Some cryptocurrency exchanges have now ventured into the NFT sector. Hence, creating an NFT marketplace off the main brand. One prime example of a reliable and popular cryptocurrency exchange that now has an NFT marketplace is Coinbase. Thousands of investors and traders trust Coinbase, but can they do the same with Coinbase NFT?
Key Takeaways:
- Market Introduction and Features: Coinbase NFT, launched by the renowned cryptocurrency exchange Coinbase, aims to offer a user-friendly platform for buying, selling, and trading NFTs. It emphasizes a community-oriented trading experience, though it is still in its beta phase and has limited functionalities such as a lack of minting capabilities and support for only one blockchain.
- Security and Trust: Security measures are robust, mirroring those of the Coinbase exchange, including two-factor authentication and the majority of funds held in cold storage. Despite these measures, users should remain vigilant against common online scams.
- Economic Aspects and Fees: A unique aspect of Coinbase NFT is its current lack of fees on transactions, aside from blockchain network fees, making it an attractive option for traders during its promotional period.
- Comparison and Alternatives: While in beta, it may not offer all the features experienced users seek, leading them to consider other NFT marketplaces like OpenSea or Binance NFT, which may offer more features or better economics.
The Coinbase NFT free marketplace is a user-friendly NFT platform where you can buy, sell, and store your NFTs. It is a social NFT trading, so it boasts of fostering a community where NFT creators and collectors can freely socialize with each other. However, given that it’s still a baby marketplace, it has limited features and payment options and can’t mint NFTs. With that, do you think the Coinbase NFT marketplace is right for you?
Find out for yourself by reading this full review.
What is Coinbase?
Coinbase is a platform or an exchange where you can trade, buy, and sell more than 200 tradable cryptocurrencies like Ethereum, Bitcoin, Shiba Inu, Dogecoin, and more. The company was founded in 2012 with 4,700 employees worldwide. It is a decentralized company that has no headquarters.
The company has over 108 million users worldwide and over $80 billion in assets. Beginners highly prefer the original Coinbase platform for simple buying and selling because of the user-friendly website and Coinbase NFT app interface. Anyone with basic computer and mobile phone skills can navigate Coinbase with minimal to zero issues.
Does Coinbase have NFT?
Yes, Coinbase NFT marketplace is a platform where you can shop for NFTs. Coinbase NFT’s homepage is cool and uncomplicated. Upon entering the website, you can find that the NFTs sold in the Coinbase NFT marketplace are categorized into trending, photography, sports, collectible, music, art, fashion, and trading cards. So, interested buyers can easily look for their desired NFT. The Coinbase NFT login requires connecting your Coinbase, MetaMask, or WalletConnect wallet. If you have no crypto wallet, you will be asked to create one, or you will be unable to sign-up.
While Coinbase has already been around for quite a while now, Coinbase NFT was launched in May 2022 and is still in beta mode, so there’s much to improve. Although it has released several new features since its launch, Coinbase NFT still has a long way to go, especially with regard to functionality. You can’t mint NFTs on the platform, and it doesn’t support different blockchains yet. Although it plans to roll out auctions, more payment methods, other blockchains, and minting functionality.
It has a limited-time promo where Coinbase doesn’t charge anything to purchase and sell NFTs. So, if you’re bent on investing in NFTs, now’s the best time to do it because the only extra charge you have to pay is the ETH gas fees.
How to buy an NFT on Coinbase NFT?
To purchase an NFT on Coinbase NFT, you must first have an ETH in your wallet. Once you already have ETH, you can easily navigate the platform and purchase any NFT you want. The following are the steps to follow in buying:
Step 1: Open Coinbase Wallet
Access your Coinbase wallet app, and from there, click on the Browser icon.
Step 2: Go to Coinbase NFT
Next, you must access Coinbase NFT by typing in nft.coinbase.com/ in the URL.
Step 3: Link Coinbase Wallet with Coinbase NFT
To do this, you must tap the Menu button and then the Sign In button.
Step 4: Go to an NFT Listing
After successfully connecting your wallet, open the Menu and Shop buttons to discover the NFT listings for sale. Once there, you can view any NFT you like without limits.
Step 5: Buy an NFT on Coinbase NFT
Once you have chosen an NFT, you can click the Buy Now button to buy the NFT at the listed price. If you want to negotiate, you can tap the Make Offer button.
Step 6: Confirm your NFT purchase
After clicking the Buy Now button, you can confirm your purchase by tapping the Open Wallet To Pay button. Then, click on Confirm.
Step 7: View your NFT
Once you have accomplished Steps 1-6, you can view your purchased asset. To view your NFT, open your Coinbase Wallet app. From there, click the Assets icon, followed by the NFTs tab. Once your transaction has been completed, you can see your purchased NFT on display in your Coinbase Wallet app.
How much is a Coinbase NFT worth?
As of this writing, the price of a Coinbase NFT is $0.0175, which is significantly low compared to March of 2021’s $1.1537. Furthermore, Coinbase NFT’s all-time high is $27.89, and a circulating supply of 36.9 million NFTs.
Is the Coinbase NFT market safe to use?
Coinbase utilizes safety and security measures to secure funds and assets from thieves and hackers. Coinbase is a more costly exchange secure to others, but users prefer to trade in this platform because of its assured security.
The methods used by the platform to secure its users’ accounts and crypto funds include two-factor authentication through phone and email, passwords, and biometric log-in. Moreover, the Coinbase website utilizes bank-standard security and encryption.
On top of that, Coinbase stores 98% of the funds in cold storage in a network of reliable safety boxes worldwide. Cold storage is an offline storage for cryptocurrency funds. So, if the main Coinbase platform assures this kind of security, then it is safe to say that we can also trust Coinbase NFT.
However, there will always be risks and vulnerabilities when using cryptocurrency. Thus, you must observe good online practices to keep your digital assets safe and your personal information secure.
Can you trust Coinbase NFT?
While Coinbase NFT is still in beta mode, the main platform is a reliable exchange for thousands of crypto traders, holders, and investors across the globe. It is also a widely-reviewed exchange on the internet, and these reviews show positive notes about the platform’s security and reliability. Coinbase also provides its users with enough resources, safe trading and wallet security. Therefore, you can be sure that your cryptocurrency assets are safe from the prying eyes of thieves and hackers.
In fact, in the mid of 2020, Coinbase halted the transfer of over $280,000 worth of Bitcoin transactions done by hackers who hacked Twitter. You can trust Coinbase because it is alert whenever hackers are on the system and regularly halts transactions involved in hacking practices.
The only main downfall of Coinbase is its poor customer service. You can trust the platform with your funds but barely trust them to address your concerns and issues. The Better Business Bureau gives the platform a D- rating because it has more than 1,000 unaddressed complaints.
What are common scams to avoid on Coinbase NFT?
The main concern with NFT marketplaces and cryptocurrency exchanges being done on any exchange platform is that these exchanges and trades cannot be reverted. For that reason, you should be wary of any scams, such as the following:
Impersonation
There have been reports of cases where fraudsters impersonate Coinbase. These fraudsters have the guts to set up fake phone lines and numbers, impersonate customer service, and scam customers seeking assistance. They will ask for a complaining user’s personal details and other relevant information to use in hacking, and they can do this through manipulation and social-engineering techniques.
To avoid falling for this scheme, contact the platform’s official number and use legal phone numbers or visit their help website. Never send cryptocurrency to anyone claiming to be a staff of Coinbase because they will never do that. They even hardly ever respond to complaining customers!
Giveaways
Giveaway scams are very common, not only to Coinbase but to other websites as well. In this scheme, fraudsters will send out emails promoting scam giveaways with fake hyperlinks that will lead to fraudulent websites. For this not to happen to you, never click any link given to you unless you have confirmed its authenticity.
Furthermore, don’t easily fall for promotions unless you can find the promotions being published on Coinbase’s official website and social media pages. Most of all, check the giveaway URL; that way, you will find out whether Coinbase sent the promotion.
Phishing
In phishing, scammers or fraudsters mimic the real Coinbase website to trick you into logging in to your Coinbase NFT account. If you fall for this, you will end up giving away your login credentials to the scammers who will use them to access your account and steal your assets.
Avoid being a phishing victim by always double-checking the URL of the website you’d visit. Always remember that Coinbase’s URL is https://www.coinbase.com/, and Coinbase NFT’s URL is https://nft.coinbase.com/.
What are other Coinbase NFT market alternatives?
Since Coinbase NFT is still in beta mode, you might want to try other NFT markets that are proven and tested by investors.
OpenSea
OpenSea is dubbed as the best and largest NFT marketplace today. It has been around since 2017 and has proven its integrity among investors. The platform supports four blockchains, with Ethereum, Solana, and USDC at the core, and debit card payments in the US and other countries.
Even if OpenSea is already antique by NFT standards, it has a user-friendly interface that beginners won’t find hard to navigate. The platform allows you to set up an account with no charges and start browsing and creating NFTs the instant your account has been created. OpenSea is an excellent choice for beginners looking for a straightforward marketplace with thousands of different NFT options.
Binance NFT
Like Coinbase NFT, Binance was originally a popular cryptocurrency exchange that added an NFT marketplace. Binance NFT has many digital assets on gaming items, artwork, and collectibles.
Users love Binance NFT because of its low charges, such as its 1% trading fee and user-friendly platform designed similarly to the exchange. Best of all, Binance runs on its blockchain, giving it a better advantage than the other marketplaces.
NBA Top Shot
If you’re a huge basketball fan, NBA Top Shot is a suitable NFT marketplace. This marketplace offers NFTs of some of the great moments of basketball history in chunks of video clips, highlights, and art. The NFTs sold in the NBA Top Shot aren’t cheap; to prove this, a slam dunk video of Lebron James earned $208,000 in 2021.
The NBA developed and manages the NBA Top Shot NFT marketplace, and they have exclusive rights to the Moments sold on the platform. Since a reputable organization manages it, you can be sure that NBA Top Shot is a reliable and secure marketplace.
FAQ:
What is Coinbase NFT?
Coinbase NFT is a marketplace for digital collectibles, allowing users to buy, sell, and trade NFTs securely under the umbrella of the trusted Coinbase brand.
How secure is trading on Coinbase NFT?
Trading on Coinbase NFT is secured with several layers of security measures, including two-factor authentication and cold storage of assets, reflecting the practices of the main Coinbase platform.
What fees are associated with using Coinbase NFT?
Currently, Coinbase NFT does not charge transaction fees, though users must still pay network fees associated with the Ethereum blockchain.
Are there alternatives to Coinbase NFT?
Yes, other NFT marketplaces like OpenSea, Binance NFT, and NBA Top Shot offer various features that might be more suited to different user needs, such as support for multiple blockchains or specialized types of NFTs.
Final Thoughts
Coinbase NFT has very basic and limited features, given its market longevity. However, based on its brand’s performance as a cryptocurrency exchange, we can be hopeful that it will fulfill its promise and release more features for NFT fans to enjoy. But right now, you can either stick with the basic features of Coinbase NFT or use the alternative marketplaces as you wait for Coinbase to unleash its full potential.
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