Coinbase Opens Beta Version of NFT Marketplace to Select Customers

On April 20, 2022 U.S. time, Coinbase, a crypto asset exchange operating in over 100 countries and based in San Francisco, USA, has released a beta version of its NFT Marketplace. Initially, only beta testers who meet the requirements will be able to use the service, but it will gradually become available to all. Non-testers will also be able to view the site.

Coinbase’s NFT Marketplace is more than just a place to buy and sell NFTs; it also includes features that allow creators and collectors to build communities, comment directly on NFTs, and allow users to talk to each other through comments.

About Coinbase’s NFT Marketplace

Coinbase announced its entry into the NFT business in October 2021 and has been developing an NFT marketplace ever since.

As a result of user interviews during the development process, it became clear that users were seeking not only the ability to buy and sell NFTs, but also an environment in which creators and collectors could easily connect with each other, and an NFT marketplace with social networking functions was completed.

SNS Function

The greatest feature of Coinbase NFT is not only the ability to buy and sell NFTs, but also the accompanying SNS function. Users can create their own profiles and connect and communicate with other creators and users.

You can show off your NFT collection on your profile, and other users can follow users they like.

Simple and easy-to-use UI/UX

The system is designed to make buying and selling NFTs simple and easy. There is also an NFT recommendation function that is personalized for each user by utilizing social networking functions and purchase history. The specification is built in to display recommended NFTs without having to go looking for them yourself.

Coinbase NFT Marketplace Future Development

Although still in beta version release, the following is an overview of the future development of the Coinbase NFT Marketplace. The company has announced plans to add various features in the coming weeks and months.

Plans to support multiple blockchains

Currently, the Ethereum blockchain is supported, but there are plans to support multiple blockchains in the future.

Transaction Fee

Currently, there is no transaction fee for a limited time, but the company plans to eventually set fees that comply with Web3 industry standards.

Introducing Credit Card Payments

Coinbase has partnered with Mastercard, a major U.S. payment company, in January of 2022. Since then, the company has stated that it will allow NFTs to be purchased with credit cards, but currently that feature has not yet been implemented. They have stated that they plan to add it in the future.

In addition to that, they will be adding new features and NFTs such as drops and minting in the coming months to realize their vision of a Web3 social marketplace.

Coinbase’s NFT Marketplace Summary

Coinbase’s NFT marketplace will have an SNS function, a feature that distinguishes it from current NFT marketplaces. Users will be able to interact with each other and with the creators, and NFT trading will be boosted when a fan base is formed.

It also features a simple UI and a recommendation function based on user behavior, saving users the trouble of searching for NFTs.

Although currently still in beta and available to a limited number of users, the NFT marketplace of Coinbase, a globally used crypto asset exchange, is expected to grow significantly in the future.

(Click here to read the original Coinbase announcement.)