To know how to buy NFT on coin base (non-fungible token) on Coinbase, you will first need to create an account on the platform. Once you have an account, you can add a payment method such as a credit or debit card or bank account.
Next, you will need to navigate to the “Trade” or “Buy/Sell” section of the Coinbase website or app. Here, you will be able to search for the specific NFT you wish to purchase.
Keep in mind that not all NFTs are available on Coinbase and that the platform may only support certain types of NFTs. It’s always a good idea to check with the platform before buying an NFT.
Once you have found the NFT you want to buy, select the option to purchase it and then confirm the transaction. The NFT will then be added to your Coinbase wallet.
Here you know how to buy NFT on the open sea.
Step-by-Step guide on How to buy NFT on Coin Base:
1. Download Coin Base Wallet
To download the Coinbase Wallet, you can visit the Coinbase website and select the “Wallet” tab. Here, you will find options to download the wallet for iOS or Android devices.
If you are using an iOS device, you can also find the Coinbase Wallet in the App Store. If you are using an Android device, you can find it in the Google Play Store.
Once you have downloaded the Coinbase Wallet, you will need to create an account and set up your wallet by following the on-screen instructions. This will typically involve confirming your email address and setting up a password.
After you have set up your account, you can use the Coinbase Wallet to store, send, and receive various cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
2. Choose a Coinbase Wallet username
When you set up a Coinbase Wallet, you will be prompted to choose a username. This username will be used to identify your account and will be visible to other users on the platform.
Here are a few tips to help you choose a good username:
- Make it unique: Choose a username that is not already in use by someone else.
- Keep it simple: Avoid using complex characters or numbers that might be hard to remember.
- Use a combination of letters and numbers: This will make your username more secure and harder for others to guess.
- Consider using your name or a variation of it: This will make it easy for others to identify you.
- Be mindful of your privacy: Avoid using personal information like your phone number or address in your username.
Once you have chosen a username, you will not be able to change it, so make sure you are happy with your choice before you confirm.
3. Securely Store Your Recovery Phrase
When you create a new self-custody wallet, you’ll be given a recovery phrase that consists of 12 random words. This recovery phrase is the key to your crypto, so it is imperative that you do not share it with anyone. We strongly suggest that you write it down on a piece of paper and store it securely, as well as take advantage of Coinbase Wallet’s cloud backup feature. It is important to keep in mind that Coinbase will never ask you for your recovery phrase, and if you were to misplace it, Coinbase would not be able to help you access your wallet.
4. Understand and plan for Ethereum network fees
When you make a transaction on the Ethereum network, you will need to pay a fee called “gas” to cover the cost of processing the transaction. The amount of gas you need to pay will depend on the complexity of the transaction and the current demand for network resources.
There are two main factors that determine the cost of gas:
- Gas price: This is the amount of Ether (ETH) you need to pay for each unit of gas. Gas prices can vary depending on network congestion and the overall demand for resources.
- Gas limit: This is the maximum amount of gas you are willing to pay for a transaction. The more complex a transaction is, the more gas it will require.
You can use Ethereum gas price calculators to estimate the cost of a transaction before you make it. This will give you an idea of how much you will need to pay in gas and how long it will take for the transaction to be confirmed.
5. Buy and Transfer ETH to Coinbase Wallet
To buy and transfer ETH (Ethereum) to your Coinbase Wallet, you will need to follow these steps:
- Create an account on Coinbase: If you haven’t already, sign up for a Coinbase account. You will need to provide your name, email address, and phone number, and then verify your identity.
- Add a payment method: Go to the “Settings” menu and select “Payment Methods.” Here, you can add a credit or debit card or bank account.
- Buy ETH: Once your payment method is set up, navigate to the “Buy/Sell” tab and select “Ethereum.” Enter the amount of ETH you want to buy, and then select “Buy Ethereum.”
- Transfer ETH to your Coinbase Wallet: After you have purchased your ETH, navigate to the “Accounts” tab and select “Send.” Enter the amount of ETH you want to transfer, and then select “Continue.” You will then be prompted to enter the destination wallet address, which can be found in the Coinbase Wallet app or by selecting “Receive” on the Coinbase website.
6. Use your ETH to Buy NFT in the Trade tab
Once you have transferred your ETH to your Coinbase Wallet, you can use it to buy an NFT (non-fungible token) on the Coinbase platform. Here are the steps to do so:
- Navigate to the “Trade” or “Buy/Sell” section of the Coinbase website or app.
- Search for the specific NFT you wish to purchase. Keep in mind that not all NFTs are available on Coinbase and that the platform may only support certain types of NFTs.
- Select the option to purchase the NFT using ETH.
- Confirm the transaction details, including the price of the NFT in ETH and the amount of gas you need to pay for the transaction.
- Review and confirm the transaction.
It’s important to be aware that buying an NFT might be subject to additional fees and that the prices can be very volatile. Be sure to check the fees, terms, and conditions of the marketplace where you are buying the NFTs and to have a good understanding of the NFT you are buying.