Unlike cryptocurrencies, NFTs can’t be purchased on any open crypto market; you can either create one yourself by minting it on a blockchain or purchase it on a platform where it is listed for a fee. These particular platforms are called NFT marketplaces.
There are few notable marketplaces on the Ethereum blockchain where NFTs can be purchased, sold, or traded. One such marketplace is the Coinbase NFT Marketplace.
Coinbase is a top American crypto exchange platform founded in 2012 by Brian Armstrong. It’s 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 holds digital assets outside the exchange.
The non-custodial wallet can be linked to your Coinbase account. Aside from crypto trading, it offers other crypto services like 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 marketplace requires a number of steps like adding your wallet and buying ETH to purchase NFTs.
How Do I Buy NFTs on Coinbase?
The first step is to sign in on the 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 accessibility. Then you can proceed to create your wallet.
Click on the Coinbase extension icon and the “Create new wallet” tab from the page that pops up.
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 haven’t used.If a red message shows saying “unavailable,” then 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 enable other users to search for your username, and click on the “Submit” tab.
Next is to back up your wallet by copying your 12 word seed phrase, which you’ll later verify. To see these phrases, click on the “eye icon” and copy down the words. Match the agreement box and click on the “Continue” tab.
You’ll verify that you’ve copied the seed phrases by clicking on the first and last words on the next page and then you click on submit.
On the next page, you’ll be required to choose a password to protect your wallet from intruders or a third party.
Mark the agreement box and click on the “Submit” tab. Then your wallet is live.
To add a cryptocurrency to your wallet, click on the “Add crypto” tab and follow the details that follow.
You can purchase NFTs directly from your wallet or via the marketplace. Ensure your wallet is linked to the marketplace, and you’re ready to go.
Buy or transfer ETH to your choice of wallet.
Then you can start searching for your choice of NFTs in the provided search field at the top left corner of the page.
Once you’ve found your preferred piece, you have two options; to buy instantly or make an offer to the seller.
Clicking on “Buy now” allows you to buy and make the payment instantly, while the “Make an offer” tab allows you to enter into an open bid that will last for a particular duration. The piece is usually sold to the higher bidder at the end of such bidding.
By clicking on the “Buy now” icon, a checkout page pops up at the left corner, detailing the list price of the NFT in ETH and other information like your linked wallet.
Clicking on the “Buy ETH with Coinbase Pay” tab takes you to another page where you’ll be asked to authorize your Coinbase NFT to access your Coinbase account.
Clicking on the “Authorize” tab will redirect you back to your wallet, where you can finalize the payment procedure.
Clicking on the “Make an offer” tab from the NFT will load up the offer page on the left-hand side of your PC, where you can input your offer in wETH–wrapped Ethereum. You must offer an amount higher than the listed price or its equivalent. You can also select the number of days you want your offer to last, from one day to one month. This can be configured by clicking on the drop-down field underneath the “How long should the offer last?“
Some NFTs are neither tagged with the selling price nor the 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 doesn’t have a minting function for now; it’s only an open market where buyers and sellers can trade NFTs.
When you purchase 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 can 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.
Wrapping it Up
Purchasing NFTs from mobile phones is also possible; 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 & selling NFTs >> The Ultimate NFT Guide
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.