How to Buy NFT on Coinbase Wallet? Updated

The advent of Non Fungible Tokens aka NFTs makes blockchain even
more attractive for the online world for many reasons. They have incentivized online
creators and artists and given a unique way to protect the ownership of digital
files online. The tokenization of real-world assets is opening a new world of possibilities for digital real estate. As a building block of Web3, gaming, and metaverse, NFTs have a long list of real utilities besides just being boring social media PFPs.

The NFT market is a fast-paced growing market and the insane
popularity is for many reasons, some explained above. This buzz won the
attention of many players and Coinbase crypto exchange is one of them after
Binance. This article is about how to buy NFT on Coinbase wallet and all the
complications involved.

What are NFTs?

NFTs or Non-Fungible Tokens are the unique digital assets
that live on the blockchain. It binds digital files to the blockchain in a way
to publically verify their ownership. Through tokenization, real-world assets
can also be sold as NFTs on the NFT marketplaces. Most of the NFTs follow
ERC-721 token standards. These digital assets can exist on any blockchain.

A screenshot of Twitter’s first tweet was sold for $2.9
million and this was just the beginning. NFT as expensive as $91 million has
been sold as a digital assets collection. This is the reason why people go
crazy about NFTs and almost all blockchain ecosystems and tech giants are in some
way including NFTs. Though this is the winter for the NFT market, the NFT
market still maintains its attraction.

Should I invest in NFTs?

Nothing is a foolproof investment and we have seen even
stablecoins going worthless. While some people might prefer to invest in
altcoins, there are always those who prefer NFTs.

NFTs are no doubt the future as they empower Web3, virtual
real estate, and gaming. Once the crypto enters the Bull Run, NFTs are going to
boom again with new and better utilities. Here is why you should invest in
NFTs.

• Uniqueness: NFTs are non-fungible assets which means only the owner
  can have the original file. Others can screenshot and download it but that
  doesn’t the ownership of these assets.
• Potential for High Returns: Digital assets are valued in crypto
  tokens. Due to the bear market, the price of these tokens is low at the moment.
  Once crypto gains momentum, the value of NFTs is going to appreciate
  accordingly.
• Ownership Rights: It was really hard to protect the ownership of
  digital files online. However, with the NFTs and blockchain feature of
  immutable records, even the memes are incentivizing their true owners.
• Supporting Creators and Artists: In the virtual world of metaverse
  and gaming, the creators are creating their own economies with NFTs. These
  Digital assets incentivize both creators and artists in many ways.

First of all, be clear about why you want to invest in NFTs.
This way you can filter out the right project for yourself to invest in. Though
most people invest in NFTs for money, very few have profited from their
investments.

Coinbase NFT Marketplace:

Coinbase NFT marketplace was launched in April 2022 to
provide an in-house trade house for all popular collections so that users can
buy NFT on Coinbase with their centralized wallet.  NFT traders can either use Web3 crypto wallets like TrustWallet or MetaMask or sign in with their Coinbase account to trade
NFTs.

The Coinbase NFT dApp started in April and in June 2022, it
recorded the highest trade volume of 45 WETH in just 7 days – making it the all-time
high. NFT marketplace comes with limited NFT collections based on very specific
blockchains. Moreover, the platform doesn’t provide detailed statistics about
the NFT collections.

Coinbase spent $300 million to develop its in-house NFT
marketplace but it could not succeed due to many reasons. Coinbase is a centralized
exchange, the marketplace included very limited options, and it could not
attract the NFT projects to use their platform. NFT drops preferred NFT launch
pads like Opensea and Solanart.

How to Buy NFT on Coinbase Wallet?

To buy NFT Coinbase with a wallet, you need to have either a
Coinbase wallet or a Web3 wallet. Coinbase NFT marketplace offers only MetaMask
and TrustWallet options to log the dApp and sell NFT on the Coinbase
marketplace.

Download the MetaMask
wallet or download TrustWallet and sign up
with your private key if you already have a wallet. However, if you don’t have
it already, you can create one using simple steps – just make sure you don’t
fall for the fake
EOS wallets.  Do not share or lose
the private keys of your wallet, fund it, and connect it to the Coinbase to buy
and sell digital assets.

Buy NFT on Coinbase

Follow these simple steps to buy NFT on Coinbase with
Coinbase Wallet:

Step 1: Sign in

Go to Coinbase NFT with the URL nft.coinbase.com where you can find various NFT collections. Click the
Sign-in button from the top right corner of the screen to view different sign-in
options.

Now from the drop-down menu, choose your preferred sign-in
method. Since are buying NFT with Coinbase Wallet, we’ll click on Coinbase. If
you don’t have a Coinbase wallet already, you can click on the Create a New
Wallet button below to create one. If you have a wallet already, you can skip the step
2 and move to step 3.

Step 2: Create and Set up Coinbase Web3 Wallet:

To create your own wallet, download the Coinbase Web3 wallet
extension. Once downloaded, click on the extension, and from the popup menu
click on the Create Wallet button. Copy the private key somewhere safe and set
your password.

Once you have your wallet ready, fund it to buy and sell
NFTs. Select the token you want to deposit in the wallet, and then click on the
wallet address to copy the Coinbase wallet address. Now you have your wallet
ready. Go to step 1 to sign in to the NFT marketplace.

Step 3: Buy or Sell NFT on Coinbase

A wallet icon will appear if you have successfully logged
into the Coinbase. You can click it to view your balance. If you still haven’t
funded your wallet, you can do it by clicking on “Add funds with Coinbase”.

Now from the top tab, click on the Mint button to buy NFT.
If you already have an NFT and you are willing to sell it, you can click on the
Sell tab.

Suppose we are going to buy NFT, click on the mint tab and
choose the NFT you want to purchase. Once you have selected your favorite
digital asset, click on the mint button.

Now from the NFT mint page, you can see different options. If you want to explore
more sign-in options and payment methods, you can click on Buy on Blur to
redirect to Blur NFT Marketplace. To
buy on Coinbase, click on Continue on Coinbase NFT, or click on the Make an Offer
button.

Now from this page, enter a competitive price if you want to
buy an NFT. If the offer is lower than the current price of NFT, the NFT owner
will know that you have offered this price. However, if the offer is equal to
or higher than the current NFT price, the order executes immediately and the
NFT will be transferred to you.

Also, include the time duration you want this offer to be valid for. The time can be as short as 1 day to as long as 1 month.

Takeaway:

Coinbase NFT marketplace is still in beta version but looking at its performance we don’t think Coinbase is going to spend more on this project. However, if Coinbase is optimistic about it and includes more features in the near future, we might see many NFT drops on Coinbase NFT as well.