Coinbase’s NFT marketplace is another peer-to-peer NFT marketplace where users can buy, sell, mint, and discover NFTs and NFT collections. Founded in 2012, Coinbase is the US’s largest and most popular crypto exchange platform.
Coinbase NFT marketplace joined the NFT trend earlier this year. The new marketplace was launched in April 2022, about six months after it was announced.
Coinbase NFT marketplace started with a beta phase which was only opened to people who registered on its waitlist. A month later, it was opened for anyone who wanted to buy, sell or exchange NFTs.
Today, Coinbase NFT is one of the most important marketplaces contributing to the fast and vast adoption of NFTs globally. It offers exclusive perks, from unbeatable features and options to a user-friendly interface, NFT trading tools, etc.
It is not surprising to see Coinbase NFT gain the limelight shortly after its launch. In fact, its founder believes that the marketplace can compete with most established marketplaces.
Buying NFT on Coinbase NFT is simple and easy. This guide will take you through all you need to know about Coinbase NFT, including its features, pros, and cons, how to buy your first NFT on Coinbase NFT and how to store it. Let’s get started.
Coinbase NFT Marketplace
Coinbase NFT is an innovative, open, and permissionless social NFT marketplace developed by Coinbase exchange. The new marketplace has gained traction with its unique selling points to promote seamless, cheaper, easier, and better NFT trading.
To use Coinbase NFT, you must connect your self-custodial Ethereum-based wallet like Coinbase Wallet or Metamask to the marketplace. Coinbase NFT was opened for zero gas fee trading during its soft launch. In other words, early users enjoy a 0% trading fee with no hidden charges.
With the marketplace, users can connect with their favorite creators and artists, subscribe to launch events, and create, mint, and trade NFTs seamlessly. Coinbase NFT supports only Ethereum, and there are plans to integrate other chains in newer updates.
Coinbase also plans to include a full-blown interactive Web3 social marketplace for all users, including creators and collectors, to interact and build an enabling community around their interests. Currently, users can follow, like, and comment on their favorite NFT collections and creators.
Unique Features of Coinbase NFT
What makes Coinbase NFT attractive is the neat arrangements of creators’ and collectors’ features like the Discovery Page, where you can discover NFTs and NFT collections, top picks, and creators. This section is ideal if you’re a newbie looking for where to get started.
The Coinbase Shop is another section where you can discover the most amazing collections. Here, you can bid on any NFT, view their pricing details, and make effective buying decisions based on your budget.
There is also Coinbase Insights, where you can get real-time stats on various NFT collections – including the trading volume and recent 7-day and 30-day activities.
Its available social feature lets users have conversations and interact directly within the platform.
Pros and Cons of Buying NFT on Coinbase NFT
- Zero gas fee NFT trading because it is at its beta stage
- Easy to use. No need to create an account. Simply log in with your Ethereum-based wallet.
- Connect with creators, curators, and artists efficiently.
- Even though it is still in the beta stage, it features several high-profile collections like Azuki, Bored Ape Yacht Club (BAYC), CryptoPunks, Doodles, Otherdeeds, Moonbirds, and many others.
- No support for fiat payment at the moment. However, there may be Moonpay or Simplex integration soon.
- Restricted minting for creators
- Limited features and filters.
Steps to Buy NFTs on Coinbase NFT
Before getting started, ensure you fund your wallet with enough ETH to cover the cost of the NFT. Afterward, you can go to Coinbase NFT on your web browser on any internet-enabled smart device or PC.
In the marketplace, connect your wallet, explore the collections, choose an NFT and complete the transaction without paying any gas fees.
Here’s how to buy NFT on Coinbase NFT:
- Connect your Ethereum-based wallet to Coinbase NFT
- Explore the collections
- Click on ‘BUY NOW’ and confirm the transaction
1. Connect your Ethereum-based wallet to Coinbase NFT
To buy NFT on Coinbase NFT, visit nft.coinbase.com on your internet-enabled device. This can be your Android, iOS, Windows, or macOS device.
On the top left corner, click on SIGN IN to connect your funded wallet.
Select a suitable wallet from the options provided. The marketplace supports all types of mobile and PC wallets.
Therefore, if you are not using Metamask or Coinbase wallet, select WalletConnect and connect with your wallet.
Approve the wallet connection by confirming the prompt that pops up in your wallet. Voila! You are connected to the Coinbase wallet.
2. Explore the collections
Once you’re connected, it’s time to go on a tour to buy your preferred NFT.
For starters, you can start exploration from the homepage. However, you can also click SHOP from the top navigation bar to view recent and old listings on the marketplace.
Alternatively, there is an EXPLORATION page where you can view trendy collections, categories of NFTs, and their stats.
Select any collection you want and choose from its NFT.
If you already have a particular collection or NFT in mind, input the name in the search bar at the top of the marketplace.
3. Click on ‘BUY NOW’ and confirm the transaction
After exploring the collections, browse and search for any NFTs you love.
Click on the NFT and tap BUY NOW. A checkout navigation bar will pop up on the left-hand side.
Review your purchase and click on CONFIRM INFO.
Finally, in the second checkout section, where you can pay with your crypto wallet, click on OPEN WALLET to pay for the NFT.
A token approval prompt will appear. Sign the transaction to confirm your purchase, and that’s all.
That’s how simple buying NFT on Coinbase NFT works. Keep in mind that all details, including stats, sales history, creator, owner, and price, will be displayed under the NFT page.
Is the Coinbase NFT Marketplace Safe?
Coinbase NFT is a product of Coinbase exchange, an American crypto exchange platform – one of the well-known and popular names in the crypto space.
Security-wise, Coinbase is known to be exceptional, especially with many measures integrated to improve user safety and asset security.
Compared to other exchanges, there have only been a few reports of breaches and hacks, which were not serious. Therefore, this indicates how reliable Coinbase and Coinbase NFT are.
Most breaches were due to phishing scams and users failing to adhere to security measures. Therefore, if you’re using Coinbase and Coinbase NFT, you must set up all security settings, back up your accounts, and keep your password safe.
For non-custodial wallet users, ensure you keep your private keys safe from unauthorized access – and try using cold wallet storage like Ledger Nano series or Trezor wallet.
Coinbase NFT is a new marketplace that is still in its Beta phase. In fact, many features, like making an offer, are not yet available.
However, much of its industry-standard integration has contributed to its popularity. At the moment, there are jot gas fees for anyone looking to use the platform for trading NFT.
Additionally, it is simple to use. You don’t even need to create an account. You must connect your non-custodial wallet (Metamask, Coinbase wallet, Trust Wallet, or any WalletConnect-supported wallet).
There is an analytic tool that gives you details and stats about any collection available on the platform. The social feature looks extra promising because it will allow enthusiasts, collectors, and creators to connect and interact seamlessly.