Coinbase rolls out NFT marketplace in beta

Cryptocurrency exchange Coinbase (COIN) announced on May 4 that the beta version of its non-fungible token (NFT) marketplace is now available to all.

IT’S ALL HAPPENING!

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We’re super excited to announce we're opening @Coinbase_NFT Beta up to everyone.

Go set up your new profile now → https://t.co/yBSzpEo7Arpic.twitter.com/ECjaJhjo60

— Coinbase (@coinbase) May 4, 2022

"And what does it mean to be in open beta? It means we’re still working on adding more features to the product, but eager for you to help us build in public," the company tweeted.

And what does it mean to be in open beta?

It means we’re still working on adding more features to the product, but eager for you to help us build in public.

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Read more about @Coinbase_NFT here https://t.co/m6OYFQXvn1

— Coinbase (@coinbase) May 4, 2022

Nearly seven months after announcing its launch in October 2021, the exchange unveiled the marketplace to a small group of invited users at the end of April. The marketplace was only offered to a small group of people chosen from a 1.5 million-strong waitlist. Those selected users have been able to buy and sell NFTs for the past two weeks. Everyone else could just look at it but not use it.

Coinbase’s VP of product Sanchan Saxena earlier said, "We're building a marketplace where you can buy and sell NFTs, of course, but more importantly, you can engage. You can engage with the creator. You can engage with the collector. And you can engage with fellow collectors from a community around that NFT. This is an important piece of our strategy."

NFTs use blockchain technology to track ownership of digital data including images, videos, and texts. The popularity of such assets rose in 2021, but have recently shown signs of slowing.