For some time, the Coinbases NFT Marketplace has entered a Beta Phase, which means there will be no transaction fees for testers

For some time, the Coinbases NFT Marketplace has entered a Beta Phase, which means there will be no  ...

Coinbase is diveping deep into the world of non-fungible tokens (NFT) where the US-based crypto exchange has released the beta version of its NFT marketplace for testers to explore. For the time being, Coinbase intends to add the fees as per the Web3 industry standards after a while and will notify users about the changes whenever it occurs. NFTs are digital collectibles, built and stored on blockchain networks.

In a statement, Coinbase will gradually open its NFT marketplace to a larger user base.

We''ll start with a small set of beta testers who will be invited based on their positions on our waitlist. According to Coinbase''s Sanchan Saxena, the VP of Product and Ecosystem Products, the waitlist will be placed at the top of the list.

NFTs will be available on the Ethereum blockchain on the Coinbase marketplace.

The purpose of this platform is to connect NFT artists and curators with people from around the world.

Coinbase NFT must be a platform that assists creators and collectors in building and engaging their communities. Follow other profiles and start the conversation with comments. Once signed in, you may post comments directly on NFTs, and you may up/downvote comments as conversations unfold, according to Saxena.

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INTERNET:satellite_antenna:Our beta has officially begun! Today, everyone can explore the vast collection of NFTs on the first version of Coinbase. Check it out https://t.co/gJxOOi8P15 pic.twitter.com/wYx3z3d14x.

Coinbase has introduced a Discover Feed feature, where users will be able to browse through randomly selected artists and NFTs.

We''ll create personalized NFT recommendations to save you time searching for them. As you engage with the marketplace, recommendations will improve based on what you buy, what''s trending, who you follow, and other information, the company reveals in its future plans.

Coinbase hopes to expand the number of people in the world''s new NFT marketplace by adding token-gated communities and the possibility to purchase NFTs through a Coinbase account or a credit card.

Coinbase''s NFT marketplace will be rolled out in time to bring more decentralised solutions to the internet revolution.

Several NFT enthusiasts have uploaded photos of them already establishing their profiles on the Coinbase NFT marketplace as beta testers.

@Coinbase_NFT https://t.co/pZXypbdrww pic.twitter.com/BmCJHUoFgI I''ve just set up my @Coinbase_NFT https://t.co/pZXypbdrww pic.twitter.com/BmCJHUoFgI

The @coinbase NFT Marketplace is now officially verified! :lion_face:rocket:What do you think of this new #Coinbase #NFT Beta Marketplace?:point_down:https://t.co/1bOXMWeqwG pic.twitter.com/NrQ1KHixX0

Finally the @coinbase NFT marketplace is in Beta!! LFG @SVSNFT is one of the early launch partners along with several other well-known NFT projects you might have heard about pic.twitter.com/hOloLgrJZd

Many have been shocked by rising sales and hefty prices on NFTs, but the multi-fold increase indicates little or no depreciation whatsoever.

According to DappRadar, the sales of NFTs increased to $25 billion (roughly Rs. 1,84,700 crore) in 2021.

OpenSea, Autograph, and LooksRare are among the most popular NFT marketplaces.

Other established institutions such as the New York Stock Exchange (NYSE) are waiting for approval to operate as NFT marketplaces.

Samsung, an electronics company, has collaborated with Nifty Gateway, a digital art online auction platform for NFT art, to develop a NFT viewing, buying, and trading experience that''s optimized for televisions.