“Buy NFT on Coinbase” is an exciting new trend in the world of cryptocurrency and digital art. With the growing popularity of Non-Fungible Tokens (NFTs), investing in unique, one-of-a-kind digital assets has never been easier.
And with Coinbase, one of the largest and most trusted cryptocurrency exchanges, it’s simple and easy to purchase NFTs that suit your taste and investment goals. Buying NFTs on Coinbase is an accessible way to participate in this growing market. With its user-friendly interface and trusted security measures, Coinbase makes it easy to buy NFTs confidently.
So if you’re ready to dive into the world of NFTs and explore the endless possibilities of this exciting new market, it’s time to buy NFT on Coinbase. With its simple and easy process, you can quickly and securely purchase NFTs that match your investment goals and add a unique touch to your digital portfolio.
Understanding & Exploring Coinbase
What is Coinbase?
Coinbase is a leading cryptocurrency exchange platform that has recently gained popularity. With over 73 million users, it’s the second-largest exchange in the world and offers a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Solana.
The platform is user-friendly, making it an ideal choice for new investors, and it offers a range of educational resources to help its users make informed investment decisions. In 2012, Coinbase was founded with the goal of simplifying the buying and selling process of cryptocurrencies.
Over the years, the company has expanded its services to include staking cryptocurrencies and establishing its own NFT marketplace. With the launch of Coinbase NFT, the platform is now offering a new investment opportunity in the form of NFTs.
This move is a significant step for NFT adoption, as it makes it easier for millions of people worldwide to invest in NFTs. Users can seamlessly sign in to the Coinbase NFT marketplace using their existing crypto wallet and start exploring the world of NFTs.
The platform’s vast user base, easy-to-use interface, and educational resources make it an ideal choice for those looking to invest in NFTs.
Setting Up a Coinbase Account
To purchase cryptocurrencies and NFTs through Coinbase, users are required to create an account on their website. Once the account has been set up, users can make purchases using either their credit card or bank account.
The process is similar to online purchases on popular e-commerce platforms like Amazon. The following are steps on how to create an account on Coinbase.
- To create an account, go to Coinbase.com and locate the Sign-Up button in the top-right corner. Click on it to initiate the account creation process.
- The next step involves filling out a form with your personal information, including your first and last name, email address, and password. It is important to use your real name, as using an alias may cause delays in confirming your identity later on.
- When choosing a password, make sure it is strong and secure. A strong password should contain a combination of upper and lowercase letters and at least one number.
- Before completing the account creation process, you will need to verify that you are not a robot by checking the I am not a robot reCAPTCHA security box. You will also need to agree to the User Agreement and Privacy Policy by checking the corresponding check box.
- Once you have completed all the necessary steps, click the Create Account button to submit the form.
- After submitting the form, a confirmation email will be sent to the email address you provided. Open this email and click on the confirmation link to activate your Coinbase account.
- After activating your account, you will be taken through a set of steps to confirm your identity. While it is not required to complete these steps immediately, it is recommended to do so as soon as possible. By providing more information, you will be able to increase your weekly cryptocurrency purchase limit and ensure the security of your account.
How to Buy an NFT?
NFTs, or Non-Fungible Tokens, are unique digital assets stored on a blockchain network. To access, manage, and invest in NFT, you’ll need a crypto wallet, such as Coinbase Wallet, a self-custody wallet allowing you to buy, sell, transfer, and hold NFTs and other cryptocurrencies, like Bitcoin or Ethereum.
If you already have a Coinbase account, simply send the crypto to your Coinbase Wallet to use on Coinbase NFT. If not, you’ll need to create a Coinbase account by following the appropriate steps.
Download Coinbase Wallet
To download Coinbase Wallet, simply visit the browser extension on your computer, the Apple App Store, or Google Play on your phone. After downloading, follow the instructions to complete the initial setup process.
Connect Coinbase Wallet to Your Coinbase Account
To connect your Coinbase Wallet to your Coinbase account, simply follow the steps in the app to link the two together. This will allow you to easily send crypto purchases made on Coinbase to your Coinbase Wallet for safekeeping.
Purchase Some ETH
Before buying NFTs, having enough Ethereum (ETH) to cover the NFT cost and gas fees is important. To purchase ETH, simply initiate a crypto purchase on Coinbase, select ETH, enter the desired quantity, and complete the transaction.
The ETH will then be transferred from your Coinbase account to your Coinbase Wallet, which will be available for use towards purchasing NFTs.
How to Buy NFTs on Coinbase NFT
- Access Coinbase NFT: open Coinbase Wallet app, go to the browser, and type in ‘nft.coinbase.com/‘.
- Sign in to Coinbase NFT: from the menu, tap “Sign in” and follow the steps to set up your account.
- Browse NFTs: go to the Shop section to explore NFT listings for sale after signing in.
- Buy NFT: select an NFT, and tap “Buy now” to purchase at the seller’s listed price or make an offer.
- Confirm Purchase: confirm the transaction by tapping “Open wallet to pay” and “Confirm.”
- View NFT: the NFT will be available in your Coinbase Wallet under the “Assets” and “NFTs” tabs once the transaction is complete.
Confirming Your Identity on Coinbase
To confirm your identity with Coinbase, several options are available during the account creation process and in the Security Section of your Coinbase Dashboard. This section can be accessed at any time from the main dashboard and allows you to confirm your identity through various methods, ensuring your account’s security and privacy.
One important step in creating a Coinbase account is providing your residential address. This information is typically requested after confirming your phone number during the initial account setup.
It’s crucial to provide accurate information when filling in your address, particularly in the country field, as it will affect the financial services you can access on Coinbase and the limits of buying or selling. The address can be updated later on in the My Profile section of your Dashboard.
After completing the address section in the initial account setup, Coinbase will ask you to confirm your identity through document verification. This may include providing copies of government-approved IDs such as a passport, proof of age card, or driver’s license.
The required documents may vary based on your location, and if you missed this step during the initial setup, you would be reminded to submit your documents through the Limits section in the Dashboard. This step is critical in ensuring the security and reliability of your Coinbase account.
Coinbase Payment Options
Verifying your identity on Coinbase is a crucial step in setting up your account, as it not only improves security but also increases your buying limit. You’ll be asked to provide your government-issued ID and other necessary information during the initial account setup process.
If you skipped this step, you can access this option anytime from your Coinbase Dashboard under Settings > Security.
Coinbase offers multiple payment options for users in the U.S., including PayPal, wire transfers, credit and debit cards, and bank accounts. Linking your bank account to Coinbase is the most versatile and convenient payment method, as it allows for the seamless buying and selling of cryptocurrencies and depositing and withdrawing funds.
Adding a payment method to your Coinbase account is a simple process that can be done from the Buy/Sell link in the top menu. When you add your debit or credit card information, you can immediately start purchasing Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.
Adding PayPal is also instant. On the other hand, bank account information usually requires two or more days before it can be used for buying and selling cryptocurrencies.
Phone Number easy to confirm your phone number. You’ll be asked to choose the number and the country where the number is registered. After you send this information, Coinbase will load a second page and send you a text message with a code to your phone. On the new page, type this code into the verification field and click the blue Verify Phone Number button.
Increasing Coinbase Buy Limit
Coinbase, as a trusted and regulated cryptocurrency exchange platform, takes measures to prevent money laundering and other illegal activities by imposing a $300 buy limit for new accounts.
This is a standard practice in the industry to ensure compliance with anti-money laundering regulations. However, there are ways to increase the limit, including:
• Completing your profile: o ensure the safety and security of its users and their funds, Coinbase requires all users to provide accurate and complete information about themselves.
This includes adding a valid phone number and submitting at least one form of government-issued identification. By providing this information, you can demonstrate that you are a legitimate user and help Coinbase increase your buy limit.
• Making regular buys: Coinbase considers another factor when evaluating an account’s legitimacy is its activity level. If you regularly purchase an NFT through your Coinbase account, it will demonstrate that you are an active and legitimate user, and Coinbase may increase your buy limit.
To achieve this, try to make at least one small purchase per week for one or two months.
• Waiting: Lastly, time is also a factor that Coinbase considers when evaluating an account’s legitimacy. The older the account, the more trustworthy it is considered to be.
Newer accounts are usually subject to more restrictions and limits, but Coinbase may gradually increase these limits as time goes by. Therefore, if you have a new account and are unable to increase your buy limit immediately, you may need to wait for a period of time before your limit is lifted.
Can You Still Buy NFTs in Coinbase Even If You Don’t Experience NFTs?
Yes, Coinbase provides a seamless and user-friendly experience for buying NFTs through their dedicated wallet. The wallet is part of your cryptocurrency account and can be easily accessed, making it convenient for users to buy NFTs.
Coinbase also offers a comprehensive learning platform that provides valuable information and resources on NFTs, helping users stay informed and educated on the latest developments and trends in the NFT market.
Does Coinbase Have an Offer for New Collections?
Indeed, drops are a unique feature of the Coinbase NFT platform, allowing users to participate in releasing new NFT projects. The Drops tab is where you can discover all the latest drops and access important information about each one, including the countdown timer, the “Remind Me” button, and comments from other investors.
Using the “Remind Me” button, you can sign up with your email to receive updates on the drop, ensuring you never miss out on an exciting opportunity to invest in a new NFT project. Additionally, the ability to view comments from other investors provides a valuable source of information and insights, helping you make informed investment decisions.
Common NFT Scams and How to Avoid Them
Staying Safe on Discord, Reddit, and Twitter
NFT platforms are great for collectors and creators to connect and share projects, but they also pose a risk of losing digital assets due to phishing scams. To protect yourself, verify the source before interacting and never reveal private information, such as your keys or recovery phrase.
To confirm the legitimacy of a Discord server, check if it is featured on the official Twitter page or website of the NFT project.
Buy NFTs Only from Reputable or Verified Sellers
When buying an NFT, ensure you purchase from a verified and reputable seller. Some attackers may use fake smart contracts to steal NFTs and funds.
Impersonators and Phishing Scams
Phishing scams can occur on various communication platforms and use fake identities or website URLs to extract personal information. Verify the source before entering information, and be cautious of unsolicited messages. If unsure, reach out to the person through another means to confirm if they sent the message.
Pump and Dump Schemes
Not all NFT projects have long-term value; some may only aim to enrich the creators. Be mindful of big promises made by creators.
Airdrop and Free Giveaways
Airdrops can be a convenient way to receive NFTs and a risk for scams. Don’t claim unexpected airdrops; consider moving assets from your self-custody wallet if unsure. Verify the source through the project’s official Twitter page to confirm the legitimacy of a Discord server.
Bidding Scams
Bidding scams may involve offers in a different, less valuable currency. Double-check the cryptocurrency before accepting any bids.
Counterfeit/IP Infringing NFTs
Coinbase NFT takes IP infringement seriously and repeats the violator’s risk of having their accounts terminated. Before buying an NFT, ensure it features the same contract address as other NFTs in the collection. Check the NFT’s web page URL to find the contract address and token ID.
Is Coinbase Safe?
It’s understandable to have concerns about the safety and security of your investments, especially when it comes to a relatively new platform like Coinbase.
While Coinbase has implemented various security measures, such as two-factor authentication, to protect user accounts, incidents of cyberattacks or unauthorized access to accounts have still been reported. One of the potential causes of these incidents is SIM swapping.
However, this doesn’t mean that you have to avoid Coinbase completely. To add an extra layer of security to your investments, there are various options you can explore, such as using a non-custodial wallet or a hardware wallet.
A non-custodial wallet and hardware wallet offer added security as they allow you to store your crypto rather than relying on Coinbase to store it. This means that even if someone gains access to your Coinbase account, they would not have access to your actual cryptocurrency stored in the wallet.
While this method of storing crypto provides enhanced security, it also requires you to remember your own private key or password. This is where the responsibility lies with you to ensure you have access to your wallet.
There have been cases of people losing millions due to being locked out of their cryptocurrency wallet, often due to using a non-custodial wallet. To avoid this situation, it’s important to be diligent and ensure that you have a secure method of accessing your wallet.
Final Conclusion on How to Buy NFT on Coinbase
Buying NFTs on Coinbase is a great way to get involved in the growing NFT market. With its user-friendly platform and wide selection of NFTs, Coinbase makes it easy for anyone to purchase these unique digital assets. While the NFT market is still in its early stages, it’s clear that this is just the beginning of something big.
As more and more people discover the power of NFTs, it’s likely that we’ll see even more growth in this exciting new market. Whether you’re looking to make a statement with your NFT purchase or simply want to get involved in this exciting new market, buying NFTs on Coinbase is a great place to start.
