Coinbase, one of the largest crypto marketplaces in the world, is moving into the Non-Fungible Token (NFT) field.
About 6 months ago, they announced that they planned to open a waitlist for their new platform, reportedly receiving more than 8.4 million email applications; a tenth of their userbase.
On Tuesday, Coinbase announced that Coinbase NFT will be available to everyone over 18 years in a matter of weeks.
They also announced that the platform has moved to beta testing. The lucky testers will be able to interact with the platform in all ways, including buying and selling NFTs, creating and changing their profiles etc.
The company is touting their new platform as a cross between a social media platform and an NFT marketplace. Some of the social features are: ability to follow profiles, comment on artwork, engage with fans, and above all, have a personalized feed to discover new NFTs and follow new creators.
While it is true that buying and selling NFTs is a big part of the ecosystem today, what we have learned by talking to many customers and creators is that there is more to it than just buying and selling.There is the community aspect of it.Sanchan Saxena, Vice President of product and ecosystem
While in beta, there will be no transaction fees, but that should change once the platform is fully operational.
Coinbase is getting into the NFT game quite late, and will ostensibly find a market dominated by OpenSea.
Other big exchanges like Binance and FTX have also launched their own NFT platforms in recent months.
Read: Coinbase NFT Marketplace To Accept Mastercard Payments