If you are wondering whether you can buy NFTs on Coinbase, the short answer is soon, you will be able to do it.
Coinbase, a leading crypto exchange, announced on October 12, 2021, that it would soon roll out NFT trading.
According to the announcement, besides being able to buy NFTs, customers of the exchange would be able to mint and showcase their NFTs.
Coinbase added that its goal was to make NFTs more accessible. The exchange noted that the user experience was lacking when it came to purchasing NFTs. It believes that creating and trading in NFTs should be “as simple as tapping a few buttons.”
If you would like to get into the NFT space, here is how to buy NFTs.
How To Buy NFTs In Coinbase
Coinbase has not announced the exact date it will begin to facilitate NFT trading. However, users of the exchange are encouraged to join a waitlist to receive early access to the service. For now, there are many other options where you can purchase NFTs in just a few steps.
The first step is to create an Ethereum-compatible wallet as well as some ETH in the wallet, such as the Coinbase Wallet or MetaMask. Once you have the ETH, send it to your Coinbase Wallet, which can be downloaded on the Apple Store or Google Play. Once downloaded, follow the simple instructions to set up the wallet.
Once the wallet is set up, buy some ETH from the Coinbase exchange and send it to the Coinbase Wallet, which is separate from the Coinbase app. With the ETH in your wallet, you can now visit an NFT marketplace. Some of the most popular NFT marketplaces in the world right now are Rarible, Mintable, and OpenSea. The OpenSea marketplace is currently the largest of them. For this example, we will use Rarible.
- Find Rarible on Google Play or the Apple Store and download the app to your phone.
- Once you have the app on your phone, find and click on the “Connect” button.
- Once you click “Connect,” choose a wallet option that you have already created in the previous step.
- Once you join Rarible, you can now bid on NFTs or participate in live auctions.
In some instances, you will find that there are free NFTs on the marketplace. However, even the free NFTs require that you have some ETH in your wallet to facilitate the transactions, which is known as “gas” fees. This fee is used to maintain the Ethereum blockchain’s security.
Gas fees often rise and fall depending on how busy the network activity is. To get the lowest gas fees, you should time your purchases during times of low activity. Ethviewer is a great option for monitoring the Ethereum blockchain’s activity.
NFTs are still new for many people. However, many believe that this technology could shape the future across a wide range of industries from fashion, art, to music. By joining an NFT marketplace and acquiring your first NFT, you are now part of this exciting journey.