Coinbase unveils NFT marketplace in limited beta

New Delhi: Cryptocurrency exchange Coinbase has announced that its non-fungible tokens (NFT) marketplace is now in beta version and accessible to "a small set of beta testers who will be invited based on their position".

The company said now anyone can check out the first version of Coinbase NFT and explore the vast collection of NFTs on the Ethereum blockchain.

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"Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that's Coinbase Wallet or something else," said Sanchan Saxena, vice president of product, ecosystem products, in a blog post.

"For a limited time, there will be no Coinbase transaction fees. We will eventually add fees, which will be in line with Web3 industry standards, and we will provide notice before anything changes," Saxena added.

The company said it is starting with a small set of beta testers who will be invited based on their position on the company's waitlist. It will start at the top of the waitlist and open access to more people over time.

Users can create a profile that represents them by curating it with the NFTs that tell their story. Users can connect any self-custody wallet to select the NFTs they want to highlight or hide on their profile.

In the coming weeks and months, the company said it will add more features that will gradually bring the company's vision for a web3 social marketplace to life.

"We are planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card," the company added.

"We will also add support for NFTs on multiple chains. And over time, we intend to decentralise more features by moving them from Coinbase tech to decentralised solutions," it said.