The NFT mania is still sweeping the globe. More and more digital assets are being listed on NFT marketplaces, and the number of markets is growing.
Coinbase, the cryptocurrency exchange behemoth, has lately joined the NFT craze by introducing its marketplace.
This post will explain how to purchase an NFT on Coinbase.
What is an NFT?
NFT is an abbreviation for “non-fungible token.” “Non-fungible simply implies anything unique, something that cannot be traded for something equal to it since it is a distinct entity. Fungible, on the other hand, is anything that may be traded for something of equivalent worth.
A dollar, for example, maybe thought of as fungible. We both have a dollar if I give you a dollar and you give me a dollar.
In the same manner, bitcoin may be thought of as fungible. If you send me one and I send you one, we’ll both have a bitcoin.
Consider two paintings, on the other hand. The Mona Lisa and Starry Night are non-fungible because they are distinct from one another. If we swapped the two paintings, we’d be trading wholly separate properties with unique characteristics, and their values would be different.
So we’ve got the NF (Non-fungible) aspect covered, but what about the token?
An NFT is a token that exists on the blockchain, and these tokens will represent ownership of a digital asset.
It is vital to understand that the digital asset does not reside inside the token, and the token just serves as evidence of ownership. Now that we’ve covered the basics of NFTs, let’s have a look at how to acquire an NFT on Coinbase.
What is an NFTHow to buy an NFT on Coinbase?
On October 12, 2021, Coinbase stated that it would join the NFT industry by building and managing a peer-to-peer NFT marketplace.
The statement noted that Coinbase NFT would be available “soon,” but customers may join a waiting list to get early access to the new platform.
It’s crucial to remember that signing up for the waitlist does not guarantee early access to Coinbase NFT. You will be placed in line for access, but you may improve your standing by convincing others to join up using your referral link.
The more people you assist in signing up for the waitlist, the closer you will be to being brought to the head of the line for early access.
According to Coinbase, you must be at least 18 years old and reside in the United States to be eligible for the queue.
According to the announcement website, the platform will “launch this year.” This suggests a possible launch date of the end of 2021. However, no official date has been provided.
As soon as the platform is completely available, we will update this page with detailed instructions on how to purchase NFTs.
