Coinbase is the world's second-largest cryptocurrency exchange, with over 73 million users. It’s best known for its easy to use interface and in-depth educational resources, making it the perfect exchange for new investors.
Now, Coinbase has entered the NFT market with Coinbase NFT. Coinbase NFT works as an extension to the traditional Coinbase platform and requires users to re-sign in with their crypto wallet.
Here is a step-by-step guide on how you can buy NFTs on Coinbase.
How To Buy An NFT On Coinbase
- Start by heading to https://www.coinbase.com/ and creating a Coinbase account. On the login page, enter your email address and “Get started,” or click the Sign In button on the right side of the page.
- Once logged in, click on the NFT tab on the bottom left hand side of the page. This will open a new tab for the Coinbase NFT platform.
- From here you’ll need to sign in again. Click on the “Sign In” button on the top right and select your wallet. MetaMask and Coinbase are the two most popular options.
- After signing in, look at the current trending NFTs or alternatively search for the collection you want to buy an NFT from.
- Click on your chosen collection and select the NFT you want to buy. After clicking on an NFT, you can view its unique attributes, offers, and recent activity. You’ll also be able to see its “Buy Now” price.
- If you want to buy the NFT instantly, click “Buy Now.” Alternatively, you can make an offer slightly lower than the Buy Now price to bag a bargain.
- After placing your bid, the NFT owner will need to accept your offer. Once accepted, the transaction will be made, and the NFT will be sent to your wallet.
- Congratulations! You’ve now purchased an NFT on Coinbase.
How To Connect With Your Friends On Coinbase
As well as buying NFTs, the new Coinbase market is also introducing a social side to NFTs. Through the Coinbase extension, you can follow friends, look at their recent activity and show off your latest purchases. Here’s how.
- When logged into Coinbase NFT, click on the “Following” tab at the top of your screen.
- Search through the different accounts to follow, or use the search tab to look for your friend's account.
- Click on the account to look at the NFTs they own or look at their most recent activity to see what they’ve been up to.
Coinbase NFT: The New OpenSea?
With Coinbase dominating the cryptocurrency industry, could it overtake current NFT exchanges such as OpenSea when it comes to NFT sales? At the moment, it’s a little hard to say.
Coinbase NFT is still in its Beta phase, and it definitely feels that way. It uses a similar interface to Coinbase, but doesn’t quite have the usability of OpenSea. It lacks the different categories offered by OpenSea and seems a little limited in its offerings, with the main focus being on popular collections.
That being said, it definitely has the potential to influence the NFT market, especially if Coinbase can successfully convert its new crypto user base to NFTs.
Coinbase NFT FAQs
Does Coinbase Sell Solana NFTs?
No. As of December 2022 Coinbase only offers Ethereum NFTs.
Are There Any Selling Fees On The Platform?
Coinbase is currently running an early phase sale program where there are no fees for sales. Fees will be a part of the platform after its Beta phase, though no official date has been released.
I Have No Experience With NFTs. Can I Still Use Coinbase To Buy NFTs?
Of course. Coinbase makes it easy to buy NFTs with their dedicated wallet. This wallet will already be used as part of your cryptocurrency account, which makes it easy to adapt. You can also learn more about NFTs through the Coinbase Learning Portal.
What Wallets Can I Use To Buy Coinbase NFTs?
Current wallets include MetaMask, Coinbase, and WalletConnect.
I’m Experiencing An Issue With My Coinbase NFTs. Who Can I Contact?
You can contact the Coinbase team directly here. Using the support center you can report issues about the product you’re having issues with or contact the support team directly.
Can I Buy Music NFTs on Coinbase?
No. As of December 2022 music NFTs are not available via Coinbase.
What Are The Most Popular Collections On Coinbase?
Coinbase offers some of the most popular NFT collections, including BoredApeYachtClub (BAYC), CryptoPunks, Otherdeed For Otherside, and More Loot.
Does Coinbase Offer New Collections?
Yes! Drops are a part of the Coinbase NFT platform and can be found on the “Drops” tab. Each drop has its own countdown and a “Remind Me” button, where you can sign up with your email to be the first to hear about any project updates. You can also view comments from other investors underneath each drop.