Key Takeaways:
- Coinbase secured over three million sign-ups for its NFT marketplace waitlist.
- NFT marketplace will boost Coinbase’s growth —Experts.
LAGOS (CoinChapter.com) — In another remarkable development for the nonfungible token (NFT) industry, leading cryptocurrency exchange Coinbase has unveiled its long-awaited NFT marketplace.
In detail, Coinbase unveiled the beta model of its NFT marketplace on the Ethereum blockchain six months after announcing it. The trial version of the new NFT marketplace will be available for selected customers before the total release.
The exchange had earlier secured more than three million sign-ups when it opened a waitlist for the marketplace in October. Presently some users depending on their position on the waitlist will be granted access to the beta marketplace.
Selected users will be able to buy and sell NFTs using any self-managed wallet, including Coinbase wallet and MetaMask. Additionally, the beta testers will also enjoy free transactions for a limited time.
In addition to the free transactions fee, Coinbase disclosed that the marketplace will be available to everyone and more countries shortly.
Furthermore, the crypto exchange is looking to collaborate with digital artists to drop exclusive NFTs on the new marketplace. The exchange also indicated that it would help manage payments of royalties for NFT creators so that any time an NFT is sold the original creator will be paid daily.
Coinbase Aims To Deepen Social Engagement
Coinbase, the largest crypto exchange in the United States by volume, announced that the new NFT marketplace will focus on creating a social community for customers both buyers and sellers.
Sanchan Saxena, vice president of product for Coinbase noted that the marketplace is aimed at boosting social engagement on the platform. She said:
“It’s about building your community. It is about making sure that you can connect and engage with them on the platform.”
Saxena further disclosed that the customer’s engagement feature will allow Coinbase NFT marketplace to compete against top NFT platforms.
Also, the new marketplace will allow users to create a profile and curate it with the NFTs they’ve created. They will also be able to interact, comment on NFTs, or start conversations with other NFT holders and sellers.
Additionally, for the launch, Coinbase is curating and showcasing NFT collections including World-of-Women, Doodles, Boss Beauties, Azuki, among others.
Crypto Community Reacts To Coinbase NFT Marketplace Launch
Meanwhile, the crypto community has expressed delight with the new initiative. Several experts have indicated that the new marketplace will act as a catalyst for reviving Coinbase’s growth.
Additionally, others pointed out that the marketplace will provide the exchange with other means to diversify its revenue.
Mark Palmer, BTIG fintech analyst declared that the NFT marketplace could be a game-changer for Coinbase and the NFT space. Mark explained that the marketplace has the potential to rack in huge resources for the crypto exchange. He said:
“The new marketplace will be an important component in what we view as an evolving, diversified digital asset platform.”
