Coinbase Launches Beta NFT Platform

Crypto exchange Coinbase launched the beta version of its non-fungible token (NFT) marketplace on Wednesday, where a small sample group get to experience it for the first time, according to an announcement. 

The marketplace, originally announced last November, will support Ethereum-based NFT trading, with unique features to rival competitors like OpenSea (hosting 95% of all Ethereum-based traders in the last 30 days), Rarible and SuperRare. 

The Coinbase NFT platform, called Coinbase NFT, combines a traditional NFT platform with a social media feel. Users will be able to showcase their personal profiles, follow accounts of their favorite users and like their content. In addition, the platform will have a “for you” feed, mimicking TikTok’s design and interface. 

The marketplace will support “all sorts of self-custody wallets,” not just the official Coinbase Wallet, in an effort to bring NFTs to everyone. Instead of having a username or password, the self-custody crypto wallet will act as such. In addition to crypto wallets, the platform will also support fiat purchases via credit cards. 

The marketplace will start off with zero transaction fees, but will slowly roll out a low fee. 

Coinbase has a plan for what it’s calling “progressive decentralization,” meaning they are certain features that will start off centralized, but will eventually transition to move on-chain. For example, user comments are currently being stored on Coinbase servers, but will soon transfer to the blockchain.  

While a blend of social media and an NFT platform is not currently the norm, we could see a shift that way, especially after the launch of Coinbase NFT. In March, Meta Platforms CEO Mark Zuckerberg announced NFTs would eventually find their way on Instagram, though the details still remain unknown.

Author: Tyler Irvin

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