace for Ethereum-based NFTs in the world right now.
LooksRare challenged Opensea’s dominance in January 2022 with its launch and is currently the second biggest NFT marketplace with $18 billion in transaction volume.
The NFT space has captured the attention of major exchange platforms in recent months. Binance and FTX launched their NFT features in October 2021.