As cryptocurrencies have been the potential disruptors of the present economy, NFTs or Non-fungible Tokens have done the same within the cryptocurrency ecosystem. NFTs are the new kind of digital asset that differs significantly from cryptocurrencies due to their intrinsic value that keeps changing. Cryptocurrencies have a specific fixed value and are exchangeable like the dollar bill but, it’s different for NFTs. For example, each concert ticket is unique despite the same price. Unlike other tickets, you cannot exchange the tickets because each ticket relates to a specific seat and date with unique characteristics. The same happens with NFTs. However, you can transact in NFTs using a Coinbase wallet if you know what is a coinbase wallet.
What is Coinbase Wallet?
People familiar with cryptocurrencies are already aware of Coinbase, the crypto exchange that facilitates cryptocurrency transactions. The company has now developed a platform Coinbase NFT, a peer-to-peer marketplace for NFT enthusiasts. The platform is your gateway to the world of NFT, and besides facilitating minting NFTs, the platform will also support purchasing, discovering, and showcasing NFTs in much easier ways. The platform’s goal is to popularize NFT by making it easily accessible by lowering entry barriers. Those who want to explore NFTs can do so by using the platform with bigger goals of developing NFT communities by fostering social connections.
You need a Coinbase Wallet to Get Going.
Signing up for Coinbase NFT will help access the platform but start dealing in NFTs; you need a wallet better known as Coinbase wallet. The purpose of the wallet needs no explanation because it is basic knowledge that the wallet is like any other wallet used for keeping money. However, Coinbase wallet is for cryptocurrencies and NFTs only as both are digital assets although of different kinds. Whatever NFTs you have in your possession, keep them in the wallet to ensure their safe storage. You can download the Coinbase wallet app to start using the wallet but remember that the Coinbase wallet app is different from the main Coinbase app. Follow the simple instructions to set up the wallet to keep your cryptocurrencies and NFTs safe.
So, now that you have an NFT wallet, you are ready to fill it with the digital assets that have stormed the cryptocurrency bastion for the last two years.
The decade belongs to NFTs.
Although 2020 will remain an infamous year in human history because of the Covid19 pandemic, it will find special mention regarding NFTs. In August, the first year of the third decade of the twenty-first century has been a memorable one for NFT enthusiasts as NFTs worth over $200 million changed hands. The growth of NFTs continued in 2021 and recorded $340 million in sales in February. The total volume of NFT in August reached a mind-blowing figure of over $4 billion across top marketplaces. However, the figure could be more than $10 billion in Q3 alone if you consider the platforms outside Ethereum.
Start buying NFT
After downloading the Coinbase wallet and activating it on your smartphone, which most people do for maximum convenience, you have the option of connecting your Coinbase wallet to a web browser by using a Chrome extension. Meanwhile, fill your wallet with some Ethereum (remember to download an Ethereum compatible wallet) by buying it from Coinbase exchange or any other exchange.
Next, choose an NFT market from several markets like Mintable, Raible, OpenSea, etc. The last one is the biggest of them all and works almost like eBay but decentralized. Suppose you choose OpenSea, you must connect your wallet to it by following the instructions that appear under ‘Profile’ when you browse Opensea.io
Now, start browsing and pick your NFTs that usually come in a wide range of prices. Some are free, and some can cost hundreds and thousands of dollars. Even forgetting the cheapest NFT, you have to pay some fees for a successful transaction. You can buy some items directly or those sold through an auction.
It’s nice that your quest to know what is coinbase wallet you have taught you the process of acquiring NFTs.
