Coinbase, a public cryptocurrency exchange with approximately 89 million users, $278 billion in crypto assets and $547 billion in trading volume, is known for being the largest cryptocurrency exchange in the United States. About 6 months ago, Coinbase announced that it was developing an NFT marketplace; however, not many details were given about the platform, including when it will arrive.
Today was expected and Coinbase has officially introduced the beta mode of its new NFT marketplace with NFT collections on the Ethereum blockchain. New details about Coinbase NFT, which we can call the ‘Instagram’ of the crypto world and created by Coinbase with the hope of appealing to crypto and mainstream users, were also shared.
Coinbase NFT will not charge transaction fees for NFTs in its market for a while
Coinbase NFT’s NFT product lead, Alex Plutzer, made a statement at a press conference. It was stated that any Ethereum-based collection can be accessed from Coinbase NFT, and more blockchains will be available in the near future. On the matter, Plutzer said, “We will be handing over these [collections] over time to help promote the great NFTs on the platform, especially for people unfamiliar with NFTs.” recorded as.
However, it was stated that Coinbase NFT will not charge any transaction fees for NFTs in its market for a limited time. In a statement made by Coinbase vice president of product Sanchan Saxena, the fee will increase over time; however, it was stated that this fee would be a low, single-digit fee. It was also noted that users can use a Coinbase wallet or any wallet they own to trade NFTs on the platform.
Stating that despite their complexity with Coinbase, they were able to successfully present cryptocurrencies to large audiences in an understandable way, Saxena said, “We believe we have a similar opportunity for NFTs.” expressed as. On the other hand, Saxena added that the NFT marketplace also aims to be a “web3 social marketplace” application. Accordingly, Coinbase NFT is intended to provide users with the ability to buy and sell their NFTs and interact with creators, collectors and communities.
Coinbase NFT will be available to anyone over the age of 18 in the coming weeks
The top of Coinbase NFT’s waiting list can become beta testers in their own market and create a profile and both It was stated that they could exhibit the NFTs they created and traded. Saxena also stated that the entire platform will be open to anyone over the age of 18 in the coming weeks.
In addition to all these, it was underlined that no NFT uploaded to the market will be audited unless it is illegal in the country where it is offered. Noting that there are plans to add more features such as NFT drops and minting to Coinbase NFT in the future, Saxena also stated that the option to purchase NFT with a Coinbase account or credit card is in question to make the ecosystem more accessible to mainstream audiences.
It was also stated that the platform will also collaborate with global NFT artists who will make collection drops on Coinbase NFT in the near future to gain more users. “You can expect Coinbase NFT to be the platform where the next Bored Ape Yacht Club or an artist or organization launches,” Saxenna said. recorded as.
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