Not only is the number of NFT tokens growing at an exponential rate, the NFT market is also growing. Previously, NFT marketplaces were decentralized applications (dApps) on various blockchains, but nowadays, cryptocurrency exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with most users around the world, which, of course, cannot lag behind the competition.
Related: What are DApps? All there is to know about decentralized applications
The American cryptocurrency exchange was founded in 2012 and was mainly involved in the process of buying and selling cryptocurrencies. Over the years, additional services have been added such as cryptocurrency hoarding on Coinbase and the creation of its own NFT Marketplace. This is a huge step for the adoption of NFTs, as tens of millions of people around the world use Coinbase. For many millions of people, this makes it very easy to invest in NFTs.
Can I buy NFT art on Coinbase?
It is definitely possible to buy NFT art on Coinbase. While Coinbase NFT Marketplace is still in beta, anyone can use it. The design is similar to OpenSea, but the advantage of Coinbase is that you can find NFTs from different NFT markets here too! Moreover, Coinbase Marketplace allows you to pay with Ether (ETH), just like in OpenSea.
To purchase NFTs from 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, encapsulated 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 it. In addition, Coinbase plans to support more cryptocurrencies and blockchains in the future.
Coinbase NFT Market Overview
The main page of the market is just as clear as the rest of the exchange. At the top of the web page you can find the Discover, Shop and Insights buttons, while on the top right hand side you can register yourself on the NFT platform. Let’s dive deeper into the different sections of the market.
You can discover NFTs, NFTs, and other accounts in the Discover section of the marketplace. Wondering what NFTs Brian Armstrong, CEO of Coinbase, has in his portfolio? You’ll likely come across his account under “Accounts to follow”. This section is perfect for when you want to get inspired or when you want to showcase NFTs.
Perhaps the most important section of the NFT market is the Coinbase Store. This is where you can bid on different NFTs. In this section, you can check on the left side 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 discover all the NFTs available within your price range.
Under the Insights section, you can find various statistics about NFT groups. Here, you can find the number of NFTs, group owners and trading volume. All of this data can be referenced based on the last 24 hours, but also for 7 days, 30 days or all the time. An ideal tool for an overview of NFT clusters.
How do you invest in NFTs?
When you want to start investing in NFTs in the Coinbase NFT market, you will first need to follow some steps. First of all, it is important to 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 market.
However, the software portfolio is not enough to trade on the Coinbase market. In order to buy and sell non-perishable tokens, it is important to have ETH in your wallet. Not only is ETH required to buy or sell NFT, but gas fees must also be paid with ETH. These are the costs that you have to pay for a transaction via the blockchain, and they are relatively high in ETH.
Make sure you have a suitable wallet with enough ETH;
Connect your wallet to the Coinbase NFT marketplace;
Bid, buy and sell NFTs.
You can also buy your crypto via Coinbase, which is definitely practical if you want to keep everything on one platform. Make sure to think about spreading out your investments to avoid risk. By doing everything on one platform, you are also dependent on that platform. This is why spreads are not only useful for investing in NFTs or cryptocurrencies but also for wallets and exchanges.
Related: NFT Investing: A Beginner’s Guide to the Risks and Returns of NFTs
How to buy NFTs on Coinbase?
By following the above steps, you are all set to enter the Coinbase market, but how exactly to buy NFT on Coinbase? When you find one to buy from among all the NFTs, you can click on the NFT and then on the Buy Now button. If this button is not present, the NFT is not for sale.
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