Crypto exchange Coinbase’s non-fungible token (NFT) marketplace has reportedly progressed into its beta phase after half a year following the firm’s disclosure of releasing a waitlist for the site.

Specifically, the crypto exchange reportedly revealed that beta testers for Coinbase NFT would have the ability to generate online profiles, together with purchasing and selling NFTs.

Coinbase vice president of product and ecosystem Sanchan Saxena reportedly offered further hints regarding the nature of the creation for the marketplace, functioning as a hybrid between a social media platform and other NFT marketplaces like OpeaSea.

“While it is true that buying and selling NFTs is a big part of the ecosystem today, what we have learned by talking to many customers and creators is that there is more to it than just buying and selling. There is the community aspect of it.” Saxena further remarked. 

Per Saxena, the platform will reportedly facilitate opportunities for engagement between users as well as creators.

Bearing similarities to other social media platforms, Coinbase NFT will reportedly enable users to follow profiles of creators and others, leave remarks on the artwork, as well as supervise a personalized feed to explore new NFTs, dependent on engagement and purchases.

In terms of comments moderation, Saxena reportedly revealed that the platform would apply the principle where users and lawmakers will have the freedom of making decisions regarding “the law of the land.” 

As disclosed by the Coinbase executive, the staff is “not in the business of judging what’s right, what’s wrong, as long as it’s legal.”

While the marketplace has been moved to its beta stage, Coinbase reportedly shared that transaction fees would not be imposed for a limited period, with the exchange having further plans down their pipeline to bring down gas fees for Ether (ETH) transactions, via collaborating with 0x Labs.

Users can choose their own self-custody wallets or the Coinbase Wallet.