Unlike cryptocurrencies, NFTs cannot be purchased on any open crypto market; you can either create one yourself by minting it on a blockchain or buy it on a platform where it is listed for a fee. These special platforms are called NFT marketplaces.
There are few notable marketplaces on the Ethereum blockchain where NFTs can be bought, sold or traded. One such marketplace is Coinbase NFT Marketplace.
Coin base is a top American crypto exchange platform founded in 2012 by Brian Armstrong. It is a centralized platform where crypto investors and enthusiasts trade cryptocurrencies openly. Being a centralized exchange, it has a custodial wallet where assets are stored on the platform and a non-custodial wallet that keeps digital assets off-exchange.
The non-custodial wallet can be linked to your Coinbase account. Apart from crypto trading, it offers other crypto services such as crypto staking, lending and the newly established NFT marketplace.
The NFT marketplace is an open market like other marketplaces where NFTs are traded for investment and other related purposes. Buying NFTs on the Coinbase market requires a series of steps such as adding your wallet and buying ETH to buy NFTs.
How do I buy NFTs on Coinbase?
The part
- The first step is to log in marketplace by connecting with a non-custodial wallet. The marketplace is compatible with three wallets: Coinbase wallet, MetaMask and WalletConnect.
- If you don’t have a Coinbase wallet, you can easily create one by first downloading the wallet extension and pinning it for easy access. Then you can proceed to create your wallet.
- Click the Coinbase extension icon and the “Create New Wallet” tab from the page that appears.
- Then choose your preferred username, which other users can use to send you a token. The username must be a unique username that other users have not used.If a red message shows “unavailable”, the username has been taken by another user. Try another username until you have a green message that reads “Available.” Match the small box to allow other users to search for your username and click the “Submit” tab.
- Next is to back up your wallet by copying the 12-word seed phrase, which you will later verify. To see these phrases, click on the “eye icon” and copy down the words. Match the deal box and click on the “Continue” tab.
- You will confirm that you have copied the seed sentences by clicking on the first and last word on the next page and then clicking send.
- On the next page, you will be asked to choose a password to protect your wallet from intruders or a third party.
- Check the deal box and click the “Send” tab. Then the wallet is live.
- To add a cryptocurrency to your wallet, click on the “Add Crypto” tab and follow the details below.
- You can buy NFTs directly from your wallet or through the marketplace. Make sure your wallet is connected to the marketplace and you’re ready to go.
Second part
- Buy or transfer ETH to your wallet of choice.
- Then you can start searching for your choice of NFTs in the provided search field at the top left of the page.
- Once you have found your preferred piece, you have two options; to buy immediately or make an offer to the seller.
- If you click on “Purchase now” allows you to purchase and make payment immediately, while “Make an offer” tab allows you to enter an open bid that lasts for a specific duration. The piece is usually sold to the highest bidder at the end of such bidding.
- Clicking on the “Buy Now” icon will bring up a payment page in the left corner, showing the list price of NFT in ETH and other information such as your linked wallet.
- Clicking on the “Buy ETH with Coinbase Pay” tab will take you to another page where you will be asked to authorize your Coinbase NFT to access your Coinbase account.
- By clicking on the “Approve” tab, you will be redirected back to your wallet, where you can complete the payment procedure.
- Clicking on the “Make an Offer” tab from NFT will load the offer page on the left side of your PC where you can enter your offer in WETH wrapped Ethereum. You must offer an amount higher than the stated price or equivalent. You can also choose the number of days you want the offer to last, from one day to one month. This can be configured by clicking on the drop-down box under “How long will the offer last?“
- Some NFTs are marked with neither a sell price nor a buy icon, but you can make an offer to the seller if your offer suits the seller.
Important things to note
- The Coinbase NFT marketplace currently has no minting feature; it is just an open market where buyers and sellers can trade NFTs.
- When you buy an NFT from the Coinbase marketplace, your NFT is not stored or sent to Coinbase. Instead, it is sent to your choice of non-custodial wallet that you paid with, which could be your Coinbase wallet, MetaMask or WalletConnect.
- You can buy and sell NFTs on the marketplace at a reasonable gas fee.
- The same procedure applies to other wallet options; ETH or wETH is required for payment and gas fees.
Unpacking it
It is also possible to buy NFTs from mobile phones; this can be done quickly via the Coinbase non-custodial wallet. The procedure is similar to buying NFTs directly from the web extension wallet.
Learn more about making and selling NFTs >> The Ultimate NFT Guide
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*All investment/financial opinions expressed by NFT Plazas are from personal research and experience of our site moderators and are intended as educational material only. Individuals are required to research all products before making any type of investment.
Technical writer, an enthusiast for all things blockchain and the decentralized world.
