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!
Download and Set up Coinbase Wallet
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
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
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
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
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!
This news is republished from another source.
