More than 8.4 million email addresses were on the waitlist for Coinbase NFT, which will be available to everyone over the age of 18 "in the coming weeks," according to the initiative.
Coinbase's non-fungible token (NFT) marketplace has entered beta after the company stated it would launch a waitlist for the site more than six months ago.
According to a blog post published on Wednesday, Coinbase NFT beta testers will be able to build online accounts as well as buy and sell NFTs.
Sanchan Saxena, Coinbase's vice president of product and ecosystem, hinted that the marketplace's architecture would be a mix of a social media platform and existing NFT marketplaces like OpeaSea during a Tuesday press event.
"While buying and selling NFTs is a huge part of the ecosystem today, what we've found from talking to a lot of customers and producers is that there's a lot more to it than that," Saxena said. "It has a community aspect to it."
According to Saxena, the platform would provide opportunities for users and creators to interact.
Coinbase NFT will allow users to follow the profiles of creators and others, comment on artwork, and monitor a personalized feed to discover new NFTs based on engagement and purchases, just like many other social media platforms.
In terms of comment moderation, Saxena stated the platform would work on the idea that "the law of the land" would be decided by users and lawmakers.
The Coinbase team is "not in the business of evaluating what's right, what's bad, as long as it's legal," according to the CEO.