How to buy NFTs on Coinbase?
Not only is the number of non-fungible token collections (NFTs) growing at a phenomenal rate, but so are the NFT marketplaces. Previously, NFT marketplaces were mainly decentralized applications (dApps) on various blockchains, but today crypto exchanges also see the benefits of having their own NFT marketplace. This includes Coinbase, the stock exchange with the most users worldwide, which of course cannot lag behind the competition.
Related: What are DApps? Everything you need to know about decentralized applications
The US cryptocurrency exchange was founded in 2012 and was initially mainly involved in the buying and selling process of cryptocurrencies. Over the years, additional services have been added such as investing in cryptocurrencies on Coinbase and establishing its own NFT marketplace. This is a big step towards the use of NFTs, as tens of millions of people worldwide use Coinbase. For many millions of people, this makes it much easier to invest in NFTs.
Can I buy NFT art on Coinbase?
It is definitely possible to buy NFT art on Coinbase. While the Coinbase NFT marketplace is still in beta, anyone can use it. The layout is similar to OpenSea, but the advantage of Coinbase is that you can find NFTs from different NFT marketplaces here too! Furthermore, the Coinbase marketplace allows you to pay with Ether (ETH), just like on OpenSea.
To buy NFTs on the Coinbase marketplace, you need a crypto wallet that is connected to the platform. You also need ETH in your wallet so you can buy NFTs and pay the gas taxes. At a later stage, wrapped Ether (wETH) will also be important on the platform, as you can use this version of ETH to set up auctions and bids that require wETH. In addition, Coinbase has planned to support more cryptocurrencies and blockchains in the future.
Coinbase NFT Marketplace Overview
The website of the marketplace is as clear as the rest of the stock exchange. At the top of the website you will find the Discover, Shop and Insights buttons, while at the top right you can register on the NFT platform. Let’s dive deeper into the different parts of the marketplace.
Coinbase Discover
You can discover NFTs, NFT collections and other accounts in the Discover section of the marketplace. Wondering what NFTs Brian Armstrong, CEO of Coinbase, has in his wallet? Chances are good that you will come across his account under “Accounts to follow”. This section is ideal when you want to be inspired or when you want to show off NFTs.
Coinbase Shop
Perhaps the most important part of the NFT market is the Coinbase Shop. This is the place where you can bid on various NFTs. In this section you can check on the left side if you want to see the prices in ETH or US dollars. In addition, it is also possible to enter a minimum and maximum price, so that you can discover all available NFTs within your price range.
Coinbase Insights
Under the Insights section you can find various statistics about NFT collections. Here you can find the number of NFTs, owners of a collection and trading volume. All this data can be consulted on the basis of the last 24 hours, but also for 7 days, 30 days or all the time. An ideal tool for an overview of NFT collections.
How to invest in NFTs?
When you want to start investing in NFTs on the Coinbase NFT marketplace, you must first follow a few steps. First of all, it is important that you have a suitable crypto wallet that can be connected to the Coinbase marketplace. For example, you can use software wallets such as the MetaMask wallet or the Coinbase wallet for the NFT marketplace.
However, a software wallet is not enough to trade in the Coinbase marketplace. To buy and sell non-fungible tokens, it is important that you have ETH in your wallet. Not only is ETH necessary to buy or sell an NFT, but also the gas taxes must be paid with ETH. These are the costs you have to pay for the transaction via the blockchain, which is relatively high in ETH.
- Make sure you have a suitable wallet with sufficient ETH present;
- Connect your wallet to the Coinbase NFT marketplace;
- Buy, buy and sell NFTs.
You can also buy crypto via Coinbase, which is definitely convenient if you like to keep everything on one platform. Remember to think about spreading your investments to avoid risk. By doing everything on one platform, you are also dependent on this platform. Therefore, diversification is not only useful for investing in NFTs or cryptocurrencies, but also when it comes to wallets and exchanges.
Related: NFT investment: A beginner’s guide to risk and return on NFTs
How to buy NFTs on Coinbase?
With the steps above, you are all prepared to enter the Coinbase market, but how do you buy NFTs on Coinbase? Once you have found one to buy among all the NFTs, you can click on the NFT and then on the Buy Now button. If this button is not present, NFT is not for sale.
Before proceeding with the purchase, it is important to realize that transactions in the marketplace are irreversible, as this is a key feature of the blockchain. If you are not happy with your NFT, you can also sell it yourself on the Coinbase marketplace. Here you can sell NFT for a fixed price, but it is also possible to start an auction on other NFT marketplaces.
How to create your own NFTs on Coinbase?
At the moment it is not possible to imprint NFTs, but Coinbase has announced that this will be possible in the future. So, extracting your own NFT on Coinbase is among the platform’s plans, which is good news for artists and entrepreneurs.
To be the first to know when you know my NFTs on Coinbase, it’s helpful to keep an eye on the news. It is often important to get into a trend early, which can also apply when extracting your own NFTs. To get started right away, you can start making the products in advance so that you can start with NFT embossing as soon as possible on the platform.
Can you keep NFT in a Coinbase wallet?
When you buy a non-functional token on the Coinbase NFT marketplace, it goes directly into your wallet. NFT does not end up in Coinbase’s hands, as you have full control over your token. Your NFT is located on the blockchain, while the address and private keys of your wallet are only for you. Coinbase’s marketplace is therefore a tool you can use, but it does not make it an owner of NFT.
The Coinbase wallet is logically compatible with Coinbase’s marketplace, with ERC-721 tokens suitable for both the marketplace and the Coinbase wallet. This NFT has a digital file that the token links to. This can be a picture but also a video, domain name or something else that is established in a smart contract on the blockchain.
How do I view my NFT on my Coinbase wallet?
Have you purchased an NFT on the Coinbase platform, but do not see it in your Coinbase wallet yet? There is no immediate reason to panic, as this can have several causes, which can be solved quite easily. The three most common reasons why your NFT is not yet visible in your Coinbase wallet are:
- The data is not yet synchronized
- NFT’s network is not supported
- The NFT format is not supported
If your inoperable tokens are not immediately visible because the data is not yet synchronized, chances are you only need to wait a little while. Once the data is processed, NFT will be visible in your wallet. If you have problems with your NFT network or format, you may need to import your Coinbase wallet into another crypto wallet that supports NFT.
