Coinbase has often been compared to other NFT platforms and marketplaces of its functionality. But all has changed now since April 20, 2022, when the news of the beta testing launch reached the audience. This new NFT platform will now select and allow beta testers into the new NFT marketplace. Users will be able to connect, create and collect in different ways once the beta testing phase is over. In the coming months, more features will be added to the platform, thus bringing this new marketplace closer to web3`s vision.
The New Coinbase Platform
The new NFT marketplace is limited to a few users for now, and in the following weeks, everyone will be able to sign up and have access. Any NFTs that are available for sale on the Ethereum blockchain can also be searched on this new platform. The Coinbase platform will hit off with no additional transaction fees, but only a small fraction of the gas fees will be liable for payments. In the months to come, the platform will introduce its new fee, termed the ‘low single-digit fee’.
When it first launches, the Coinbase NFT platform will only grant access to users with Coinbase Wallets, MetaMask Wallets, and those wallets that are linked and supported by the WalletConnect protocol. Users are responsible for their wallets and assets, which can be connected to other marketplaces and any other exchanges and decentralized applications. However, the Coinbase team plans on introducing more features that will allow users to connect their credit cards on Coinbase accounts to the platform. The introduction of these payment features is mainly focused on bringing more users to the platform.
Coinbase will not offer the feature of minting NFTs on this launch, but this feature will be added soon. Bored Ape Yacht Club hasn’t been listed as an official launch partner with Coinbase, but a press release suggests that the two are collaborating in the creation of the Bored Ape Trilogy of short films that will be based on the Ethereum blockchain.
Beta is now Live
Beta has been released and is now live, thus users can now visit nft.coinbase.com and search through the varieties of NFTs available on the Ethereum blockchain. Beta testers can now buy and sell NFTs on the platform using either a self-custody wallet or any other Coinbase Wallet. There will be no Coinbase transaction fees for a limited time until more fees will be added, in line with Web3 standards. The platform is starting with a few beta testers who will be selected from the top of the waitlist, and more users will be granted access in the few months to come.
Creating a Profile and Connecting
Users can create profiles that link them with the NFTs of their choices and connect the self-custody wallets that enable them to select the NFTs they want to be highlighted or hidden on their profiles. This new platform offers more than just buying and selling services, but a community where creators and collectors can have online conversations, engage and build their communities. New users can follow other profiles and engage in conversations and comments. Moreover, the Beta platform allows users to browse and search for NFTs from the Discover feed. Buying and selling NFTs is very easy on the platform and users can get inspiration from NFTs on their news feeds, profiles, and collections pages. Projects like Doodles, Azuki, and Boss Beauties can also be explored from the platform.
The Future of the Coinbase NFT
More features will be added to the platform in the coming months so that the Web3 vision can be fulfilled. Features like token-gated community drops and minting space will be added soon. Moreover, the platform will now be offering more support for NFTs that are listed and sold on multiple chains. More features will be moved from Coinbase tech to several decentralized solutions.