How to Use Coinbase to Buy a Polygon NFT

Coinbase is a well-known cryptocurrency exchange platform for buying, selling, and trading digital assets. In March 2022, it launched an in-house NFT marketplace, allowing users to trade NFTs within the Coinbase platform directly.

During its launch, the marketplace supported NFTs built on the Ethereum blockchain. Later, Polygon was integrated, making it possible to trade Polygon NFTs with a few steps.

Why Should You Buy a Polygon NFT?

For a few reasons, buying a Polygon NFT on Coinbase may be a good opportunity for NFT collectors and enthusiasts.

1. It’s a way to expand your NFT collection. Although the hype behind NFTs has receded, many people still value them and see their massive potential in the future. If you’re one of them, having a Polygon NFT is a plus.
2. It means you’ll be participating in the growing Polygon NFT Market. Polygon as an Ethereum competitor is growing. It’s safe to say it’s NFT market, and by extension, NFT projects, also have potential to grow.
3. It could be your way to gain experience in the NFT space. NFTs beginners get discouraged by the complicated process of creating NFTs. Using Coinbase to buy an NFT and trading it are excellent ways to gain experience and see if the market is for you.

If any of these reasons motivate you, let’s check out how to buy a Polygon NFT on Coinbase.

What You Need to Buy a Polygon NFT

First, to buy a Polygon NFT on Coinbase, you need a crypto wallet. Three crypto wallets are currently supported by the Coinbase NFT marketplace: Coinbase Wallet, MetaMask, and WalletConnect. We have guides on setting up Coinbase Wallet and how to get started with MetaMask, which are two of the best crypto wallets around.

Secondly, you need to have ETH in your wallet. Trading NFTs on Coinbase Wallet makes use of Wrapped ETH. You’ll be required to swap your ETH to wETH before you can buy a Polygon NFT, but this is easily done in the app, where the option will be presented before purchase.

Lastly, you need to know what NFT you are planning to buy. There are hundreds of NFT projects already hosted on the Coinbase NFT marketplace, and the list keeps getting longer. You should DYOR (do your own research) to figure out the value of the NFT before investing.

Once you set up one of the two wallets listed above, loaded your wallet with some ETH, and identify the NFT collection you want to invest in, you can easily buy a Polygon NFT on Coinbase.

How to Buy a Polygon NFT on Coinbase

To buy Polygon NFTs on Coinbase, open a browser and follow these steps.

1. Go to nft.coinbase.com
2. Connect your Wallet by clicking on Sign In. A pop-up window will display the three wallets you can use. In this case, we’ll select Coinbase Wallet.

3. Scan the QR Code on the screen using your Coinbase Wallet app.

4. You’ll be required to sign the signature request on your phone before your wallet can be connected.
5. Once connected, type in the name of the Polygon NFT project you are interested in at the top Search bar and click on the NFT Collection.

6. Study the profile of the NFT collection to ensure it’s legit—there are some key NFT features and data you should check before buying. Once you’re sure it’s the original collection, you can now proceed to buy an NFT from the collection.

7. If you want to buy a Polygon NFT immediately, you’ll have to select a collection with listed NFTs. Ideally, most Polygon NFTs are not listed for sale. For instance, in our case, 0.0% of the collection is listed for sale. In such a situation, you cannot buy the NFT. Another scenario would be an NFT that’s not listed but is open for offers. In such a case, you’ll see the Make an offer button. Click on it.

8. Set the amount you are willing to offer for the NFT and the time limit. Take note: you’ll need to convert ETH to wETHs, so you can purchase the NFT.

9. Once you’re done, scroll down to Approve and Submit. If your wallet has enough balance to cover the NFT’s value and the transaction costs, the offer will go through. If the NFT is listed for sale, you’ll go through the same process. The only difference will be, instead of just Make an offer, you’ll also see Buy Now. In this case, if you’re happy with the price, select Buy Now, then approve and submit the transaction.
10. Check your Polygon NFT. You can find your Polygon NFT listed in your Coinbase Wallet. Open your Coinbase Wallet app, go to Assets, Select NFTs, and your Polygon NFT should be there.

What to Do With Your Polygon NFT

If you’ve bought a Polygon NFT, there are a couple of things you can do with it.

1. Hold onto it as a collectible. NFTs are unique digital assets, and their rarity and uniqueness can make them highly valuable. You can keep the NFT in your Coinbase Wallet or transfer it to a different wallet that supports Polygon NFTs and hold it as long as you want.
2. Sell the NFT. You can find an NFT marketplace that supports Polygon NFTs, such as OpenSea, Refinable, NFTrade, tofuNFT, or LootEx. Start by researching the market, then set a price for the NFT, and market it on social media or crypto forums to get a buyer.

Generally, the possibilities for what to do with your Polygon NFT and subsequent opportunities depend on the performance of the NFT market, the investment made into the specific NFT project, and the engagement of the NFT community in the project.

Get Hold of Some Polygon NFTs

Buying a Polygon NFT on the Coinbase Marketplace is ideal for NFT collectors. You can benefit from this exciting opportunity by expanding your collection, participating in the growing Polygon NFT market, and gaining experience in the NFT space.

Remember, you’ll first need to set up a wallet, buy some ETH and do your own research to identify the NFT you want to invest in. Once you have that information, you can easily buy a Polygon NFT on Coinbase.