Coinbase joined the list of other popular crypto exchanges such as Crypto.com and Binance to participate in the NFT market by launching an NFT marketplace. The Coinbase NFT marketplace enables you to create NFTs, connect with NFT enthusiasts, and collect NFTs. The marketplace also comes with several social features. This is a big boost to the adoption of NFTs as the exchange has a user base of up to tens of millions. The Coinbase NFT marketplace has also made it easy for many millions of people to invest in NFTs. This article is a 360-degree view of the Coinbase NFT marketplace.
Key Features of the Coinbase NFT Marketplace
The Coinbase NFT marketplace allows you to discover, list, and buy NFTs, just like other NFT marketplaces such as OpenSea. The platform offers the following features:
#1: The Marketplace
The Coinbase NFT marketplace features works from the top NFT brands such as the Bored Ape Yacht Club, CryptoPunks, Doodles, Moonbirds, Azuki, and others. You will not be charged any Coinbase NFT marketplace fee for buying NFTs on the platform.
#2: Social Features
The Coinbase marketplace NFT has a “Follow” button that you can click to follow collectors and creators whom you are interested in.
The platform also has a “Comment” feature that allows users to leave their comments on listed NFTs and interact with NFT owners. The feature has upvotes and downvotes. It has a “Like” button too.
The Coinbase NFT marketplace uses Feeds to algorithmically show you content depending on your past purchases and interactions.
#3: Coinbase Shop
The Coinbase shop is perhaps the most important feature of the Coinbase NFT marketplace. It is the place where you can place your bid on various Coinbase NFTs. All NFTs being sold on the platform are listed on this page. The left side of the page allows you to choose whether to view the prices of Coinbase NFTs in ETH or the United States dollar. You can also search for the Coinbase NFTs based on minimum and maximum prices to discover NFTs within your desired price range.
#4: Discover and Trending features
With the Discover feature, you can explore NFTs from upcoming and established artists depending on what is trending or your past purchases.
The Trending Collections section shows the 7-day volume for the top trending NFTs of the week. Thus, this section can help you stay up-to-date with what is happening in the NFT market.
#5: Coinbase Drops
The Coinbase marketplace NFT has the Drops section where you can discover both active and past NFT drops. You can click the “Active” tab to see the active drops or the “Past” tab to see the concluded drops.
By clicking any NFT drop, you will be taken to a page with all details for the NFT including the number of available NFTs, the price, owners, total sales, etc.
#6: Payments
Currently, the Coinbase NFT marketplace only accepts ETH payments. However, plans are underway to add a feature that will support payments via Mastercard.
#7: Support
It is easy to contact the Coinbase support team in various time zones via phone or by filling out an online form. When filling out the form, ensure that you fill in all the handy information.
How to Get Started with Coinbase NFT Marketplace
The Coinbase NFT marketplace requires you to set up an account on the platform to get started. This requires you to go through the following steps:
Step 1: Open the Coinbase NFT marketplace on your browser.
Step 2: Click the “Sign in” button at the top-right corner.
Step 3: Coinbase will request you to connect your NFT wallet to the platform. It supports Coinbase Wallet, MetaMask, and WalletConnect. Choose the wallet you are using.
Step 4: Sign in to your wallet to complete the connection.
Step 5: Finally, fill in your information and you will be ready to get started. You will be required to choose a username and provide your email address, profile picture, display name, and a short bio of 250 characters.
You can now start buying and selling NFTs on the Coinbase NFT marketplace.
How to Buy Coinbase Marketplace NFT
It is easy to buy NFTs on the Coinbase NFT marketplace. Simply visit the Coinbase shop and scroll downwards and upwards looking for the NFT you desire to purchase. You can also search for the NFT in the search bar. You can also filter the NFTs using the price range for which you are willing to buy the NFT.
After finding the NFT you desire to buy, click it to open its details page. You will be presented with various details of the NFT, including its name, its price in both ETH and dollars, owner, creator, previous activities, and more.
Click the “Buy now” button to buy the NFT. If the NFT doesn’t have the button, it means it’s not on sale.
Before you can proceed with the transaction, it is worth noting that Coinbase NFT marketplace transactions are irreversible, which is a key feature of the blockchain. However, if you are not satisfied with your NFT even after purchasing it, you can resell it on the platform. You can only sell the NFT for a fixed price, but you can also start an auction on other NFT marketplaces.
Once you have bought an NFT from the Coinbase NFT marketplace, it will go directly to your NFT wallet. Thus, the NFT will not be in the hands of Coinbase, but you will have full control over it. The NFT will be stored on the blockchain, but the private keys and the address for the wallet will be for you only. This means that the marketplace is a tool that you can use, but it will not be the owner of the NFT.
The Coinbase NFT marketplace has more than 100,000 NFTs listed for sale. The platform has also made it possible for you to explore NFTs by their type. Its Explore tab has categorized the listed NFTs by type, including Photography, sports, Art, etc.
You can click any tab to find the NFT you are looking for. This feature makes it easy for users to navigate through the marketplace when searching for NFTs to buy. Thus, you can buy NFTs under different categories on the Coinbase NFT marketplace.
How to Mint NFTs on Coinbase NFT Marketplace
In NFTs, minting is the process of creating your NFTs. The process involves uploading and recording the details of the NFT on the blockchain, after which it becomes immutable.
It is easy to mint your NFT on the Coinbase NFT marketplace. Sign in to your Coinbase NFT marketplace account and click the “Create” button at the top-right corner.
Next, click the “Get started” link under “Create your NFTs.”
The marketplace will take you to the “Create new collection” page where you can provide the details of the new NFT. You can give the NFT a name, upload your digital file to be turned into the NFT, describe the NFT, and set the royalty percentage. The royalty is the percentage of the selling price that you will be paid whenever the NFT is resold in the secondary NFT marketplaces.
After filling in all the details, click the “Continue” button at the bottom. Choose the type of NFT and when you want it minted, then click “Create Collection.” The marketplace will prompt you to confirm the deployment of your collection through your crypto wallet. The NFT will then be listed for sale on the Coinbase NFT marketplace.
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