Coinbase launches beta version of NFT marketplace

The cryptocurrency exchange Coinbase has launched a beta version of its own non-fungible token (NFT) platform for a limited number of users.

HERE’S SOME ALPHA:

we’re in beta pic.twitter.com/HMdTPat5vP

— Coinbase NFT (@Coinbase_NFT) April 20, 2022

Initially, the platform will provide Ethereum-based tokens. Coinbase’s vice president of product, Sanchan Saxena, told The Block that there are plans to add support for other blockchains.

According to him, users will be able to use any wallets, including Coinbase Wallet and MetaMask. For a limited period, the platform will not charge transaction fees.

Users will have to undergo KYC-verification to use the marketplace. At the time of writing, only Ethereum is accepted as payment; later the company will add fiat-deposit options. Among the latest announcements is purchase of NFT using Mastercard bank cards.

April 21, 2022 | 15:39Update:

In the wake of the NFT marketplace launch, Coinbase’s native token ZRX surged 55% to $1.18. The project will help the platform reduce gas costs.

Coinbase announced plans to launch the NFT platform in October 2021. Since then, more than 1.5 million users have signed up for the waitlist.

In April 2022, Coinbase announced the release of an NFT series from the Bored Ape Yacht Club collection. The first episode is planned for June.

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