Coinbase, a cryptocurrency exchange for non-fungible tokens (NFT), launches the beta version of its trading platform for NFTs. The exchange’s beta adaption is adding social media engagements to the trading floor for NFTs.
Over 18 million users who had pre-registered to operate on Coinbase will reportedly gain access to utilize the platform in the coming days. Coinbase had earlier announced that it intends to launch the beta adaptation of its NFT trading platform in October.
According to an online post by the organization earlier today, the first set of beta users would be able to trade NFTs and also create personal profiles.
Social Media-Like NFT Trading Floor
The initial announcement also added that the incoming version would allow a unique spin for social media, to separate it from competitors. The marketplace will permit account holders to display an online profile on their account pages. Users would also be able to follow users of their choice, the same way social media platforms permit networking among account owners.
That’s not all. Users on the Coinbase beta Ethereum-backed NFT trading floor will be able to “like” and register comments on one another’s account. A top official of Coinbase describes the new product as a community, beyond being a place to buy or sell.
Speaking about regulating the comments of account owners, the representative of the platform says that it would adopt a democratic approach. The company executive says it doesn’t plan to condemn any comments as long as they are legal.
Moreover, the market will reportedly permit other wallets aside from the hosting company’s official wallet. The developers say they’re doing that to create a free trading environment for all, regardless of what self-custody wallets they own.
The trading floor would allow users to open accounts and trade without any operation fees. However, there are a few exceptions. Coinbase says it would later charge low single-digit fees for transactions that concern Ethereum gas costs and other specified royalties.
The latest move by the exchange appears to be part of its plan for what it termed progressively decentralizing its trading floor. The goal involved the transition of specific centralized features into more decentralized states.
Part of the features involved in this plan is the introduction of comments by account owners. Reports say that such comments which Coinbase would store in its servers would eventually transit into the decentralized network.
The other feature involves a graph of followers, which the exchange would be able to transfer between different platforms. The social media icing on the platform is a tool that, according to a representative of Coinbase, separates it from the competition.
While the idea of a virtual assets trading platform that operates similar to social media networks is novel, we could witness more of such innovations as more stakeholders venture into the space.
Coinbase is among a small number of cryptocurrency exchanges seeking to join the Ethereum-powered NFT selling sector. Other exchanges that have joined the trading floor include Binance, and OpenSea. Statistics from DappRadar ranks OpenSea as the foremost NFT trading floor.
