Coinbase NFT Marketplace Now Open for All Users, Still in Beta

Coinbase Global is opening up its non-fungible token (NFT) marketplace to all users, the US cryptocurrency exchange said in a Twitter post on Wednesday, a platform which it had earlier rolled out for select users in the United States.

Coinbase said its NFT marketplace is in the beta stage and the company is still working on adding more features to the platform.

First announced in October last year, the platform was opened up to a "small number" of users in the US in April and the company had at the time said more users would be added from a waiting list over the next three to five weeks while the platform is tested.

NFTs are a type of digital asset, which uses blockchain technology to record the ownership of digital files such as an image, video or a piece of text. The popularity of such assets skyrocketed in 2021, but its growth has displayed signs of cooling of late.

About a week ago, Coinbase first announced the release of a beta version of its non-fungible tokens (NFT) marketplace for testers. The crypto exchange said that it won't be levying any transaction fees on NFT buying and selling during the test phase. It said that users will be notified regarding the plan to add fees whenever it happens.

Meanwhile, Kraken, another crypto exchange, also launched a waitlist for its NFT marketplace recently. Kraken said that users will not have to pay blockchain network fees for trading NFTs where the company is the custodian.