Coinbase, the world’s second-largest cryptocurrency exchange, announced on Wednesday that it has launched a test version of its much-anticipated NFT trading platform. Trading on the site will be limited to a small set of beta testers at first.
In a blog post, Coinbase stated that beta testers will be chosen depending on their waiting status.
The launch comes six months after the exchange announced that an NFT marketplace will be launched and that a waitlist had been established. In little than a day, the backlog grew to over a million people.
Popular NFT collections such as Doodles, Azuki, and World of Women are currently available on the marketplace.
For a short period, the platform will support any self-custody wallet and will have no transaction costs. The exchange intends to charge fees in the future.
Community features on the site include the ability to follow profiles, comment on NFTs, and vote on comments.
In the following weeks and months, the exchange says it will add more capabilities to the marketplace. Drops, NFT minting, token-exclusive communities, and the ability to buy NFTs with a credit card are all planned.
Earlier this year, the exchange announced a partnership with Mastercard to facilitate NFT purchases on its platform using the payment giant’s cards.
Coinbase is attempting to extend beyond its role as a standard cryptocurrency exchange with this move. Other heavyweights, including as Binance and FTX, have made similar moves and now have their own NFT marketplaces.
The move also coincides with a surge in NFT trade until 2021. The momentum from the 2021 boom isn’t showing any signs of waning.
Coinbase has worked to diversify its revenue streams through a variety of channels. The exchange just announced that a film trilogy based on the Bored Ape Yacht Club NFT collection would be produced.
Coinbase’s NFT marketplace is scheduled to be integrated into the series.