America’s largest cryptocurrency exchange, Coinbase has announced the official opening of its Non-Fungible Token (NFT) marketplace. Ethereum (ETH) will be accepted on this platform as all of the NFTs will be Ethereum-based, at least for now.
Gradually, other cryptocurrencies will be introduced as well as “full fiat on-ramps”. 0x Protocol has been partnered with in order to taper down the incidence of excessive gas fees. The Decentralized Finance (DeFi) protocol will maximize transactions at a lower cost.
The exchange had previously alerted the public of its plan to launch an NFT marketplace in October last year. Finally, it has been floated, although in its beta form that will allow only selected customers to trade. Other users have access to view the marketplace but will not be allowed to transact.
In the words of Sanchan Saxena who is the current Vice President, Products at Coinbase, “Coinbase will be onboarding a small number of users into the beta for Coinbase NFT,”. A waitlist was created earlier when the exchange first published its interest to start up the NFT marketplace. Over a million individuals and organizations signed up, and their positions on the list will be used to decide who will gain early access to trades on the platform.
After the selected users have been confirmed, each one of them will be expected to set up a profile that will be used for buying and selling. For a short while, no transaction fee will be deducted by Coinbase. As time progresses, based on regular industry standards, the transaction fees will be introduced.
Salient Features of the Coinbase NFT
All collectibles which are Ether related will be accessible on the marketplace including Doodles, Azuki, and World of Women.
While users are trading on Coinbase NFT, the exchange intends to promote relationships amongst its customers allowing them to interact with each other. This is one of the advantages Coinbase wishes to leverage on over OpenSea and LookRare.
Coinbase still plans on adding more features like minting, airdrops, and collective artist drops on the NFT marketplace in the future.