Barely two weeks after the Beta launch of its Non-fungible Token (NFT) marketplace which was restricted to a selected number of users on its waitlist, Coinbase Global Inc has now opened its marketplace to all prospective users. The announcement was made via a Twitter post on Wednesday.
IT’S ALL HAPPENING!
We’re super excited to announce we're opening @Coinbase_NFT Beta up to everyone.
— Coinbase (@coinbase) May 4, 2022
The new move is coming ahead of schedule as the exchange had said it would take weeks or months to allow everyone access after the initial launch in April.
The NFT marketplace, still in its beta phase, with plans to introduce new features like minting, airdrops and collective artist drops, is also centered on building a social community for traders. As such the opening of the platform to everyone will allow for more participation to create the desired community as members can interact with creators and collectors around an NFT project.
In addition to the trading options the platform provides, it promotes relationships amongst its customers as users can build a fanbase and also meet other creators and collectors. This is one of the advantages Coinbase wishes to leverage over major competitors like OpenSea.
Contrary to common practice, Coinbase will charge zero fees for transactions for a limited period but will introduce a single-digit charge at a later time. Purchases on the platform can be made in cryptocurrencies as well as with credit cards. Users can also disconnect their self custody wallet whenever they choose to.
The marketplace hosts projects from a wide range of brands and inventors. The collections include Boss Beauties, Doodles, and Azuki, as well as the NFT project from actor Bill Murray.
Coinbase relies on its dedicated team as well as its community to detect and report fake NFTs and scams to take them down. Genuine projects will be given verification badges. Coinbase is an American cryptocurrency exchange platform. It is the largest cryptocurrency exchange in the US by trading volume. Founded in 2012 by Brian Armstrong and Fred Ehrsam it has no physical headquarters as all its workers work remotely. Its move to float an NFT trading outfit trails related move from other exchanges with an NFT marketplace include FTX and Binance.