To buy NFTs, you will normally need the cryptocurrency on whose blockchain it’s minted. For example, most popular NFTs like the crypto punks are minted on the Ethereum blockchain and are available on the OpenSea. So, to get it, you need to have Ethereum in your wallet that’s linked with OpenSea. But what if you are not into crypto but want to collect NFTs? Well, Coinbase has thought of you as you can now buy NFTs without crypto on their platform.
Coinbase’s new NFT buying option
Coinbase is the largest crypto exchange in the US, and they have partnered up with Mastercard for the same. Users can now use their cards to purchase NFTs directly on Coinbase. This will make the process easier, and we might see a lot more NFT collectors come up. Right now, getting an NFT is a hassle. First, you make a wallet, then an open sea account, connect both and also add crypto to your wallet. After all this, you have to bid and buy and ensure the gas fees are accounted for.
All these steps have gone with just one move by Coinbase. The company has 2.5 million users on its waiting list of NFT platforms bringing a lot of competition to OpenSea. And since a lot of people who are new to crypto or aren’t just good with tech will find Coinbase’s way of buying NFTs much easier. Even those who haven’t gotten an NFT due to the gas fees can now consider getting one.
Mastercard will classify these purchases as digital goods and not as art. But this is a good step because these purchases are now possible using credit and debit cards both. Before this, only debit cards were allowed for crypto purchases. For Mastercard, this is great as they have been planning to enter the crypto space for quite a long time now.
It’s not for everyone
I am pretty sure if you are an enthusiast, then Coinbase’s way with NFTs is not going to impress you. And that is completely okay. If you are comfortable with the complicated steps involved in setting up wallets and NFT accounts, then go for it. But if you are new to crypto and still want to dabble in NFTs, Coinbase has you covered.
What are your thoughts as you can now buy NFTs without crypto on Coinbase? And do you think this will attract a lot of new users to their platform? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: US citizens can buy houses with Bitcoin now.