Beta testers for Coinbase NFT are being chosen based on their position in the waitlist. Access is going to be gradually opened, but this might take time as 2.5 million are on the list.
Coinbase has officially released the first version of its NFT marketplace — meaning beta testers can now start buying and selling crypto collectibles.
The exchange's VP of product, Sanchan Saxena, says transactions will be free for a limited time only — and while fees will eventually be charged, they are going to be "in line" with industry standards.
Beta testers are being chosen based on their position in the waitlist for Coinbase NFT. Access is going to be gradually opened to more users, but given how 2.5 million are on this list, this might take a little time.
Saxena says Coinbase NFT users will be able to create their own profile and illustrate it with the crypto art "that tells their story." Alternatively, digital assets can also be held privately by connecting a self-custody wallet.
In a nod to social networks, users will also be able to follow other profiles and post comments, and upvote or downvote conversations from others. Saxena explained:
"The rise of NFT communities have shown us that online conversation extends far beyond the moments around transactions. We're building a place that's for more than just buying and selling. We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities."
Another interesting feature will see Coinbase NFT users given personalized recommendations on sales they might be interested in — and engaging in the marketplace by making purchases or following profiles will increase its accuracy.
New Features in the Pipeline
Saxena says more features for Coinbase NFT are going to be unveiled in the weeks and months ahead "that will gradually bring our vision for a Web3 social marketplace to life" — and investing in creators, as well as ensuring they receive royalties, will be a crucial component of this. He wrote:
"We're planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card. We'll also add support for NFTs on multiple chains. And over time, we intend to decentralize more features by moving them from Coinbase tech to decentralized solutions."
Indeed, it was announced back in January that Coinbase and Mastercard had formed a partnership to ensure that NFTs could be easily purchased using credit and debit cards. At the time, senior director of product Prakash Hariramani said:
"Coinbase wants to simplify the user experience to allow more people to join the NFTs community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs."
Screenshots show that Coinbase NFT users will be able to have qualified accounts, a bio, and dedicated sections that indicate which non-fungible tokens they own, and which they've created.