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NFT News: Coinbase Launches NFT Marketplace in Beta

Jeff Pratt breaks down Coinbase launching its highly anticipated NFT marketplace in beta.

The world is expanding, and DraftKings is expanding along with it. As NFTs continue to grow, these daily articles will serve as a hub for the latest news and notes in the space.

In case you are new to the Metaverse, check out my quick breakdown on what NFTs are and how they work. For those looking to get in the game, read my article on how to set up a MetaMask wallet.


Coinbase Launches NFT Marketplace in Beta

OpenSea’s largest competitor has arrived. Well, kinda.

On April 20, Coinbase announced the launch of its highly anticipated NFT marketplace in beta. See the official tweet from Coinbase NFT breaking the news below:

Coinbase is aiming to create an environment that focuses on more than just buying and selling NFTs with its marketplace.

“It’s about building your community. It is about making sure that you can connect and engage with them on the platform,” Coinbase Vice President of Product Sanchan Saxena said.

While the Coinbase marketplace has a similar structure to its competitors, the company is looking to integrate aspects of a social media platform into its design. Users will be able to create and customize a profile, hold conversations with other users and even comment on NFTs.

Coinbase created a waitlist for its marketplace back in October, garnering over 1.5 million signups. Those with a favorable position on the waitlist will have access to the beta marketplace.

Testers with access will be able to create a profile, buy and sell NFTs, and use their self-custody wallet of choice, including MetaMask. Currently, the marketplace only supports Ethereum-based NFTs, but the company will look to integrate other blockchains in the near future, such as Solana.

As I covered earlier in a separate article, Coinbase has also partnered with Mastercard to allow users to purchase NFTs with a credit card, eliminating the need for crypto. This fits the company’s theme of trying to draw in as many people as possible to create a unique community.

Will Coinbase actually be able to compete with OpenSea? Only time will tell, but the simplicity and inclusivity of the crypto exchange platform’s new marketplace puts it in prime position to succeed.


UPDATE: Coinbase Opens Beta Marketplace to Everyone

After a successful initial run with limited users, Coinbase announced on May 4 that it has opened the Beta marketplace to everyone. Watch the video that the company released on Twitter below:

New users can now sign up for their profile at nft.coinbase.com. This is a major step for Coinbase as the corporation looks to challenge OpenSea as the top NFT Marketplace.


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