Coinbase launches NFT market, now in beta, aiming to attract crypto users and mainstream NFT market users. The highlight is that users can follow, like, comment and have a dedicated NFT recommendation system.
Six months ago, Coinbase, the largest crypto exchange in the United States by quantitative measure. Announcing that it is launching an NFT market, but with few details, today “Coinbase NFT” is in beta mode. With a new collection of NFTs on the Ethereum Blockchain.
What is coin base?
Coinbase is a publicly traded cryptocurrency exchange with approximately 89 million users, $278 billion in digital assets and $547 billion in quarterly trading volume, according to its website.
During the beta launch, Coinbase is curating and exhibiting a number of NFT collections, including Doodles, World of Women, and Azuki. Ethereum-based collections will be accessible on Coinbase. Alex Plutzer, Head of NFT Products at Coinbase, said it will. More blockchains are coming soon.
For a limited time including now There will be no transaction fees on NFTs in the market, fees will increase gradually. But it’s less in single digits, said Sanchan Saxena, Coinbase’s vice president of product, adding that users can now use their Coinbase wallet.
“We were able to successfully bring the complexity of cryptocurrencies It comes easily to a large number of people,” Saxena said. “We believe we have the opportunity to do so for NFT as well.”
What the different from other NFT Marketplace?
One of the differences between Coinbase NFT and other exchanges is that The ability for users to engage with creators, collectors and communities around the NFT they own, such as commenting or following other NFT accounts, even if these features are not decentralized. But the company’s goal is to gradually decentralize those features and keep them on the network all the time, Saxena said.
Oftentimes, people use social media channels such as Discord or Twitter to engage in the NFT community they believe in, Saxena said. They can do it in one place.”
In the future, Coinbase NFT plans to add additional features such as NFT drop, NFT build community, and token community. It is also expected to add the option to purchase NFTs with a Coinbase account or credit card to give the ecosystem more mainstream access to the main audience.