Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta

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Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta – Coinbase, a Nasdaq-listed cryptocurrency exchange, revealed on Wednesday that its “Coinbase NFT” beta program is now live.

The business describes Coinbase NFT (non-fungible token) as a peer-to-peer community platform wherein collectors and creators can come together to find, produce, display, and purchase digital assets.  In October of last year, Coinbase revealed its intention to develop an NFT marketplace.

Coinbase NFT’s official Twitter account stated:

“Today, we’re kicking things off with a full-access experience for some of our waiting frens.” On the first edition of Coinbase NFT, anyone can browse the enormous array of NFTs as we ramp up.”

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Also Read: US Lawmaker Urges Biden Administration to Develop Robust Strategy to Prevent Crypto Use to Evade Sanctions

“For a short period, the business noted, there will be no Coinbase transaction costs.” We’ll eventually introduce prices that are in accordance with web3 industry standards, and we’ll give advance warning.”

In a blog post published Wednesday, Sanchan Saxena, Coinbase’s VP of Products, characterized Coinbase NFT as “a Web3 social marketplace for NFTs.” He stated that starting on Wednesday, anyone can browse the Ethereum blockchain’s massive database of NFTs. In addition, beta testers can build a Coinbase NFT profile and buy and sell NFTs “using any self-custody wallet.”

Coinbase stated, “We’re creating a social marketplace driven by web3.” ” There will be no need for a password or username. To log in, you’ll instead utilize a self-custody crypto wallet as your digital passport. You’ll use it to pay for things and store NFTs as well.”

Also Read: Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

Crypto Exchange Coinbase Launches Web3 Social Marketplace for NFTs in Beta – Furthermore, the Coinbase NFT website states, “At launch, Coinbase will only accept file types in the form of digital illustrations, images, and videos,” adding, “At debut, Coinbase would only support file formats in the form of digital illustrations, videos, and photos.”

“At a later time, we’d like to enable other file types, such as audio and more.”

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