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Have you ever wanted to know how to buy NFTs in Australia, but weren’t sure how or where to buy from? In this post I highlight a few different options and show you how to buy NFTs in Australia. It includes options from multiple trusted crypto exchanges and an nft marketplace, crypto wallet services and more.
What Are NFTs?
NFTs or Non Fungible Tokens are a unique, unchangeable piece of data that is stored on the blockchain. This piece of data can be traded at a market value decided by the owner of the asset. More importantly, because this piece of data can’t be changed, it is verifiable proof of ownership.
NFTs can have lots of different utility for their owners, and this is often driven by the project team. For example VeeFriends (Gary Veynerchuk’s NFT project) provides holders with access to his annual VeeCon function. NFTs often have smart contracts where a royalty is paid to the creator each time the NFT is traded. This adds real world value to creators.
How to buy NFTs in Australia
In this how-to guide for buying NFTs in Australia I will explain how you can buy NFTs from NFT marketplaces and from cryptocurrency exchanges. The process of buying digital art will be different for each NFT marketplace and cryptocurrency exchange.
I will show you how to purchase digital collectibles across the following platforms:
How to buy NFTs with Cryptocurrency Exchanges
Buying NFTs through a cryptocurrency exchange is the easiest option for most people. This is because you likely already use a crypto exchange. Or you will need a crypto exchange to buy the crypto you will use to purchase the NFTs.
So buying NFTs with a cryptocurrency exchange removes an extra step that buying with NFT marketplaces has. However, often the cryptocurrency exchanges have limited NFT options to choose from. Or don’t let users create digital assets or mint NFTs on the platform.
I have highlighted 3 cryptocurrency exchanges where you can buy NFTs from in Australia.
How to buy NFTs on
There are two options for users to buy NFTs on the
The experience of buying digital assets within the
Follow these simple steps to buying an NFT with
- Sign up to Coinspot
- Verify your ID, whether you are setting up an individual, company or trust account
- Deposit AUD to your
Coinspotdigital wallet using any preferred deposit methods
- Buy any crypto on the
Coinspotapp (All available digital assets can be used)
- View the
CoinspotNFT marketplace and see if you find anything you might like
- Once you know what you want, select the digital asset and hit Buy Now
- You can then select which digital currency you want to pay with and ensure you have sufficient funds
- If you have sufficient funds the transfer will complete, and you will be the owner of an NFT
Coinspot NFT Bundles
Bundles operate more like a thematic exposure to the underlying technology. So given it is very different to purchasing NFTs I wouldn’t have thought this is the best option to get exposure to the NFT market.
It is important to note that while it is easy to buy NFTs with
How to buy NFTs on Crypto.com
Crypto.com has its own NFT marketplace. Even though it is a global crypto platform, you can purchase NFTs in Australia on their platform. Similar to the
Follow these simple steps to trade NFTs with Crypto.com:
- Sign up to the Crypto.com NFT Marketplace
- If you already have a Crypto.com app account, make sure you use the same email for this.
- Verify and link your accounts
- Provided you used the same email, you can go ahead and verify and link your NFT marketplace account with your Crypto.com app account
- If you don’t have a Crypto.com app account, then you will be asked for a mobile number to verify the account
- Look through the NFT marketplace and find the digital art you want to buy. Select the NFT and you will be taken to the listing page
- From here you can buy the NFT. Either through an auction or fixed price offer. You are able to buy the digital asset with the crypto from your account or with a debit/credit card.
- After purchasing the NFT it will be kept in your Collectables section, where you can keep it. Otherwise you can send it to your external wallet
How to buy NFTs on Binance
Binance has one of the largest NFT marketplaces globally. It offers users the ability to buy and sell NFTs that include virtual land and art pieces to name a few. The Binance NFT marketplace offers this functionality with fixed transaction fees of 1%.
Follow these simple steps to get started buying NFTs with Binance NFT:
- Sign up to a Binance account
- You will need crypto to buy NFTs on this platform. So you will need to either buy crypto or send it to your Binance wallet.
- The crypto you will need is; BNB, BUSD or ETH
- Start searching the NFT marketplace for your favourite digital asset
- You can buy NFTs from both the desktop version or mobile app
- There is a wide range to choose from, so take advantage of the filter functionality to find the NFT you are after
- Once you have found the NFT you want to buy you have to physically buy it. How you do this depends on what the current owner has set as the sale option. Either auction or fixed price.
- Fixed Price – Click the ‘Buy Now’ button to buy your NFT.
- Mystery box – This is a particular type of NFT and is just as the name suggests… You could get a really rare NFT or just a common one, a total random mystery.
- Once you have made the payment or won the auction you will now own the NFT. You can select ‘collections’ to view your particular NFT.
How to buy NFTs on NFT marketplaces
While buying NFTs with cryptocurrency exchanges might be slightly easier as it requires less steps. You will notice their variety of NFTs is nothing compared to specific NFT marketplaces. Additionally, NFT marketplaces enable users to take advantage of blockchain technology and create NFTs and mint them.
It makes sense that given NFT marketplaces specialise in a marketplace, that they have a better product offering, with more versatility than a crypto exchange. Unlike the
How to buy NFTs on OpenSea
OpenSea is one of the world’s largest NFT marketplaces. It has a wide range of non fungible tokens for users to buy, sell or mint. There are a few more steps required to buying NFTs on marketplaces versus using a cryptocurrency exchange.
Follow these simple steps to get started buying NFTs with OpenSea:
Set Up Metamask Account
- Before you can buy NFTs with OpenSea, you will need to create a crypto wallet. For this example I will use a Metamask Wallet.
- Go to https://metamask.io/ and download the Meta Mask extension
- Once installed you will be prompted to select between two options, for this example select “Create a wallet”
- You will be prompted to put in a password and agree to a disclaimer
- You will then be given a Secret recovery phrase. This will comprise of 12 random words, ensure you store this safely and don’t lose it, otherwise you may never be able to access this wallet again!
- Once you have stored the Secret recovery phrase away, you are ready to move to the next step.
Buy Some ETH
- You will need to buy some ETH
- Once you have some ETH, you will need to send it to your Metamask wallet
- You will need to get the address for your MetaMask wallet, you can do this by opening the extension in your browser, select the three dots and click account details. From here you can copy and paste the address to your cryptocurrency exchange and send the ETH.
- Make sure you are sending to the correct address. For example, if you are sending ETH make sure you have the Ethereum Mainnet selected in your Metamask Wallet.
- Once you have received the funds in your Metamask wallet you can start searching OpenSea for NFTs
- Once you find an NFT you want to purchase you can try to buy it in two different ways;
- Buy now option- Hit Buy Now and the Metamask extension will dropdown asking if you want to confirm the transaction. Consider the amount of gas fees with the transaction, as these can be high.
- Auction – You will need to hit the “Make Offer” button.
- Opensea will ask to convert your ETH into Wrapped ETH (WETH), there is a small transaction fee for this conversion
- You will need to confirm this through Metamask again. Hit confirm and Select “Make Offer’ button again.
- Here you get to specify the amount of WETH you want to offer and confirm.
- Once confirmed you will need to sign the final Metamask extension dropdown.
- When you have bought the NFT or won the Auction, you will then own the NFT and it will appear in your Metamask wallet.
Bonus Step – Move NFTs to a Hardware wallet
For extra security once you purchase your NFTs, you could move them to a hardware wallet. A hardware wallet keeps your digital assets extremely safe, and they have extra security features.
Hardware wallets are a great option if you are worried about the security protocols of digital wallets connected to the internet. Wallets such as the Ledger Nano S and Ledger Nano X are cold wallets. They have military grade security and at a very reasonable price are a great way to add an extra layer of security for holding your NFTs or meme coins.
Hopefully you are enjoying this post so far and finding it helpful. In case you have further questions regarding how to buy NFTs in Australia I have compiled a list of FAQs below.
What are the risks of NFTs
The most obvious risk with NFTs is that the project or NFT you are buying is total garbage. The unfortunate thing is you may not know this until it is too late. You should do some serious due diligence on the people behind the NFT project.
Another serious risk is that of cybersecurity. Lots of people that play in the NFT space are on platforms like Discord. It is very easy to click on links from people you “know”, however these can be malicious links. There have been too many stories of people having their wallets drained for doing things like this!
Also beware of what is called a pump and dump scheme. This is where influencers will promote an NFT project and get lots of their followers to buy the NFTs. With this massive influx of people it “pumps” the value of the NFTs. Meanwhile, the influencer and the project leaders are selling their assets to walk away with all the money. Then the value of the NFTs “dump”
What is Their functionality?
At its core their primary functionality is verifiable proof of ownership. So think of anything where it is important to show ownership and there is inherent value. For example, you need to show your own tickets to watch a basketball game, or go into the box at the stadium. Therefore an NFT would also be able to do this.
From here, value can further be added by building community or perks. For example, a rare NFT could provide the holder access to the corporate box, but also a meet and greet with the team, or behind the scenes access.
Other ways NFTs have value is through smart contracts. A smart contract is essentially a programmed set of logic. If ‘x’ happens, then ‘y’ happens, e.g. if the NFT is sold, then 10% of the sale value will be paid to the creator’s crypto wallet. This is a way to pay ongoing royalties to the creator, think of the value added here for musicians or artists.
NFTs go far beyond just the digital art that everyone knows them as. Sooner rather than later we will be given NFTs for ownership of our homes, cars, share certificates etc, the possibilities are endless.
I hope that you found this post on how to buy NFTs in Australia helpful and that it enables you to get started buying NFTs!