In an announcement, Coinbase stated that it would establish and run a peer-to-peer NFT marketplace as its entry into the NFT business.
Currently, Coinbase NFT is only available to US consumers, but the business has plans to expand the platform internationally. The company also announced that it would create an NFT marketplace, though it gave few specifics about when this would happen. Coinbase released the beta version of “Coinbase NFT” with collections of NFTs on the Ethereum blockchain.
How to buy NFT
Unlike money or stocks, NFTs cannot be freely traded, each NFT token is unique and has a seller-set asking price or a market-determined value, allowing it to represent anything that can be created.
If you’ve come here with little knowledge of what NFTs are or the community surrounding them, that’s okay. If you want to use a marketplace’s simple minting facilities, you’ll only be able to use those formats. The Ethereum blockchain-powered NFT marketplaces are the most well-known (and straightforward to use).
The platform’s signup process appears very simple, and users won’t need to log in using the standard email and password technique. With just your self-custody wallet, you can access the app, which keeps track of every NFT that has been bought, made, and sold.
1. Download Coinbase Wallet
A self-custody wallet, such as Coinbase Wallet, is required to purchase NFT. Coinbase Wallet is available as a mobile app and browser extension.
2. Choose a Coinbase Wallet username
You must select a username while configuring your wallet. Other Coinbase Wallet users can send you cryptocurrency with ease. The username is optional; however, it is necessary to access the account.
3. Securely store your recovery phrase
You are issued a 12-word recovery phrase when you create a new self-custody wallet. Anyone with access to your crypto knows your recovery phrase because it is key. Keep your recovery phrase a secret from others.
Always keep in mind not to tell anyone your recovery phrase. No one from Coinbase will ever ask you for your recovery phrase. Additionally, Coinbase cannot assist you in accessing your wallet if you forget your recovery phrase.
4. Understand and plan for Ethereum network fees.
Fees vary according to the amount of traffic on the network, the complexity of the transaction, and how quickly you need the transaction to finish. Consider saving some money for fees.
5. Coinbase Exchange; Buy and transfer ETH
To purchase Ethereum, you must first open a Coinbase account if you don’t already have one. Using the mobile app or the Chrome extension will affect how you send ETH to your Wallet.
6. Use your ETH to buy NFT in the trade tab.
You can buy NFT directly in the Coinbase Wallet app if you have a smartphone, then select the “Trade” option to exchange ETH for any token that adheres to the Ethereum protocol (also known as “ERC-20 tokens”). Select NFT by tapping “choose coin.” Enter how much ETH you want to convert to NFT. Don’t forget to budget for transaction costs. To complete, confirm your purchase and adhere to the on-screen instructions.
Tap the “Convert” button if you’re using the Coinbase Wallet plugin, and enter the Coinbase fees you wish to swap for NFT when searching for NFT. Don’t forget to budget for transaction costs. To complete, confirm your purchase and adhere to the on-screen instructions.
By not charging a transaction fee when purchasing NFTs in the early stages of its existence, Coinbase is placing itself in a strong position to acquire a substantial portion of the market share of the Opensea NFT platform. For NFT purchases, the company plans to eventually impose single-digit pricing. Both cryptocurrencies and credit cards can be used to buy NFTs