Coinbase Unveils Web3 Social Marketplace for NFTs, Announces Plan to Acquire BtcTurk

Coinbase, a NASDAQ-listed crypto company, has launched a Web3 social marketplace for non-fungible tokens. The company has also announced plans to acquire BtcTurk. 

CoinBase Non-Fungible Token (NFT) Goes Live in Beta

Coinbase NFT is now officially live in Beta. In November 2021, the company announced that its NFT is a peer-to-peer community platform designed for collectors and creators to linkup, discover, showcase, buy, and create digital assets. 

For a limited time, Coinbase has indicated that there will be no transaction fees. However, the fee will be added much later in line with the Web3 standards, but the company indicated it would provide notice before time. 

According to Sanchan Saxena, Coinbase’s VP of products, the Web3 social marketplace for non-fungible tokens will allow everyone to explore a wide collection of NFTs available on the Ethereum blockchain. Saxena added that Beta testers could also create their NFT profiles to purchase and sell NFTS through any of the supported self-custody wallets

In the social marketplace, you will not need to use a username and password. Instead, your custodial wallet will be all you need to log in. The only files supported at launch will be photos, illustrations and videos. 

Coinbase Announces Plans to Acquire BtcTurk 

In addition to unveiling the Web3 marketplace, Coinbase also unveiled its plan to purchase BtcTurk for USD 3.2 billion, according to MergerMarket’s five sources. A term sheet has already been signed, and the company is already carrying out due diligence. 

The Turkish market has been attracting huge interest with companies, such as Bybit, OKX, and Binance, already having set offices there. In March, Brazil’s Estadão newspaper reported that Coinbase had initiated talks to buy 2TM, the owner of Mercado Bitcoin, the largest exchange. The report indicated that the negotiations were still on, and the deal could be announced later in April.

According to Cumhuriyet, BtcTurk is the largest crypto exchange in Turkey and boasts 4.5 million expert users. Twenty-four hours to Thursday, BtcTurk had a trading volume of USD 200 million compared to USD 179 million for Paribu, the second-largest competitor, according to CoinmarketCap data. 

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