In a breakaway from traditional auction style marketplaces (think Ebay), Coinbase’s new NFT marketplace is channeling its inner Instagram, giving users the opportunity to follow their favourite artists and creators and keep up to date with all their latest content.
Top US crypto exchange Coinbase has announced that it is launching a beta version of its much-anticipated non-fungible token (NFT) marketplace.
According to a new company blog post, the exchange says that starting today, beta testers will be able to create a Coinbase NFT profile to buy, sell, and trade NFTs minted on Ethereum (ETH) using a crypto wallet.
“Our beta is live today! We’re taking the first step on that journey by releasing our beta. Starting today, anyone can check out the first version of Coinbase NFT at nft.coinbase.com and explore the vast collection of NFTs on the Ethereum blockchain.”
However, the crypto exchange notes that only a handful of users who had previously signed up for the waitlist are eligible to be beta testers rather than just observers.
“We’re starting with a small set of beta testers who’ll be invited based on their position on our waitlist… stay tuned as we gradually make access to create profiles, buy, and sell on Coinbase NFT available to everyone.”
Coinbase also says that for a limited time, all transaction fees for those testing the Coinbase NFT beta will be waived.
“We’ll eventually add fees, which will be in-line with Web 3.0 industry standards, and we’ll provide notice before anything changes.”
Last November, Coinbase CEO Brian Armstrong revealed his vision of what Coinbase NFT would be like, saying that an Instagram-like user interface is likely.
“We’d like to make Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay or something like that.
I think having people that you can follow, your favorite artists or creators, and having a feed of content that gets populated from those people you follow, that could be really powerful.
And in addition, you can go in there and buy an NFT if you really like it and you’ll kind of showcase in your own social profile.”
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