Coinbase NFT Beta Goes Live With No Transaction Fees

Key Insights:

• Coinbase announced the launch of its NFT marketplace’s beta version.
• While some features will not be available at the moment, Coinbase will also remove the transaction fees.
• On NASDAQ, Coinbase’s performance did reflect the community’s missing hype.

The world’s second-biggest cryptocurrency exchange Coinbase announced the launch of its web3 NFT Marketplace, Coinbase NFT, today. The company has begun with the beta version first, where only a handful of features will be available for the users. 

Coinbase Brings NFT to Its Users

Built on the Ethereum blockchain, Coinbase NFT boasts of a wide range of NFT collections already available on the marketplace, including the likes of Cool Cats and Doodles, the floor price of which is 19.99 ETH (61.2k) and 10 ETH (30.6k), respectively.

Since this is the beta, Coinbase has stated that for a limited time, they will not be employing any transaction fees, but when they do, it will be as per the industry standards. Iterating on the same, the announcement noted,

“We’re starting with a small set of beta testers who’ll be invited based on their position on our waitlist. We’ll start at the top of the waitlist and open access to more people over time. Beta testers will be able to create a Coinbase NFT profile to buy and sell NFTs using any self-custody wallet, whether that’s Coinbase Wallet or something else.”

Coinbase will also be focusing on building a solid NFT community on the marketplace itself by allowing commenting under collections and creating a conversation through which creators and collectors can interact.

Going forward, Coinbase NFT will also be adding drops, minting, token-gated communities, and the option to buy NFTs with a Coinbase account or a credit card. And the marketplace will be adding support for other blockchains as well, eventually decentralizing the entire platform.

Coinbase Is on the Cards, Not on the Charts

While the announcement is a big step for the cryptocurrency exchange, the same did not reflect in its token’s price action. At the time of writing, intraday prices had Coinbase trading at $147, down by 4.47% from its opening price of $154.

While there is time before the market closes and as the news picks up attention, prices could climb back and possibly even post green, for now, Coinbase NFT failed to impress the stock market investors.