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Coinbase Debuts Social Media-Style NFT Marketplace

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US cryptocurrency exchange Coinbase has launched the beta version of its new NFT marketplace on Wednesday.

“We want Coinbase NFT to be a place that helps creators and collectors build and engage their communities,” the exchange provider said in a blog post on Wednesday.

The marketplace, dubbed Coinbase NFT, was first announced in October and currently supports Ethereum-based NFTs. However, Coinbase has indicated that it will be adding support for NFTs on multiple chains in the future, and will “decentralize more features by moving them from Coinbase tech to decentralized solutions.”

Coinbase NFT currently only accepts payment in ETH, but will also accept credit card payments in the future – most likely through its partnership with Mastercard.

The exchange joins a growing list of exchanges launching their own NFT platforms, including Binance and FTX.

Backlash from NFT fans

Coinbase has tried to set itself apart from its NFT marketplace rivals by introducing social media features on its platform including a comment section as well as upvotes/downvotes.

However, it’s safe to say that many within the NFT community do not appreciate the features, with many taking to Twitter to voice their thoughts.

Another Twitter user, @0xgodking, tweeted that he is afraid to use Coinbase NFT again, because someone linked his girlfriend’s OnlyFans in the comment section of his MAYC (Mutant Ape Yacht Club) listing.