Not only is the number of nonfungible token (NFT) collections growing at a phenomenal rate, but so are the NFT marketplaces. Previously, NFT marketplaces were mainly decentralized applications (dApps) on various blockchains, but nowadays, crypto exchanges are also seeing the benefits of having their own NFT marketplace. This includes Coinbase, the exchange with the most users worldwide, which, of course, cannot lag behind the competition.
Related: What are DApps? Everything there is to know about decentralized applications
The American crypto exchange was founded in 2012 and was initially mainly involved in the buying and selling process of cryptocurrencies. Over the years, additional services have been added such as staking cryptocurrencies on Coinbase and establishing its own NFT marketplace. This is a big step for the adoption of NFTs, as tens of millions of people worldwide are using Coinbase. For many millions of people, this makes it a lot easier to invest in NFTs.
Can I buy NFT art on Coinbase?
It is definitely possible to buy NFT art on Coinbase. While the Coinbase NFT marketplace is still in the Beta version, anyone can use it. The layout is similar to OpenSea, but the advantage of Coinbase is that you can find NFTs from different NFT marketplaces here too! Furthermore, the Coinbase marketplace allows you to pay with Ether (ETH), just like on OpenSea.
To buy NFTs on the Coinbase marketplace, you need a crypto wallet that is connected to the platform. You will also need ETH in your wallet so you can buy NFTs and pay the gas fees. In a later stage, wrapped Ether (wETH) will also become important on the platform, as you can use this version of ETH to set up auctions and bids that require wETH. In addition, Coinbase has planned for more cryptocurrencies and blockchains to be supported in the future.
Coinbase NFT marketplace overview
The homepage of the marketplace is just as clear as the rest of the exchange. At the top of the webpage, you can find the Discover, Shop and Insights buttons, while on the top right side, you can register yourself on the NFT platform. Let’s dive deeper into the different sections of the marketplace.
Coinbase Discover
You can discover NFTs, NFT collections and other accounts in the Discover section of the marketplace. Wondering what NFTs Brian Armstrong, the CEO of Coinbase, has in his wallet? Chances are you’ll come across his account under “Accounts to follow.” This section is ideal when you want to get inspired or when you want to showcase NFTs.
Coinbase Shop
Perhaps the most important section in the NFT marketplace is the Coinbase Shop. This is the place where you can bid on various NFTs. In this section, you can check on the left side whether you want to see the prices in ETH or United States dollar. In addition, it is also possible to enter a minimum and maximum price, so you can discover all available NFTs within your price range.
Coinbase Insights
Under the Insights section, you can find various statistics…
Read More: cointelegraph.com