Nasdaq-listed cryptocurrency exchange Coinbase has launched in beta the Web3 social trading platform for non-playable tokens (NFT). In addition, the exchange noted that for a limited time Coinbase transaction fees will not be charged.
‘Coinbase NFT’ is officially in beta
Nasdaq-listed cryptocurrency exchange Coinbase announced Wednesday that “Coinbase NFT” is officially in beta. Coinbase NFT (non-functional token) “is a peer-to-peer community platform where creators and collectors can come together to discover, display, buy and create digital assets,” the company described. Coinbase first announced its plan to launch an NFT marketplace last October.
The official Coinbase NFT Twitter account detailed:
Today we are starting with giving full access to some of our waitlist customers. As we ramp up, everyone will be able to explore the extensive NFT collection on the first version of Coinbase NFT.
The company added: “For a limited time, there will be no Coinbase transaction fees. Over time, we will add commissions that will be in line with industry standards web3, which we will announce in advance.”
Sanchan Saxena, Coinbase vice president of product, described Coinbase NFT in a blog post published Wednesday as “a social Web3 marketplace for NFT.” He explained that as of Wednesday, anyone can explore the vast collection of NFT on the Ethereum blockchain. Beta testers can additionally create a Coinbase NFT profile to buy and sell NFT “with any wallet of their own.”
“We’re creating a social marketplace based on web3,” Coinbase emphasizes. “You won’t need a username and password. Instead, you will use your cryptocurrency wallet as a digital passport to log in. You will also use it to pay for items and store NFTs.”
In addition, the Coinbase NFT website notes that “at launch, Coinbase will only support file types in the form of digital illustrations, photos and videos.”
Later, we plan to support more file types such as audio and others.
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