Connect your crypto wallet to the Coinbase marketplace and hold ETH in your wallet to bet, buy and sell NFTs on Coinbase.
Not only are non-fungible token (NFT) collections growing at a phenomenal pace, but so are the NFT markets. Previously, NFT marketplaces were mostly decentralized applications (dApps) on various blockchains, but nowadays crypto exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with the most users worldwide, which of course can’t keep up with the competition.
Related: What are DApps? Everything you need to know about decentralized applications
The American Cryptocurrency Exchange was founded in 2012 and initially dealt mainly with the process of buying and selling cryptocurrencies. Additional services have been added over the years, such as listing cryptocurrencies on Coinbase and creating their own NFT marketplace. This is a big step towards NFT adoption as tens of millions of people around the world use Coinbase. For many millions of people, this makes investing in NFTs much easier.
Can I buy NFT art on Coinbase?
It is definitely possible to buy NFT art on Coinbase. Although 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 here you can also find NFTs from different NFT marketplaces! In addition, the Coinbase marketplace allows you to pay with Ether (ETH), just like OpenSea.
To buy NFT on the Coinbase marketplace, you need a crypto wallet connected to the platform. You will also need ETH in your wallet so you can buy NFTs and pay gas fees. At a later stage, wrapped ether (wETH) will also become important on the platform, as you can use this version of ETH to set up auctions and bids that require wETH. In addition, Coinbase plans to support more cryptocurrencies and blockchains in the future.
Overview of the Coinbase NFT trading platform
The home page of the trading platform is as clear as the rest of the exchange. At the top of the web page, you can find the Discover, Shop, and Insights buttons, and at the top right, you can register on the NFT platform. Let’s dive into the different sections of the market.
You can find 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? Most likely, you will find his account in the “Accounts to follow” section. This section is perfect if you want to get some inspiration or showcase NFT.
Perhaps the most important section in the NFT market is the Coinbase store. This is the place where you can bet on various NFTs. In this section, you can check on the left if you want to see prices in ETH or USD. In addition, it is also possible to enter a minimum and maximum price so that you can find all available NFTs in your price range.
In the Insights section, you can find various statistics on NFT collections. Here you can find the number of NFTs, collection owners and trading volume. All of this data can be accessed based on the last 24 hours, as well as 7 days, 30 days, or all time. An ideal tool for reviewing NFT collections.
How to invest in NFTs?
If you want to start investing in NFTs on the Coinbase NFT marketplace, you will first need to 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 like the MetaMask wallet or the Coinbase wallet for the NFT market.
However, a software wallet is not enough to trade on the Coinbase marketplace. To buy and sell non-fungible tokens, it is essential that you have ETH in your wallet. Not only is ETH required to buy or sell NFTs, but the gas fee must also be paid with ETH. These are the costs that you have to pay for a transaction through the blockchain, which is relatively high in ETH.
Make sure you have a suitable wallet with enough ETH;
Connect your wallet to the Coinbase NFT trading platform;
Bet, buy and sell NFTs.
You can also buy your cryptocurrency through Coinbase, which is definitely handy if you want to store everything on one platform. However, be sure to think about the distribution of your investments to avoid risks. By doing everything on one platform, you also depend on that platform. This is why distribution is not only useful for investing in NFTs or cryptocurrencies, but also for wallets and exchanges.
Related: Investing in NFTs: A Beginner’s Guide to NFT Risks and Returns
How to buy NFTs on Coinbase?
By following the above