Nasdaq-listed cryptocurrency trading platform Coinbase Global Inc. has announced the launch of the Beta version of its Non-Fungible Token (NFT) marketplace. They announced it after it unveiled plans to launch the service.
As revealed in a press conference, Coinbase said the Beta version is only available to selected users. These selected users are the ones that were picked based on their number. These numbers are on the basis of the waitlist that was opened for registration last year.
Moreover, the Coinbase NFT marketplace is launching with only Ethereum-based collections such as Doodles, Azuki, World of Women (WoW), and Where My Vans Go. No fees will be applicable for a limited time. According to Coinbase, the trading is single-digit and competes with industry standards.
Growth Strategies for the NFT Marketplace By Coinbase
Coinbase is releasing its NFT marketplace, fully realizing that this space has dominant players. These players include OpenSea, Rarible, and LooksRare, amongst others.
Based on this knowledge, Coinbase has built its marketplace to serve much more than just a zone for digital arts and collectables trading. They are building a hub for the crypto community.
“We’re building a marketplace where you can buy and sell NFTs, but more importantly, you can engage,” said Sanchan Saxena, Coinbase Exchange’s VP of Product. “You can engage with the creator. You can engage with the collector. And you can engage with fellow collectors from a community around that NFT. This is an important piece of our strategy.”
Moreover, in a bid to reduce the gas fee incurred by users, Coinbase said it has partnered with 0x Protocol. They want to explore every option to make its new marketplace attractive. Also, they want to make the market appealing to the broad user base right from the start.
The growth in the adoption of NFTs has made top trading platforms like Binance, FTX, OKCoin and others reputable platforms.
In addition, with Coinbase investors’ support, the outfit is fixated on building a competitive outfit. It will be as simple as its main crypto trading platform.