The Highly Expected Coinbase NFT Has Been Launched Finally

On Wednesday, top crypto exchange, Coinbase, confirmed speculations that its NFT platform is now in beta mode. The platform’s beta launch comes six months after the popular exchange revealed that it had started the process of launching its own NFT platform.

However, the beta launch mode means that only selected Coinbase users will have access to this feature. The users selected were among the millions of users who have been on the exchange’s waitlist to trade NFTs through their NFT platform.

Highlights Of The Announcement

Part of the announcement by the exchange states that more members will be added based on their signup times. Coinbase also announced that its NFT platform currently supports Ethereum-minted NFTs, with plans to support NFTs minted from other blockchains in the short term. Ethereum remains the blockchain with the highest number of digital collectibles, which might explain why Coinbase is only supporting NFTs minted from there for now.

Coinbase further disclosed that any Ethereum-minted NFT could be searchable on its platform. One enticing feature about this launch is that Coinbase won’t charge any transaction fee for NFTs sold through its new platform, even though normal Ethereum gas fees will still apply.

However, one of the exchange’s top-level executives, Sanchan Saxena, revealed that Coinbase would charge transaction fees later, but the transaction amount will be highly minimal. Presently, the NFT platform supports self-custody wallets with WalletConnect protocol, such as Coinbase wallet and Metamask.

Thus, users are in full control of the assets in their wallets, and they can connect their wallets with other NFT platforms, exchanges, and dApps. In the near term, Coinbase will roll out NFT custodial services where users can purchase digital collectibles using their credit card or Coinbase account. Saxena claimed that the move is Coinbase’s way of ensuring that anyone can use their platform to trade NFTs.

Besides normal NFT transactions, the Coinbase NFT platform also serves as a social platform for NFT creators. Creators can search for various NFT collections or comment on the profile pages of their fellow creators. It is similar to having an Instagram feed with creators having separate profile pages linked with their wallets but can socialize with other creators.

Features That Coinbase Wants To Add Soon

These social features will be hosted on Coinbase’s central servers during this launch period. But these features will eventually be hosted in a decentralized manner in the long term. Coinbase intends to make two more features available soon. One such feature is the minting of NFTs on its platform.

The second is for the platform to host NFT project drops, whether from launch partners or other users. Popular actors and personal and media brands are among those whose projects will feature on Coinbase’s NFT marketplace during the launch.

One notable absentee on this roll call is yuga labs (owners of top NFT project, cryptopunks). However, Coinbase recently partnered with yuga labs for the latter to create a 3-part film on some of its best-selling NFT collections.

Leave a Reply

Your email address will not be published.


Coins Capital Review, – Is Coins Capital Scam Or Legitimate?

Coins Capital Trading Platform Rating 4.3 Summary Read our Coins Capital review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is Coins Capital scam or legit” and much more! Coins Capital Review You have been thinking for a long time if trading is for you. You have finally […]

AI Center Indicts ChatGPT Developer of Trade Law Violations: Claims Bias & Deception

The organization alleges that the creator of ChatGPT has violated Section 5 of the Federal Trade Commission Act with the release of GPT-4. This section of the act prohibits any practices or acts considered deceptive or unfair and that affect commerce. CAIDP has complained to the US Federal Trade Commission, intending to prevent the distribution […]

Investors Excited As XRP Market Capitalization Hits $20 Billion

It’s been wide jubilation today after XRP investors heard the announcement that the market capitalization has surged to $20 billion. XRP: a cryptocurrency developed and managed by Ripple, a San Francisco, United States, distributed data company. It was gathered that the coin itself responded to this development through a climb in price – it was […]

GlobalTrades Review, – Is Global Trades Scam or a Good Broker?

GlobalTrades Trading Platform Rating 4.6 Summary Read our Global Trades review at FStar Capital Forex and Cryptocurrency Trading blog, find the answer to your question “is scam or legit” and much more! GlobalTrades Review As people look at cryptocurrencies and their immense success, they are eager to start their own trading businesses. While […]

Profit-taking on BTC Surge, As Price Breaks The $27,000 Threshold

It has just been confirmed that BTC has experienced the most extensive profit-taking activity since the last quarter of 2020. This information was obtained from data released by Santiment, an on-chain data analytics company. The released data also states that the profit-to-loss volume of the day-to-day ratio on on-chain transactions was one of the major […]