The platform is currently at the beta stage, with only a selected group of users from a waiting list allowed full access. So far, users can buy and sell NFTs with a self-custody wallet without any transaction fees (temporarily). The marketplace was created user-friendly, with a simple interface and straightforward navigation.
“We’ve been able to successfully bring the complexities of cryptocurrencies in an easy-to-use way to the masses. We believe we have a similar opportunity to do so for NFTs as well,”
said Sanchan Saxena, Coinbase’s vice president of product.
There are only Ethereum-minted NFT collections available, but the company has pledged to add other blockchains shortly. Some of the well-known collections on Coinbase’s new platform include Azuki, Bored Ape Yacht Club, Doodles, Moonbirds, World of Women, Cryptobatz, and others.
Coinbase NFT has enabled the ‘Comment’ section under each digital collectible with the ‘Upvote/Downvote’ function to allow deeper community engagement. Hopefully, the feature will be well filtered since many bots and spammers can cause issues on the platform.
Coinbase is widely used and is one of the largest global crypto trading sites with around 90 million users – it’s no surprise that the brand new NFT platform could outperform the current NFT marketplace leader – Opensea. The crypto exchange has $278 billion in cryptocurrency and $547 billion in quarterly volume traded.
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Source: Cryptocurrency - investing.com
