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Coinbase’s NFT marketplace is now open for business

The platform, currently in beta, could become available to everyone in the coming weeks.

coinbase nft marketplace
Image: KnowTechie

Just over six months ago, Coinbase, one of the biggest crypto marketplaces in the world, announced plans to enter the NFT space. Now, the platform is opening up the NFT marketplace to users who joined the waitlist.

The new Coinbase NFT marketplace beta was announced at a press conference this morning (h/t TechCrunch). Additionally, the platform shared news of the beta launch in a tweet from the Coinbase NFT Twitter page.

To kick things off during the beta, the platform is showcasing several NFT collections in the marketplace. Familiar NFT collections like Doodles, World of Women, and Cool Cats are displayed on the marketplace home page.

All NFTs based on the Ethereum blockchain will be accessible and the company’s NFT product lead, Alex Plutzer, says “more will be coming soon.”

READ MORE: Is the NFT market crashing and burning?

The Coinbase NFT marketplace won’t have any transaction fees, at least in the beginning. However, fees will eventually increase over time in the marketplace. But the company says that they will maintain a “low, single-digit fee.”

Those who signed up for the Coinbase NFT waitlist early will gain access to the beta marketplace and have the ability to create and trade NFTs. The plan is to release the platform to everyone 18 and over “in the coming weeks.”

READ MORE: Coinbase says it could keep your crypto if they go bankrupt

This seems like a strange time for Coinbase to launch its NFT marketplace. A lot of the hype surrounding the NFTs has died out over the last few months.

But maybe Coinbase will be able to bring more popularity to the digital collectibles with its vast user base of more than 89 million people. We’ll have to wait and see.

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