How to Receive NFT Coinbase Wallet?
omprehensive Tutorial on Receiving NFTs with Coinbase Wallet: Easy Steps for Owning and Managing NFTs
By reading the article “NFTs in Coinbase Wallet” published in Adaas Investment Magazine, you will easily get acquainted with the tutorial on How to Receive NFT Coinbase Wallet. This level of familiarity can be enough when you need educational information about this topic.
With the increasing popularity of non-fungible tokens or NFTs, many challenges and questions have arisen for users, and finding the correct answers to those questions has a direct impact on preserving the value of their assets.
Coinbase exchange, as one of the most popular platforms providing cryptocurrency services and the new generation of digital assets (NFTs), has developed a software wallet for users. In the following, you will learn how to receive and store NFT tokens in this wallet.
Table of Contents
Receive NFT in Coinbase wallet
As we have explained to you in the “NFT Transfer Tutorial” article, different software and hardware wallets can be used to store or transfer NFT tokens. Follow the steps below to receive NFT in your Coinbase wallet:
This process first requires installing the Coinbase wallet for your operating system. You can manage one user account in several wallets on different operating systems.
For this, you can enter the wallet download page on the official website of the Coinbase platform through the link below and click on the “Download Coinbase Wallet” button to start the download process.
After installing the wallet, run it and select the “Create New Wallet” option.
Make a backup copy of your recovery phrase in the next step. And then it asks you to confirm that you have backed up by choosing the first and last words of the recovery phrase.
After going through the security steps, you must choose a username for your account, and by confirming it, the wallet creation process ends and you enter the software user interface.
To receive NFT tokens, you can directly connect to your account on the Coinbase exchange, or you can use your wallet address in different blockchains to receive NFTs directly.
Select the “Add Crypto to Your Wallet” option to connect to the user account in the Coinbase exchange and select the “Receive” option from the main toolbar to receive the wallet address in blockchains.
As you have seen in the images, your wallet address will be displayed to you in different blockchains and you can use that address as the destination address to receive NFT tokens in your Coinbase wallet.
An Overview of NFT Tokens
The word “NFT” stands for “Non-Fungible Tokens“; This means that they have a unique value. In other words, each NFT token has a special feature that distinguishes them from each other.
Assets such as digital arts, physical arts, soccer players, video game characters, and so on are among the assets that can be valued and sold in the form of NFT tokens.
Ownership of NFT tokens:
Ownership of non-exchangeable tokens (NFT) is registered in Blockchain. The owner of the private key is the owner of the non-Fungible tokens!
Blockchain technology is simply a digital notebook for recording information. The information recorded in the blockchain network is shared among all computers connected to the network, so no one can hack or manipulate the network information.
Many software wallets such as Metamask and Trust Wallet have provided the possibility of storing and transferring NFT tokens for their users. In the meantime, the big Coinbase exchange has also developed its software wallet.
Follow the steps below to receive NFT tokens in this wallet:
- Download and install the wallet for your operating system.
- Create a new wallet or import your previous wallets.
- You can connect the wallet to your Coinbase account or use the blockchain address to transfer or buy and sell NFT tokens from another wallet.
The End Words
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Does Coinbase have any wallet for NFTs?
The big Coinbase exchange has also developed its software wallet and you can use it to store and transfer your NFTs!
Can I transfer NFTs without paying the transaction fee?
To avoid losing your assets, you should keep enough native tokens of that blockchain in your wallet to pay the transaction fee.