The trial version of the Coinbase NFT platform has been designed to add drops, minting, token-gated communities, and the option to buy NFTs with a Coinbase account or a credit card.
Coinbase, the world’s second-biggest cryptocurrency exchange, has partnered with Ox Protocol, a decentralized protocol infrastructure development company, to launch the long-awaited Coinbase NFT marketplace in a beta phase.
The partnership will bring 0x Protocol’s expertise in multi-chain NFT swaps to Coinbase’s up-and-coming NFT platform; the former’s gas-efficient features power that. According to a Coinbase blog post, the beta test phase for Coinbase NFT will enable select users chosen for the beta program to buy and sell NFTs using any self-custody wallet. Sanchan Saxena, VP of Product at Coinbase, explained:
“The rise of NFT communities has shown us that online conversation extends far beyond the moments around transactions. We’re building a place for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities.”
Beta testers can trade NFTs using any self-custody wallet
Coinbase is currently the largest cryptocurrency exchange in the United States and stated in its announcement that it wants to be a community hub for NFT creators and collectors. Coinbase plans to gradually increase waitlist access over time, according to the statement. For now, the beta testers can trade NFTs using any self-custody wallet, whether that’s the Coinbase Wallet or not. There will be no Coinbase transactions fees for NFT platform users for a limited time.
The beta phase will have no transaction fees, but only for a limited time. Coinbase plans to eventually add fees, in line with Web3 industry standards, alongside a notice of the changes once their testing and analytics confirm the platform’s viability. 0x Labs co-founder and co-CEO Will Warren said in a company blog post:
“We’re thrilled that Coinbase is using 0x to power their new social marketplace for NFTs and anticipate this launch will unlock a massive wave of new users into the blockchain space. We look forward to seeing many more apps and marketplaces take advantage of 0x Protocol’s robust NFT swap feature set and industry-leading gas efficiency in the coming future.”
There are no signs of NFT sales slowing down
Coinbase will also be focusing on building a solid NFT community on the marketplace itself by allowing commenting under collections and creating a conversation through which creators and collectors can interact.
As we advance, Coinbase NFT will also be adding drops, minting, token-gated communities, and the option to buy NFTs with a Coinbase account or a credit card. And the marketplace will be adding support for other blockchains, eventually decentralizing the entire platform.
There are no signs of NFT sales slowing down in 2022. In January 2022, the largest NFT platform, OpenSea, saw its own monthly NFT sales revenue exceed $5 billion that month. If OpenSea maintains that pace, that platform alone would generate $60 billion in revenue this year.
Tom is a freelance writer with over 10-years’ experience in content creation, blog writing, and SEO specializing in the blockchain and cryptocurrency niche. As a philosophical figurehead, he believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.
