Coinbase Launches NFT Marketplace in Beta
Updated · Apr 21, 2022
The exchange has thrown in social features to help the marketplace stand out.
On Wednesday, Coinbase announced a marketplace for non-fungible tokens (NFTs). The cryptocurrency exchange, one of the biggest in the world, first disclosed plans for the platform in October last year.
The marketplace is only available to “a small set of beta testers” in the United States, according to the company. It plans to invite the testers “based on their position” on a waitlist. As time goes on, Coinbase plans to invite an increasing number of users from the waitlist.
"We believe NFTs are here to stay," said a Coinbase spokesperson. "Beyond buying and selling NFTs, our marketplace offers better ways to find the right communities and better spaces in which they can feel connected with each other."
Non-fungible tokens are digital assets based on the blockchain that are non-interchangeable and represent ownership of unique items. That distinguishes them from cryptocurrency, another blockchain technology.
Over the last couple of years, the popularity of NFTs has skyrocketed. This was driven, in part, by the increasingly mainstream status of cryptocurrency. That said, the boom seems to have cooled down somewhat recently.
Social Networking Vibes
Coinbase calls its new project a social marketplace for NFTs. The exchange created an appealing interface that it says will make both creators and collectors “feel connected with each other”. It aims to help them stay ahead of the curve.
“We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities.”
Users will be able to create Instagram-looking profiles, curate their feeds, and follow others. In addition, they can make comments and upvote or downvote comments made by other marketplace users. A discover feed will feature NFT recommendations based on such factors as what you buy and trending digital assets.
Daniel is an Economics grad who fell in love with tech. His love for books and reading pushed him into picking up the pen - and keyboard. Also a data analyst, he's taking that leap into data science and machine learning. When not writing or studying, chances are that you'll catch him watching football or face-deep in an epic fantasy novel.
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