How to use the coinbase NFT marketplace

On April 20, 2022, The Coinbase platform launched its NFT marketplace. The marketplace was initially opened only for registered users, however, after May 2022, it was opened for all users to buy and sell NFT. The minting feature is still restricted to some preapproved creators.

Currently, the Coinbase NFT marketplace only supports NFT on the Ethereum network and accepts ETH payments. The platform is planning to operate with other blockchains in near future. The marketplace doesn’t charge any fee to buy or sell assets (only for a limited period). So, users need to only pay the gas cost to approve a transaction. Creators can follow each other and can link their Twitter accounts with their Coinbase NFT profiles.

Moreover,  the Coinbase NFT marketplace is in the beta phase, so take utmost care while connecting your wallet. So, in this article, we will explain how you can use the Coinbase NFT Marketplace to buy and sell NFTs.

How to Access The Coinbase NFT Marketplace

To access the Coinbase NFT, visit the link. Users can see the below-landing page. Then you need to sign in.

Coinbase NFT Marketplace

Source: Coinbase NFT Marketplace
1) Sign In

On the other hand, users need to establish a connection with the platform by connecting their crypto wallets. You need to click on the “Sign-Up” button appearing on the top corner of the homepage. You can use the coinbase wallet, metamask, and WalletConnect.

Therefore, in this article, we will use our Metamask wallet to use the platform. Also, as we have mentioned earlier, the platform currently supports NFTs from the Ethereum network. Now, we will teach you how to set up your account.

2) Account Setup

Users can search for their desired name in the Username field. This name will be shown in the Coinbase NFT dashboard/ account. Next, provide your email address.

Coinbase NFT Marketplace

Source: Coinbase NFT Marketplace

To personalize your account you can add a profile pic, name, and a short bio. Then, a verification email will be sent. So, verify your email and you will be landed on the platform’s landing page.

Also, users who have verified their accounts will have a verified ticker (√) badge in their profile name. This will help in checking the authenticity of the user account. The buyer will be assured of seeing the purchase done from a verified seller. Now, you need to add crypto to your account. In this case, we’ll use ETH.

3) Add ETH to Coinbase Pay

As the marketplace supports only the Ethereum network. Users need to have ETH in their connected wallets to buy assets. If you are not holding ETH, then you can buy it by connecting to your Coinbase exchange account. Now, we will describe the available tabs that exists:

a) Discover

From the Discover tab, you can check the popular collection/ NFT (current) based on the most comments and likes from platform users.

Coinbase NFT Marketplace

Source: Coinbase NFT Marketplace

Moreover, from the “Following” section, you can see the list of artists you are following. Click on the “Account To Follow” button to get the list of all platform artists, you can follow them if you want.

b) Shop

The Shop tab consists of the list of all NFTs that are currently available in the marketplace for trade. The platform offers multiple parameters to the users to filter out the desired object. Users can use the following fields to filter results:

  • Sort NFTs based on recent/old listed, high-price, and low-price
  • Min and Max Price
  • Currency type (ETH, USD)
  • Collection

Coinbase NFT Marketplace

Source: Coinbase NFT Marketplace

Apart from these four parameters, users can also directly search for the object by giving the name of the NFT. Under each NFT, you can find a comment, and like icon. Users can like and comment on any NFTs even if they do not wish to buy them.

So, if you want to keep track of all liked and commented NFT, then you can visit your profile and check the “Manage NFT” section.

How To Buy An NFT

Users can buy any NFTs listed on the Coinbase NFT marketplace. You can check the price of the NFTs given at the bottom part of the object.

To buy, click on the “Buy” button (see the above screenshot). You can now see more detailed information about the NFTs including:

  • An introduction
  • Collection name
  • Creator name
  • NFT Attribute (Background, cloth, eyes, lips, skin, etc)
  • Minting date
  • Total edition
  • Royalty
  • List of Owners
  • Comments/ Activities
  • Listed editions.

In the picture below, you will see how this information shows:

Coinbase NFT Marketplace

Source: Coinbase NFT Marketplace

So, you need to click on the “Buy 1″ Edition, and you will be redirected to the Checkout page. Next, click on Open Wallet to pay. This will trigger a Metamask transaction that you need to confirm. Moreover, once the transaction is successful, you can go to your Profile->Manage NFT-> Owned to check the newly bought NFT.

Coinbase NFT Marketplace

Note: It might be possible that the NFTs you have bought are not visible in your profile under the Owned section. In that case, go to the Hidden tab, select the NFT, and Unhide it. It will then move to the Owned field.

How To List A NFT For Sale

Users can list their objects for sale in the marketplace. To sell, visit your profile, select the desired object, and click on the “List for Sale” option.

Coinbase NFT Marketplace

Also, you will be redirected to the NFTs primary description tab where you can see the various listing and will get an option to list your edition.

Coinbase NFT Marketplace

Then, you need to click on List for sale. Users now have to define a few parameters to enroll the item for listing:

  • Define the time to enroll the NFT for sale (now, tomorrow, specific date & time)
  • Listing End (1 week, 4 weeks, 3 months, never, specific date)
  • Set price for sale

Note: The Coinbase NFT platform is charging zero fees (only a limited period). A royalty of 10% (initially set by the creator) will be deducted and you will receive the remaining amount once it is sold.

So, if you are listing an NFT from a particular collection for the first time, then you have to:

  • Approve the transfer process first: To approve, confirm the transaction generated in your Metamask wallet.
  • Sign a Metamask transaction again to list the item in the marketplace: See the second screenshot, the NFT is listed.

If you wish, you can remove your item from the listing by clicking on the Cancel listing button. Moreover, users need to pay the transaction cost to remove the item from the market listing.

Coinbase NFT Marketplace

You will get a notification in your account when the item is sold.

NFT Trends

Also, check the list of trending collections with respect to their trading volume. Users can re-organize the data based on 7, 30 days, or all-time values. You can also see the number of owners, total items, daily volume, and percentage volume change of a particular collection.

Coinbase NFT Marketplace

Then, you can click on any of the collections to get more detailed information.

Coinbase NFT Marketplace

NFT Drops

Check the list of upcoming airdrops here. You can click on the Remind me button to set notifications in your email address regarding that NFT collection’s future airdrops.

Coinbase NFT Marketplace

Settings

In addition, the Settings tab lets you check/ update the following parameters:

1) Profile

Under the Profile tab, you can check the below fields:

  • Owned- NFT is owned by you
  • Created- NFTs created/ minted by you
  • Liked- List of liked NFTs by you
  • Activity- User’s Activity (buy, sell, minted, sent, commented)
  • Hidden- Any hidden NFTs
  • Manage- Hide/ Unhide your owned/created NFTs

Coinbase NFT Marketplace

Moreover, the Edit Profile section lets you change/ update the above details. Users can also link their Twitter accounts with their Coinbase NFT profile here.

Coinbase NFT Wallets

On the other hand, you can check the wallet connected to the platform here. If you wish to switch wallets, then click on the Connect new Wallet button, and connect with any of the supporting wallets.

Coinbase NFT Marketplace

1) Update your Coinbase Account

Also, from this section, users can change/update their account-related data:

  • Request personal data
  • Change Appearance
  • Change or Delete Account
  • Enable/ Disable the Notification option for transactions, promotional activities, social events, etc
Coinbase NFT Marketplace
Conclusion

In addition, Coinbase is one of the most popular and largest centralized crypto exchanges. With the recent launch of the NFT marketplace, the platform aims to bring radical innovation to the NFT industry. The NFT marketplace is in the beta phase and not all features are up or available for all users.

Currently, it only supports NFT on the Ethereum network. As it starts supporting other networks, many more users from different networks will be onboarded. If you are a new user and want to explore the interface, then this is the ideal time as the marketplace is charging no platform fee for buying or selling NFTs.

Finally, you can also read our previous guide on How to use the Coinbase wallet here.

⬆️Also, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.

⬆️Above all, find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.

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