Coinbase announces beta launch of its own NFT platform

Cryptocurrency exchange Coinbase has announced the launch of beta testing of its NFT marketplace.

Not everyone will have access to the test — at the first stage, it will be given to just over 8 million people. For now, the platform will only offer NFTs on the Ethereum blockchain. The launch is planned to take place «within the next few weeks.»

It is worth noting that the speed of the platform’s development is quite high — only six months have passed since the initial announcement of Coinbase’s intentions. On the other hand, Coinbase is probably the last one to launch such a product among the top exchanges — their competitors (such as Binance or FTX) have already created similar solutions.

According to the plan, the future interface of the system will be a mix of the best practices of social networks and marketplaces such as OpenSea. As a result, according to the exchange, users will be able to communicate with the creators of their favorite collections, subscribe to them, and interact in other possible ways.

During the testing phase, users will not pay fees out of their own pockets. This is made possible by Coinbase’s partnership with 0x Labs. Users will also be able to use both their own wallets and Coinbase Wallet for trading.