Coinbase launches beta version of NFT marketplace

Cryptocurrency exchange Coinbase has launched a beta version of its own non-exchangeable token (NFT) platform for a limited number of users.

Ethereum-based tokens are available in the first phase. Coinbase vice president of product Sanchan Saxena told The Block about the NFT marketplace's plans to add support for other blockchains.

He said users will be able to use any wallets, including Coinbase Wallet and MetaMask. For a limited time, the platform will not charge transaction fees.

Users will have to go through KYC verification to use the marketplace. At the time of writing, only Ethereum is available as payment, later the company will add fiat deposit methods. Among the latter, it has announced the purchase of NFT with Mastercard bank cards.

Coinbase first announced plans to launch a non-exchangeable token platform in October 2021. Since then, more than 1.5 million users have signed up to the waiting list.

Also in April 2022, Coinbase announced a series about NFT from the Bored Ape Yacht Club collection. The first episode is scheduled to launch in June.