NFT
Crypto Exchange Coinbase Launches Web3 Social Marketplace For NFTs in Beta
Nasdaq-listed crypto exchange Coinbase has launched a Web3 social marketplace for non-fungible tokens (NFTs) in beta. The exchange also stated that there will not be any transaction fees for Coinbase for a short time.
‘Coinbase NT’ Officially Live in Beta
Nasdaq-listed cryptocurrency exchange Coinbase announced Wednesday that “Coinbase NFT” is officially live in beta. The company explained that Coinbase NFT (nonfungible token), “is a peer to-peer platform where creators can come together and purchase, display, create, and exchange digital assets.” Coinbase first announced its plan to launch an NFT marketplace in October last year.
The official Twitter account of Coinbase NFT:
Today we kick things off with a full-access experience for some of our waitlist frens. We will be expanding our offerings so that everyone has access to the extensive collection of NFTs available on Coinbase NFT.
The company stated that there will be no transaction fees for Coinbase for a limited period. We will eventually add fees that are in line with web3 industry standards. We’ll give notice .”
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Sanchan Saxena is Coinbase’s Vice President of Products. He described Coinbase NFT as “a Web3 social platform for NFTs” in a blog post. Anyone can now explore the large collection of NFTs available on the Ethereum blockchain. Beta testers have the option to create a Coinbase profile for NFT purchases and sales “using any self custody wallet “.
“We are building a social market powered by web3,” Coinbase stated. You won’t need to create a username or password. To log in, you will use a self-custody digital wallet instead. It can be used to store NFTs and pay for stuff.
Furthermore the Coinbase NFT website states that Coinbase will support only file types in the format of digital illustrations, photos and videos at launch.
At a later date, we plan to support more file types, such as audio and more.
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What do you think about Coinbase NFT?
Kevin Helms
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests include Bitcoin security, open source systems, network effects, and the intersection of cryptography and economics.
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A group of people sued Nike this week over its decision to wind down its virtual show project RTFKT last year. The buyers of the digital assets accuse Nike of causing “the rug to be pulled out from under them,” and say they wouldn’t have bought its NFTs if they’d known they were “unregistered securities,” reports Reuters.
Filed in New York’s Eastern District, the proposed class action lawsuit seeks “unspecified damages of more than $5 million for alleged violations of New York, California, Florida and Oregon consumer protection laws.”
Nike tried to jump into the NFT game by buying RTFKT in 2021. But, like Starbucks Odyssey, it never quite worked out and the company abandoned the idea, announcing in December via the RTFKT X account that it planned to “wind down RTFKT operations” by the end of January this year.
Since then, RTFKT has seemingly been maintained by a single person named Samuel Cardillo, who spent Thursday posting through the sudden disappearance (and later reappearance) of artwork for its CloneX NFTs project.
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