Coinbase launched its beta marketplace for select waitlist users.  Covered: Coinbase Launches OpenSea Rival Market Reaction Coinbase Launches OpenSea Rival ??ATTN: INTERNET?? Our beta is officially live! Today we kick things off with a full-access experience for some of our waitlist frens. As we ramp up, everyone can explore the vast collection of NFTs on […] The post Coinbase Launches OpenSea Rival appeared first on CryptosRus.

Coinbase Launches OpenSea Rival

Coinbase launched its beta marketplace for select waitlist users. 

Covered:

  • Coinbase Launches OpenSea Rival
  • Market Reaction

Coinbase Launches OpenSea Rival

Coinbase officially launched its NFT marketplace today, opening the beta version to a select number of users on their waitlist (currently over 3 million signed up). “We’re starting at the tippy top of our waitlist and will be expanding access over time. After the official launch, you’ll be able to create, collect, and connect,” Coinbase said via their official NFT marketplace Twitter.

Coinbase first announced the launch of an Ethereum-based NFT marketplace back in October of 2021. Speculation was that Coinbase would use a layer-2 like Polygon to address the gas fees on Ethereum.

The cost of transacting is prohibitive, especially to first-time users — the kind of users Coinbase covets. However, the announcement didn’t specify if the exchanges new marketplace is employing a scaling solution.

For now, Coinbase’s NFT marketplace is offering zero transaction fees, but that doesn’t include covering gas or creator royalties. It just covers the crypto exchanges’ famously high transaction fees. Moreover, the marketplace will give users flexibility with multiple wallet options, as well as the option to buy NFTs with fiat.

Recommended: Yes, Coinbase Is Producing Bored Ape Trilogy

Market Reaction

Polygon’s MATIC fell on the news of the marketplace. The layer-2 scaling solution token is trading in the $1.43 range, dropping 2% on the news, while the rest of the market is popping off.

Meanwhile, ApeCoin started pumping yesterday. Weird how that happens. Though, APE isn’t showing any signs of users “selling the news” quite yet. BAYC-adjacent token is currently up almost 30% in the last 24 hours, trading in the $16.40 range.

Recommended: Three Reasons Why Coinbase Offering Cardano Staking Rewards Is Bullish

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