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The Coinbase Wallet: How Do I Purchase NFT?


Key Takeaways

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  • Investing in NFTs opens up many opportunities such as benefitting when their price increases, using them in blockchain gaming, renting them to other players, staking, and more.
  • You can buy NFT on Coinbase wallet by following simple steps - setting up your Coinbase wallet, adding ETH, and swapping ETH for NFT.

Non-fungible tokens are the unique digital assets that brought a new facet to the digital art industry. When Beeple’s digital art was sold for over $69 million in 2021, NFTs gained traction from people from all walks of life. Today, NFTs present many opportunities, be it trading, staking, or other use cases on virtual platforms.

If you would like to interact with NFTs and do not know where to buy them, we’ve got you. We are going to help you buy NFT on Coinbase wallet, with the present article. Let’s start!

How to Buy NFT on Coinbase Wallet? Step-by-Step Process

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Download and Set up Coinbase Wallet

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The first step is to download Coinbase wallet because NFTs are not yet available on Coinbase centralized exchange platform. Coinbase wallet is one of the top hot crypto wallets with the industry-best security features that enables NFT transactions. You can either download Coinbase wallet mobile application or you can use its browser extension.

After downloading the mobile application, you must set up your account by choosing a username. You can either keep your username private or public, allowing other users to find you but you must have one to buy NFT on the platform.

Store Seed Phrase Securely

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Since Coinbase wallet is a self-custody wallet, you will get a random 12-word seed phrase or recovery phrase. Seed phrase is like a master key to your wallet, allowing you to access the digital assets in the wallet. We cannot stress enough on the importance of keeping your recovery phrase secure and sound. Never share your recovery phrase with anyone and never lose it in any case to keep your funds safe in your wallet.

Buy ETH or Transfer ETH to Your Coinbase Wallet

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The next step is to have some ETH funds in your Coinbase wallet to buy NFTs. If you already have ETH on other crypto exchange platforms, you need to transfer the funds to your Coinbase wallet. Or, you must buy some ETH on Coinbase exchange and transfer it to Coinbase wallet. The transfer process will be different depending on whether you use a mobile application or a browser extension.

Another important thing to keep in mind is the Ethereum gas fees involved in the NFT purchase. Gas fees vary based on the network traffic and decides how fast your purchase takes place. So, you must keep some ETH extra to cover the gas fees instead of only having the purchase amount.

Buy NFT on Coinbase Wallet

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After having ETH funds in your wallet, the final step is to buy NFT on Coinbase. You need to click on the “Swap” icon on the platform and then select “Choose asset”. Then, you need to select an NFT you would like to buy and enter the amount ETH to exchange for that NFT. Here, you must enter some extra ETH to cover the gas fees. Confirm the purchase and complete the subsequent steps and voila! You have received your first NFT on your Coinbase wallet.

Conclusion

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Purchasing NFTs is no more just a status symbol but has many utilities, such as staking, and on blockchain-gaming and virtual platforms. Non-fungible tokens open doors to many possibilities in the ever-evolving crypto industry. Having access to these unique digital assets should not be difficult and platforms like Coinbase are making it possible to buy any digital asset. Follow this simple guide, and buy NFT on Coinbase wallet without any hassle!

Frequently Asked Questions (FAQs)

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You can buy various NFTs from popular NFT collections such as Bored Ape Yacht Club (BAYC), Otherdeed, Nakamigos, CryptoPunks, Mutant Ape Yacht Club (MAYC), etc.

The most expensive NFT ever sold is “The Merge” and it was sold for $91.8 million dollars.

NFTs can be good or bad investments depending on the purpose of your investment. If you are simply buying an NFT based on the market hype, it might be a bad idea in a bear market. In case you are buying NFTs that have use cases in virtual gaming platforms, they can be good investments.

Some people buy NFTs to benefit from their price appreciation over time. Blockchain games buy game-related NFTs to upgrade their powers of game levels. In some virtual platform, NFTs give access to some exclusive events and meet ups. There are other use cases as well such as renting out NFTs, staking NFTs, etc.

Sources


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