Coinbase launches a Web 3.0 social marketplace for NFTs in beta

US-based and Nasdaq-listed crypto exchange Coinbase announced the launch of a Web3 social marketplace for non-fungible tokens (NFTs) in beta on its Twitter account on April 20. The crypto exchange said in the tweet, Today we kick things off with a full-access experience for some of our waitlist friends. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT.
Sanchan Saxena, VP of Product, Ecosystem Products at Coinbase elaborated the details about the project in a blog on Coinbase website:
– In the Web 3.0 marketplace, the exchange will allow beta testers to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether it’s Coinbase wallet or any other.
*Beta testers are real users who conduct their testing in a production environment running on the same hardware, networks, as the final release.
– The exchange will also not charge any transaction fees for a limited time.
– However, it will add fees later, aligned with the Web3 industry standards and keep the users informed before making any changes.
– The first version of the Coinbase NFT collection on the Ethereum blockchain can be checked and explored by anyone at the Coinbase NFT website.
– Saxena further explained that Coinbase would invite a small group of beta testers based on their position on the waitlist of the exchange.
* The ones in the the top of the waitlist would be invited first and then gradually it will open up and allow access to more people.
– With the launch of NFTs in Beta , Coinbase aims to develop a place that entails much more than merely buying and selling.
– It aims to make the crypto exchange a place that helps creators and collectors build and engage their communities.
– Coinbase had started working on the project based on the inputs form the NFT community, since October 2021.
* The feedback from the people helped the exchange to ascertain that people dont just want better tools to purchase and sell NFTs, but they want better ways to find the right communities, and spaces in which they can feel connected with each other.
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