Coinbase launched the beta version of its long-awaited NFT marketplace this past week. The marketplace itself has a strong focus on trying to create a social community for buyers and sellers, with a goal to deepen social engagement and create a community for NFTs. We all know social commerce is where Fintech is going!
Besides exploring what’s for sale, users can create a profile and curate it with the NFTs they’ve created, comment on NFTs, or start conversations with other NFT holders and sellers. Like Twitter, users can build followers, and discover other collectors and creators.
Coinbase began their waitlist for the marketplace in October, gaining more than 1.5 million sign-ups. A customer’s position on the waitlist determines who will initially be able to use the beta marketplace, according to Coinbase. Beta testers will be able to create a profile on the marketplace to buy and sell NFTs. They can use any non-custodial wallet, including Coinbase Wallet and MetaMask. As an initial promotion, Coinbase won’t impose a transaction fee for NFT purchases, but over time will begin charging one gradually, which the company says will be a low-single-digit fee. Users can purchase NFTs in cryptocurrency, but also will be able to use a credit card.
With the creation of Coinbase's NFT marketplace, many expect that this should increase the size of the overall NFT industry. Coinbase is a publicly traded company with 89 Million registered users. If even just a small percentage of those users begin to buy and sell NFTs through Coinbase, the market should expand.