Coinbase Opens NFT Marketplace Beta Testing to All

UTC by Ibukun Ogundare · 3 min read
Coinbase Opens NFT Marketplace Beta Testing to All
Photo: Shutterstock

Maybe the latest news on Coinbase NFT Marketplace would positively influence the company’s stock after it lost more than 49% in a year.

After testing its beta version, Coinbase Global Inc (NASDAQ: COIN) is not opening its non-fungible token (NFT) marketplace to the public. The crypto exchange released the beta version in April, allowing selected users to use the platform. This came after its initial announcement in October and opening a waitlist for prospective users. The chosen users that tested the beta platform included those on its waitlist. Last year, more than 1.1 million prospective users registered on the forum. Less than a month after the testing, Coinbase is opening its NFT marketplace to all. Coinbase’s NFT marketplace focuses on building a social community for sellers and buyers. The exchange company said the explosion of NFT and its communities had revealed the importance of online conversation beyond transactions.

Coinbase NFT Marketplace Available to the Public

Coinbase announced that the beta version of its NFT marketplace is “up to everyone” in a recent tweet. The exchange added:

“And what does it mean to be in open beta? It means we’re still working on adding more features to the product, but eager for you to help us build in public.”

Coinbase is planning to enter the NFT market in a big way and compete with leading platforms. During a press briefing last month, the Vice President of Product, Sanchan Saxena, said Coinbase NFT targets a part of the market share from popular marketplace OpenSea with its zero-transaction fees. In the official announcement of its beta NFT marketplace, Coinbase noted that it would not charge transaction fees for a limited time.

According to Coinbase, the platform is open to all because it is now ready for heavier traffic. Speaking further, the crypto exchange said:

“Coinbase believes NFTs are here to stay, and the Coinbase marketplace is about much more than just buying and selling. Coinbase is focused on cultivating a community and is excited to be opening the beta up for more people to enjoy the experience they have created.”

In addition to not charging transaction fees for a while, Beta testers will be able to use any self-custody wallet, whether Coinbase Wallet or not. The marketplace is offering varieties of NFTs from different creators and brands. Some of which include Boss Beauties, Doodles, and Azuki. Coinbase said its plan for its NFT marketplace is to make it a space where creators and collectors can build and engage their communities.

Maybe the latest news on Coinbase NFT Marketplace would influence its stock to grow after losing more than 49% in a year. Also, COIN stock has dropped over 48% since January and another 28.22% in the last three months. The company’s stock has been down nearly 22% over the past month. However, Coinbase shares gained more than 6% in the last five days.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience. Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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