Coinbase, One of the World’s Largest Cryptocurrency Exchanges, Published Its Own NFT Market

    Coinbase, the largest cryptocurrency exchange in the USA, has released its own NFT market. It was stated that the market called Coinbase NFT will be the ‘Instagram’ of the crypto community.

    Coinbase, a public crypto 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, it was expected and Coinbase has officially introduced the beta model 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

    New NFT marketplace with NFT collections on the Ethereum blockchain

    In a press conference by Coinbase NFT’s NFT product leader, Alex Plutzer, 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 with Coinbase, they can successfully offer cryptocurrencies to large audiences despite their complexity, 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

    New NFT marketplace with NFT collections on the Ethereum blockchain

    It was stated that those at the top of Coinbase NFT’s waiting list can become beta testers in their own market and create a profile to showcase the NFTs they both create and trade. 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. On the matter, Saxena said, “You can expect Coinbase NFT to be the platform where the next  Bored Ape Yacht Club or an artist or organization launches .” recorded as. 

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