The Long-Awaited Coinbase NFT Marketplace Has Finally Opened Its Doors to Collectors and Creators

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One of the world’s most reputable crypto exchanges, and the largest US crypto market Coinbase has finally come up with great news for its multi-million audience. So, after six months since the official announcement, the Coinbase NFT marketplace has launched its beta mode on the Ethereum blockchain.

According to the company’s official website, Coinbase with “approximately 89 million verified users, 11,000 institutions, and 185,000 ecosystem partners in over 100 countries” now welcomes all NFT enthusiasts to its brand-new platform.

To start with, Coinbase is treating the community to the only high-profile NFT collections, including WoW, Azuki, Doodles, and some other market leaders. Alex Plutzer, NFT product lead at Coinbase NFT, promises that any Ethereum-driven NFT collection will be available on Coinbase NFT, with “more [blockchains] available soon.” 

We’ll cycle these [collections] out over time to help introduce people to awesome NFTs on the platform, especially for people who aren’t as familiar with NFTs,” the official added.

To draw as many new clients to the brand-new NFT marketplace and to outperform competitors, the company announced a gas-free period for all NFTs for a limited time. Over time, the transaction fees will gradually increase but will be a “low single-digit fee,” Sanchan Saxena, vice president of the product at Coinbase shared. Besides, the users are allowed to use either Coinbase wallet or any other crypto wallet for their NFT operations.

We’ve been able to successfully bring the complexities of cryptocurrencies in an easy-to-use way to the masses. We believe we have a similar opportunity to do so for NFTs as well,” Saxana said, calling the platform a “web3 social marketplace”. 

Besides, to celebrate the platform’s launch and draw more public attention to the new decentralized web3 community, the company has primarily announced the Coinbase NFT waitlist. Now, all those who took the time to get on the waitlist will be treated to early privileges on the Coinbase Marketplace. For example, lucky waitlisted users can trade NFTs using self-custody wallets at their convenience.

By entering the high-competitive NFT trading market, Coinbase NFT claims another outstanding feature. Thus, the platform claims not to moderate any NFTs uploaded to the marketplace unless those are controversial to the legislature of the country of their origin. All illegal NFTs will be immediately banned.

Another piece of exclusive information on the upcoming beneficial adoptions leaked by Saxena concerns the upcoming high-profile collaborations. Thus, according to the vice president of product, the Coinbase NFT will become the platform where the next Bored Ape Yacht Club or any other world-renowned artists and brands will prefer to launch their NFT collections.

This is just the beginning,” Saxena said. Let’s wait and see!

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