Coinbase, one of the largest cryptocurrency exchanges, announced on Wednesday that it has launched the beta version of its much-awaited NFT marketplace. Presently, the platform is available for select users based on their positions on the waitlist, with a wider rollout planned soon.
Our beta is officially live!
Today we kick things off with a full-access experience for some of our waitlist frens. As we ramp up, everyone can explore the vast collection of NFTs on the first version of Coinbase NFT.
— Coinbase NFT (@Coinbase_NFT) April 20, 2022
While anyone can browse through the platform, only beta testers can purchase or sell NFTs on the platform. The ‘Coinbase NFT’ marketplace currently only supports NFTs created on the Ethereum blockchain but plans to add more blockchain networks in the near future.
The exchange first announced plans to release its own marketplace in October last year. Later in January, Coinbase partnered with payments giant MasterCard to allow NFT purchases via its debit and credit cards. At the time, the companies said the partnership would simplify the NFT buying process.
Screenshots of the marketplace released by Coinbase revealed the company has launched an Instagram-like app that allows users to follow their favorite artists, form communities, create profiles showcasing their collections or creations, and other types of social interaction.
The announcement came days after an analyst at Mizuho Securities doubted the company’s NFT efforts, citing lowering demand in the area. The analyst estimated that Coinbase would likely spend $300 million for its NFT business in 2022 which may see the exchange’s adjusted EBITDA losses go upwards of $500 million.