Cryptocurrency

Coinbase Launches NFT Marketplace for Beta Testers as NFT Sales Crash

Coinbase Launches NFT Marketplace for Beta Testers as NFT Sales Crash

  • Coinbase announced on Wednesday that its NFT marketplace had been launched for beta testers who registered to be on its waitlist
  • Currently, the marketplace is limited to the Ethereum blockchain and it can be accessed using a wallet similar to MetaMask
  • The cryptocurrency exchange’s entry into the NFT world comes at a time when the marketplace is showing signs of decline

It’s a good day for members of the NFT community who are looking for another marketplace to buy or sell digital collectibles.

Leading cryptocurrency exchange, Coinbase has announced the launch of its NFT marketplace, albeit in beta mode.

Coinbase

Late last year, the largest crypto exchange by volume in the U.S announced that it would be launching a marketplace for NFTs. Fast-forward to yesterday, April 20, and the platform was finally launched.

The beta launch of the NFT marketplace will grant access to a small set of beta testers who were selected based on their position on its waitlist. In this beta mode, Coinbase will be showcasing some popular NFT collections such as Doodles, World of Women, and Azuki.

The marketplace is limited to Ethereum-based collections, however, the NFT product lead at Coinbase, Alex Plutzer has promised that more blockchains will be supported soon.

The crypto giant has also disclosed that there will be no transaction fees on NFTs in its marketplace for a limited time. Vice President of product Sanchan Saxena added that over time the fee will increase but will be “low single-digit”.

Read also: NFT Competition Heats up as Okcoin Launches Zero-Fees Marketplace

On what to expect from the marketplace, Saxena likened it to Instagram, where users can follow and interact with one another while trading their NFTs.

Although Coinbase is a big name in the crypto exchange world, its entry into the NFT world appears to be a bit late. It also comes at a time when the market is showing signs of decline.

Sales on OpenSea, the world’s largest marketplace, have dropped 67% from last month. The platform has also lost around 23% of its traders.

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