How to buy NFTs In Australia

Quick-Take: In this guide, we will show you the best way to buy and get exposure to NFT's (Non-Fungible Tokens) in Australia. We recommend using CoinSpot for their low fees and easy user experience, or OpenSea for their variety of NFTs.

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If you are unsure about investing in an NFT directly but want to get exposure into the space, we recommend investing in an 'NFT Bundle' with CoinSpot. An NFT Bundle is an equally weighted basket of NFT related cryptocurrency projects that is similar to an Exchange Traded Fund 'ETF'.

CoinSpot is Australia's largest digital asset trading platform that offers an NFT Bundle if you are looking for a more conservative approach to Metaverse investing. Fortunately, their platform also offers an NFT Marketplace if you're looking to safely buy top Collections like Bored Ape Yacht Club, Cool Cats, or more.

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The easiest way to buy NFTs in Australia

The easiest way to buy NFTs in Australia is through the CoinSpot NFT Marketplace. Their NFT trading platforms gives Australian investors access to the top collections on OpenSea, which includes Bored Ape Yacht Club, Azuki Zen, Invisible Friends, Cool Cats NFT and more.

Their marketplace allows Australian investors to buy these NFTs with any token listed on the CoinSpot platform. This means you can buy a BAYC or Azuki with a non Ethereum based token like Bitcoin, USDT, Cardano or any other coin on CoinSpot. Another advantage to their marketplace is that you  avoid the high gas (transaction) fees when using platforms like OpenSea.

Buy NFTS in Australia
The CoinSpot NFT Marketplace.

The fees for buying the CoinSpot NFT bundle are considerably lower than buying an NFT on OpenSea. When you are depositing Australian Dollars (AUD) on CoinSpot, you will pay zero fees when using deposit methods like PayID or Osko.

The only fees to take in consideration are a 1% flat fee to buy the NFT Bundle on CoinSpot.

How to buy NFTs in Australia

The guide below is a step-by-step walk through of how to buy NFTs in Australia using any token like Ethereum, Bitcoin, Cardano, Solana or a stable coin. We will use the CoinSpot NFT Marketplace as the premier destination to trade Metaverse Collections in Australia.

Step 1: Sign up to the CoinSpot cryptocurrency trading platform.

Step 2: Deposit AUD into their exchange via Bank Transfer, POLi, PayID/Osko, Cash, BPAY or SWIFT.

Step 3: Buy any token as collateral to purchase an NFT on their platform.

Step 4: Visit the NFT Marketplace and find the collection you want to buy an NFT from.

Buying NFT on CoinSpot

Step 5: Select the individual NFT you want to buy and select Buy Now.

Buy AZUKI NFT in Australia

Once you complete your purchase, your NFT will be on your CoinSpot managed NFT Wallet that can be found under your profile.

How to buy the CoinSpot NFT Bundle

If you are looking for broad exposure to the NFT asset class in crypto, we recommend checking out the NFT Bundle. This is an equally weighted basket (10% each) of the top NFT & Metaverse projects in the digital asset ecosystem by market capitalisation.

This is a great way to invest in NFTs if you are worried about selecting individual digital art pieces.

  1. Sign up to CoinSpot.
  2. Verify your personal or company identity.
  3. Connect your Australian Bank account.
  4. Deposit AUD into your CoinSpot account via the "Deposit" page.
  5. Go to the Bundles tab and select 'NFT Bundles', put in the amount you want to invest and press buy

Where to buy individual NFTs in Australia

If you are new to NFT's, we recommend using OpenSea as it is the world largest and most secure NFT marketplace. It is built on the Ethereum network but also supports Polygon and Klaytn for users who wish to avoid high gas (transaction) fees.

OpenSea is considered the best NFT marketplace as it has the largest and most diverse collection of NFT's in the world. Additional to this, the design and appearance of OpenSea is very straightforward and easy to navigate. As for fees, they take 2.5% of every transaction made on their platform. This is a standard rate and some NFT Marketplaces such as SuperRare take 15% fees.

How to buy NFTs on OpenSea

Follow the guide below to get started.

  1. Sign up to CoinSpot and buy Ethereum (ETH)
  2. Create a Metamask Wallet
  3. Send your ETH from CoinSpot to your Metamask Wallet
  4. Visit OpenSea
  5. Login (connect) with your Metamask details
  6. Find the NFT you want and press buy now

What are the risks of buying NFTs?

The main risk to consider when buying or trading NFTs is something called "illiquidity risk". This risk occurs because there is no open market like when trading Bitcoin or Ethereum to use to quickly sell or buy, resulting in "illiquidity".

In order to sell an NFT, someone must provide an offer or bid your asking price, making it incredibly difficult to sell when market sentiment becomes negative. This negative market sentiment happens once a quarter or half yearly and is considered normal in the crypto world. Buying an NFT should be considered a long term investment and not a quick cash grab.

Alternative NFT Marketplaces

If you wish to use an alternative platform to OpenSea due to its market saturation or simply because you don't like the UI, we recommend using Rarible. It is the second most recognisable NFT marketplace in the industry. The platform breaks its NFTs into many categories such as art, games, music, photography, domains, and much more.

Rarible is an ideal alternative platform if you’re looking for a marketplace with plenty of volume and verified creators.  A big plus is that you can see your Rarbile NFTs on OpenSea, which is helpful if you plan to use both platforms regularly.

Visit CoinSpot

Author Bio

Timothy Wilson was a former Prop Trader for a notable crypto trading fund based in Hong-Kong. He built BCA after deciding he wanted to focus his career on educating new users about Crypto and DeFi.

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