By James Davis
A few years ago, NFT marketplaces were primarily decentralized protocols, but today, several centralized crypto exchanges are incorporating NFT marketplaces in their platforms. A good example is Coinbase. It’s the biggest crypto exchange by trading volume in the United States. Last year, the company launched an NFT marketplace to serve its over 50 million users worldwide.
Along with allowing users to buy NFT listed on the platform, Coinbase has made it possible for anyone to explore digital arts from other NFT marketplaces without leaving the app.
To start buying NFTs on Coinbase, you first need to connect your crypto wallet to the marketplace. Ensure you have enough ETH to pay for the gas and make NFT purchases. At the moment, all NFTs listed are only bought with ETH, but Coinbase recently announced that users could soon start paying using wrapped Ether and other cryptocurrencies.
Coinbase NFT Marketplace Overview
If you have ever used OpenSea, you will notice some resemblance when you visit the Coinbase NFT marketplace. Their user interfaces look alike. While on the homepage, there are three buttons that you can find: Shop, Insights, and Discover. Let’s explain each in detail.
Coinbase Discover
clicking this button directs you to various NFT listings that you can explore. In addition, you will discover other user accounts which you can follow. Notably, Coinbase CEO Brian Armstrong has also registered an account. If you follow him, you will be able to see what NFTs he is holding.
Coinbase Shop
Do you want to buy your first NFT? Press the ‘Coinbase Shop’ button to start bidding on various digital collectibles. Also, the NFT marketplace has a ‘filter’ feature that helps users find NFTs within their budget.
Coinbase Insights
When you click this button, the Coinbase NFT marketplace displays statistics on various NFT collections. For example, you can see their trading volumes within different timeframes. It could be 24 hours, seven days, or even thirty days. The other information shown includes the number of NFT owners in a particular collection.
How to Purchase NFTs on Coinbase
As mentioned earlier, you must have a connected crypto wallet to buy NFTs on Coinbase. Some of the hot wallets compatible with the NFT marketplace are Coinbase Wallet and MetaMask. Do you have ETH for gas fees and for buying NFTs? If not, you can purchase the tokens on the Coinbase exchange and then send them to your wallet.
After doing so, start exploring the NFTs showcased on Coinbase and buy instantly or place bids when you find ones that suit you. If the seller accepts your bid, funds are deducted automatically from your wallet, and you receive your NFT within minutes.
It is important to highlight that you can also become a seller on the Coinbase NFT marketplace. All you have to do is list your digital art on the platform.
Is Your NFT Not Reflecting on Your Wallet?
Sometimes you may buy an NFT, but it fails to reflect on your wallet. If this happens, you don’t have to panic. Two possible reasons causing your NFT not to display are: the wallet does not support the NFT’s format or the network on which the NFT is running. To solve this problem, import the wallet holding the NFT into another wallet compatible with your digital art piece.