Coinbase Launches Beta NFT Marketplace With Ethereum Support and Zero Fees Transactions

  • Coinbase launches its own marketplace for collectors and creators to trade NFTs
  • For now, the platform remains in beta mode and only supports digital collectibles on the Ethereum blockchain
  • Trades can be made using Ether
  • Some users who joined the waiting list will receive early access
  • Coinbase expects to add fiat payments in the coming months

Major cryptocurrency exchange Coinbase launched the beta version of its much anticipated non fungible token marketplace on Wednesday. 

The initial launch will allow users to interact with basic features from the platform including creating custom profiles, connecting wallets, and trading NFTs. Coinbase highlighted that for now, only NFTs on Ethereum is compatible with their marketplace. As such, users can buy and sell digital collectibles while paying in Ether (ETH). 

Vice President of Product at the platform, Sanchan Saxena, opined that the marketplace will add support for more networks in the future and has agreed to a deal with 0x Protocol in a bid to guarantee low-gas transactions for users.

The popular exchange initially announced the marketplace back in October 2021 along with a link to join a waiting list to receive early access. Since then, anticipation has supposedly grown tremendously as the waiting list attracted over 1.5 million applications.

Although only a few individuals from the list will be able to interact with the platform as it remains in beta mode, for now, wider access should roll out soon. Indeed, Saxena emphasized that beta testers can expect to experience a glimpse of the community spirit that CoinbaseNFT hopes to bring to the digital collectible space.

All Wallets, Zero Fees, and Upcoming Fiat Payments 

Regarding compatible wallets, self-custody wallets will work with the beta marketplace including MetaMask, Ledger, and the exchange’s own native Coinbase wallet. During the beta test period, NFT traders will enjoy zero-fee transactions. 

The exchange also reportedly lined up support for a fiat-on ramp feature as it unveiled a strategic partnership with card issues and payments giant Mastercard earlier in January 2022. 

Coinbase Joins List of Crypto Exchanges With NFT Platforms 

As the NFT buzz continues to sustain itself, several crypto exchanges have jumped in on the blockchain-powered digital collectible bandwagon. Names like Binance and FTX have also launched NFT marketplaces in recent times. 

Despite the move from these exchanges, dedicated platforms like OpenSea continue to lead the market in terms of network support and trading volume.