Saturday, October 22, 2022

How do you buy an NFT?

Introduction

When buying a cryptocurrency, there are many factors to consider, such as location and protocol. There is no NFT on the centralized exchange Coinbase yet. However, NFTs can be bought through Coinbase Wallet, your key to the world of cryptocurrencies. Here is how to buy NFT with Coinbase Wallet:

Step by step

Download Coinbase Wallet

To purchase NFT, you need a non-custodial wallet, such as Coinbase Wallet. Coinbase Wallet is available as a mobile app and browser extension. Download Coinbase Wallet

2. Select a username in Coinbase Wallet

When setting up your Coinbase wallet, you will need to select a username. Knowing it, other Coinbase Wallet users will be able to easily send you cryptocurrency. It doesn't have to be made public, but you'll need it to access your account.

3. Save your recovery phrase in a safe place

When you create a new self-storage wallet, you will receive a recovery phrase consisting of 12 random words. The recovery phrase is the key to your cryptocurrency. This means that anyone who learns your recovery phrase will have access to your cryptocurrency. Do not share your recovery phrase with anyone.

We strongly recommend that you write it down on paper and store it in a safe place, and use the cloud backup feature of Coinbase Wallet.

Remember: do not share your recovery phrase with anyone! Coinbase will never ask you for a recovery phrase. But if you lose it, Coinbase won't be able to help you regain access to your wallet.

4. Understand how Ethereum network fees work and set aside funds for them

The amount of the commission depends on the network load, the complexity of the transaction and the desired speed of its completion. Set aside some funds in advance to pay commissions. Read more about fees on the Ethereum network here .

5. Buy ETH and transfer it to Coinbase Wallet

If you do not have a Coinbase account, you will need to create one in order to buy Ethereum (ETH). Learn more about how to create a Coinbase account and buy Ethereum (ETH) here . How you transfer ETH to Coinbase Wallet depends on whether you are using the mobile app or the Chrome extension. See here for detailed instructions .

6. Use ETH to buy NFTs in the trade tab

If you use Coinbase Wallet on your mobile phone, you can purchase NFT directly in the app. Click on (+) "Buy" in the "Assets" tab. Then click on the "Trade" tab, where you can exchange ETH for any Ethereum token (such tokens are called ERC-20 tokens). Click "Select Currency" and select NFT. Enter the amount of ETH you want to exchange for NFT. Don't forget to leave funds to pay the transaction fee. Confirm your purchase and follow the on-screen instructions to complete.

If you are using the Coinbase Wallet extension, click the "Convert" button. Find NFT and enter the amount of ETH you want to exchange for NFT. Don't forget to leave funds to pay the transaction fee. Confirm your purchase and follow the on-screen instructions to complete.