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Coinbase Crypto Exchange launches the long-awaited NFT market

Coinbase & NFT market

Coinbase, the largest cryptocurrency exchange in the US, has launched its long-awaited digital collector coins market.

Today, the platform, first announced in October, will be available to a small number of users (with a waiting list of 3 million people), and others will be added in the coming weeks. Testers can buy and sell NFTS with any self-managed wallet, including the Coinbase wallet, the note says. Self-managed wallets differ from simple wallets offered by exchanges where you own assets on behalf of the user. For a limited time, the market does not charge a trading fee.

For its launch, Coinbase is curating and showcasing NFT's collections, including World of Women, a series of 10,000 different female avatars, and Azuki, the anime-like "skateboarding characters" that have recently become one of the room's best-selling digital items. Eventually, some of the Ethereum-based collection will be available at Coinbase NFT, and "there will be other [blockchains] coming soon," Alex Plutzer, Coinbase NFT's product director, said at a press conference Tuesday.

To differentiate itself from OpenSea, a New York market that dominates the $ 25 billion NFT trade with more than 1.5 million active users, Coinbase has introduced features popular in social media apps, such as Instagram and TikTok, where a user can trade on $ 25 billion NFT. You can post your profile and follow other accounts through personal channels. Users can also like and tape comment on each other's posts.

This product is more than just buying and selling, it's about building a community," said Sanchan Saxena, Coinbase's product director.

In addition, crypto-Moloch engages in "progressive decentralization": although initially comments and streams are stored on Coinbase servers, it is planned to eventually switch these functions to" distributed solutions", although no further details were given.

In the coming months, the company plans to add additional features such as drops, strokes, and the ability to purchase tokens using a Coinbase account or credit card.

Coinbase NFT is just the latest in a long line of digital collectible platforms launched by cryptocurrency exchanges. Others include Binance, FTX and kcoin.