If you are wondering how to buy nft on Coinbase? Then read till the end. Here you will find How to buy NFT on CoinBase in a simple step-by-step guide. Remember that these Non-Fungible Tokens are currently not available on Coinbase’s centralized exchange. However, you can still buy NFTs from Coinbase Wallets.
CoinBase is one of the famous cryptocurrency exchange platforms. It has over 72 million users around the world. This platform is popular for its easy-to-use user interface. This interface makes it perfect for new users.
Non-fungible tokens (NFTs) are a new way to collect cryptographic assets online. NFTs can be anything from artwork to music to video game items, and it’s secured by blockchain technology.
Step By Step Tutorial To Buy NFT
Coinbase NFT works as an extension of the traditional Coinbase platform. Here are the easy guidelines that help you know the buying process of NFT on Coinbase.
1. Download Coinbase Or Visit Website
AS wallet is required to buy NFTs here you use Coinbase’s wallet to purchase NFTs. You have to download the Coinbase app on Playstore / Appstore or you can download the Chrome extension on your desktop.
2. Create An Account On CoinBase.
After downloading the application, register your details. Then simply set up your Coinbase wallet. For that, you also have to create a single Username. The username helps other users to find you and send you crypto on Coinbase Wallet. You have options to hide or unhide your username.
3. Create A Recovery Phrase
When you successfully create your Coinbase Wallet, there will be a 12-word Recovery phrase. This Recovery Phrase is the key to your Crypto. This is a highly non-shareable secure phrase. Anyone could open your wallet with the Recovery Phrase provided to you.
4. Add Ethereum To Your Coinbase Wallet
For NFTs, you need to buy Ethereum to your Coinbase account. Adding Ethereum you need to understand how to trade and buy Ethereum.
First, you have to create an account on Coinbase then add a payment method after that start a trade (BUY or SEll). Make sure you select the Ethereum option for trade. Enter the amount of Ethereum you want to trade or buy. Do the payment. And that’s it, You‘ve bought Ethereum.
5. Swap Ethereum For NFT On Your Coinbase Wallet.
When you successfully added Ethereum. Then you can swap your Ethereum to NFts.In the assist tab select the “Swap” option then select the “Choose asset” and pick NFTs. Then input the amount then click on proceed.
After that, you just pay the transaction fees. And then all done. You have successfully bought NFT on your Coinbase account.
Pros And Cons Of Using Coinbase
Here Are Some Pros And Cons Of Using Coinbase For Buying NFTs
| Pros | Cons |
|---|---|
| Coinbase is a highly secure platform | Coinbase charges commission |
| Easy-to-use interface | The NFT marketplace of Coinbase is small |
| Coinbase Wallet is fast and secure | Need more types of NFTs on Coinbase |
| Offers a variety Of payment methods |
Tips For Buying NFTs On Coinbase
These are the few easy steps that you have to follow for buying any NFTs.
- Research well about NFTs before buying them online. Make sure you learn all important facts about NFT like its value and how it works.
- Be aware of extra charges for buying NFTs. Coinbase charges a fixed commission on all NFT purchases and other transfer fees on wallets in Coinbase NFTs.
- The NFT is a highly volatile asset. Its prices can fluctuate according to supply and demand. Be patient and wait for the right time to Sell or Buy NFT online.
Frequently Asked Questions (FAQs):
A. Coinbase charges a commission of 2.5% on all NFT purchases. And there are wallet transferable fees.
A. The risk part is up to the market position of NFT. But if you are asking about the safety and security risk then Coinbase is secure for buying NFTs.
A. It varies throughout time. But the current price of NFT cost is $0.0183 per NFT.
A. Just follow the above-mentioned steps. If there’s some problem you face then feel free to contact us in the comment section.
A. NFT is a digital asset so you can Buy or Sell online. All the information is stored in the Online Blockchain.
CONCLUSION
In this article, you learned about how to buy an NFT on Coinbase. Coinbase is a good platform for buying NFTs. It is an entirely safe and secure platform with a simple and user-friendly interface. However, if you are looking for a wider selection of NFTs then the Coinbase is not ready to deliver.
So, I hope the article is helpful. And solve your doubts. Make sure to follow these tips. If you want to share any additional information with us feel free to comment.
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