How do you buy an NFT?
Quick-start guide to nabbing the digital collectible of your dreams
Here’s how buying an NFT works:
You’ll need an Ethereum-compatible crypto wallet and some ETH to get started. Buy some ETH from an exchange like Coinbase and send it to your dapp wallet in the main Coinbase app, or Coinbase Wallet (which is separate from the main Coinbase app; you can download it via Apple’s App Store or Google Play).
Follow the simple instructions to set up your wallet – which is a place you can keep some of your crypto, a place to send or receive it, and your portal to the growing universe of crypto apps. (You can also download this Chrome extension to connect Coinbase Wallet to a web browser if you’d rather browse NFTs on a computer).
There are lots of NFT markets, from Rarible to OpenSea. For this tutorial we’ll focus on Coinbase NFT, which is a Web3 social marketplace for NFTs and works a lot like a decentralized eBay. To connect your wallet to Coinbase NFT, go to nft.coinbase.com, then click on “Sign In” — you’ll be prompted (and given instructions) to connect your wallet.
Get browsing! Prices range from essentially free to hundreds of thousands of dollars or more for a rare item. Some items are sold via auction, while others can be snagged immediately via a “Buy now” button.
Even if the NFT is free or cheap, you’ll still have to pay fees to make the transaction happen. All of the digital collectibles on Coinbase NFT use the Ethereum blockchain, and the network charges a “gas” fee for transactions like NFT sales. Gas prices rise and fall depending on how busy the network is.
Choose an NFT you like and make sure you have extra ETH to cover fees. Once you buy it, you can access the NFT via your crypto wallet until you decide to sell it.
For an in-depth guide on how to buy an NFT on Coinbase NFT using Coinbase Wallet, check out this article.
To stay in the know, follow @Coinbase_NFT on Twitter or sign up to the Coinbase NFT newsletter to get the latest news and updates straight to your inbox. You can also join our community at nft.coinbase.com.