Coinbase launches Beta version of NFT Market

Written by C, Fiona

Last updated: 2022-04-25

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Testers can open their cryptocurrency wallets to buy or sell digital art.

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Coinbase shared its NFT market test model in a blog post on Wednesday and started running. Last fall, the cryptocurrency exchange platform announced its entry into the NFT market and plans to create a point-to-point interface for artists and buyers. When it is fully launched, users will be able to buy or sell unforgeable tokens in cryptocurrency and other forms of payment.

The beta version of the market is built on the Ethereum blockchain and has digital works. You can browse the works of artists such as cool cat, doodles and azuki. Coinbase is currently selecting testers from its waiting list and will not charge transaction fees for purchased works. Testers can create profiles and use their cryptocurrency wallets to buy or sell NFTs. They can also use social tools to communicate with other users and build communities on the platform.

Despite some high-profile losses in the NFT market, the value of tokens traded on the NFT exchange opensea in March exceeded $2.4 billion, up from $96 million in April last year.According to coinbase, the market will support Ethereum based standards erc-721 and erc-1155. Although the service is not yet open to the public, everyone is invited to NFT coinbase. See the first version of the site at nft. coinbase. com.

Costs will eventually be added to the beta, as well as other features, making it easier to join the action. Coinbase has not yet provided a timetable for when the market will be open to everyone.

However, the company said that in the coming months, it “plans to increase the delivery, casting, token gated community, and the option to buy NFT with your coinbase account or credit card.” In addition, more chains will be gradually added to the platform. Coinbase welcomes feedback in the process and encourages people to contact on twitter.