Best NFT Trading Platform Australia – Pros & Cons

If you want to join the NFT craze, find NFT trading platforms. You can use these apps to trade digital assets such as art, music, and virtual worlds. Compared to Amazon (NASDAQ: AMZN), NFT is like Amazon in the digital world.

There are a variety of NFT trading platforms, each with its focus. Which one should you choose? Which is the best NFT trading platform? Learn more about NFT trading below.

Best NFT Trading Platforms Australia List 2023

1. NFT Launchpad – Overall Best NFT Marketplace In Australia
2. Binance NFT Marketplace – Best NFT Trading Platform
3. OpenSea – One of the Best Platforms For NFT Trading
4. Axie Marketplace – Cutting-Edge Platform For NFT Trading
5. Rarible – Marketplace For NFT Trading

Best NFT Trading Platforms Australia 2023

The following are a few of the best NFT trading platforms you should consider in addition to the different NFT trading platforms available on the market.

1. NFT Launchpad – Overall Best NFT Marketplace Australia

For buying, selling, and minting NFTs, NFT LaunchPad is the top NFT marketplace. NFT LaunchPad, despite its multi-chain capability, currently supports NFTs on the Binance Smart Chain (BSC) and Polygon blockchains, and it will also support NFTs on more blockchains in the future.

There is a community of users using NFT LaunchPad, and this community is growing rapidly. In addition, NFT LaunchPad offers features and services that many other marketplaces do not.

The NFT LaunchPad can be a good start for those who are looking to learn more about the world of NFTs than ever before, thanks to its simple and user-friendly interface.

You can mine your own NFTs, set your own royalty rates, or create exclusive collections using NFT LaunchPad’s safe and secure environment. Investors looking to get in on the ground floor of the latest and greatest NFTs can go to NFT LaunchPad to get in on the ground floor of the latest and greatest NFTs.

Digital assets are available in a variety of genres on the NFT LaunchPad’s NFT marketplace. Additionally, NFT LaunchPad is the only place to buy Lucky Block NFTs, which have been making a lot of news lately!

NFT LaunchPad is the perfect solution for those who are looking for a simple way to mint their own NFT coins. By using the platform, you can make the entire process extremely streamlined, so you can focus on what you do best – making money.

You can choose from multiple formats such as MP4 and create multiple NFTs simultaneously with NFT LaunchPad. Furthermore, NFT LaunchPad’s intuitive interface makes getting started quick and easy.

NFT LaunchPad’s assets are backed by Wrapped Binance Coin (WBNB), a crypto currency that can be acquired with ease from many of the best crypto exchanges.

Wrapped BNB is easy to use, just connect your MetaMask wallet, and you’re all set! As part of their commitment to providing the best experience possible, NFT LaunchPad is always adding new features and adding support for other wallets like Trust Wallet.

Your money is at risk.

2. Binance NFT Marketplace – Best NFT Trading Platform Australia

Through its participation in NFT's dynamics, Binance, the cryptocurrency exchange, has entered the crypto art market. On 24 June 2021, Binance's first NFT auction featured works by Andy Warhol, the American artist who influenced pop art, and Salvador Dali, the Spanish artist known for "The Persistence of Memory."

The market offers gaming (sports, esports, collectibles) and entertainment.

Two auctions will mark the launch of Binance's NFT platforms: "Genesis" and "Mystery Box Series 1". Warhol and Dali's works will display from 29 June 2021 until 29 June 2022 at the Genesis exhibition.

Binance Smart Chain and Binance's NFT token standard (Binance's BEP-721 tokens) will power most of this marketplace's features. The platform will also support Binance Smart Chain tokens and the Ethereum network.

Binance Smart Chain and Ethereum charge gas fees for buying and selling NFT trading cards. As a result, artists must pay Binance Coins (BNB) in exchange for fees associated with minting NFTs on Binance's marketplace.

The fees associated with each transaction on the Binance NFT exchange platform (whether a buy or sell transaction) are not disclosed.

Binance NFT, however, announced in April 2021 that posting artwork would be subject to a 1.00% processing fee.

Several NFT trading platforms accept PayPal and credit or debit cards. We decided to mark Binance NFT as accepting debit card deposits since it is connected to its exchange. As a means of depositing fiat currency, the exchange accepts wire transfers and debit cards. PayPal deposits are not permitted. NFT platforms on Binance are the best places to buy them.

Your money is at risk.

3. OpenSea – One of the Best Platforms For NFT Trading

The OpenSea decentralized platform allows you to buy and sell non-fungible tokens. This exchange was started in 2017 as a market for CryptoKitties but now has much more to offer after entering the NFT platform trend. Digital assets are available in various forms, such as art, domain names, game items, and music.

The best way to purchase and sell NFTs on OpenSea is to have an Ethereum wallet. The platform is built on Ethereum. OpenSea supports several other blockchains in addition to Polygon (MATIC) and Klatyn (KLAY). With the platform, you can buy and sell items using 241 different payment methods, including stablecoins.

OpenSea lets users buy and sell unique digital assets in a decentralized marketplace using smart contracts. For example, NFT collectibles are stored on the platform under a smart contract, protecting the creator's work. MetaMask also doesn't require an account since it is a web3 wallet.

OpenSea uses the open-source blockchain Ethereum in addition to ERC721 and ERC1155 to verify that NFT trading cards collectors own the assets they list on OpenSea. Polygon blockchains also enable the company to facilitate fast and low-cost trading. As a result, OpenSea NFT platforms are a superb option if you're wondering where to buy NFTs.

Your money is at risk.

4. Axie Marketplace – Cutting-Edge Platform For NFT Trading

The game Axie Infinity is based on the mythological creature Axie originated in Vietnam. Axie Infinity rewards players with tokens called AXS (Axie Infinity Shards). As of the date of this review (30 March 2021), the website claimed to have more than 19,000 monthly active users.

An NFT from the Axie Infinity Marketplace (an in-game virtual land) was purchased for 888 Ether (approximately $1.5 million at the time).

The ecosystem of Axie Infinity is owned by each player individually. You can exchange NFTs and digital currencies for in-game items. It is like an imaginary world with pets because it revolves around imaginary creatures. Each player must start with three axies.

Only Axie Infinity characters and items can be found in the Axie Infinity Marketplace. So if you want to hang digital art in your living room, you need to look elsewhere.

Platforms receive 4.25% of the transaction price from sellers (but not from buyers). So, for example, if you sold an Axie Infinity NFT for 100 USD, you would only get 95.75 USD back. The remaining sale price goes to Sky Mavis, which developed Axie Infinity. The Community Treasury will also reward AXS token holders by 2021.

Gas fees are the only thing a buyer needs to consider when purchasing. Fees are divided into four categories based on the vehicle's speed - Slow, Standard, Fast, and Rapid. Additional charges apply based on the type of transaction. Here are some examples. Axie Marketplace is, therefore, the most efficient platform for NFT trading if you want to buy NFTs from Axie Infinity.

Your money is at risk.

5. Rarible – Marketplace For NFT Trading

Collectors buy NFTs on the Rareible marketplace, where creators create them. This digital marketplace allows you to sell everything from "Bored Elon" art to original songs and artwork featuring Tupac.

Rarible only accepts Ethereum (ETH). Therefore, you will need a cryptocurrency wallet to purchase or sell on the site. Therefore, Rarible is backed by the blockchain. In this way, buyers are assured that their NFT ownership is verified.

Rarely displays NFTs outside of its marketplace, unlike aggregators such as Opensea. On the other hand, Opensea displays files from multiple markets. As a result, Rarible NFTs can be found on Opensea, but the reverse will not be true.

Rarible secured an undisclosed amount of funding from CoinFund in September of 2020. Furthermore, over 100,000 items were minted, and over $24 million was traded on the platform throughout the year.

Your money is at risk.

Where to Buy NFTs Australia – Fee Comparison

What is an NFT?

NFTs, or non-fungible tokens, are a new trend in cryptocurrency. NFTs became a global phenomenon after Christie's auction house sold the world's first-ever NFT, a collage of images by digital artist Beeple for $69.3 million.

It is possible to convert digital artworks into unique, verifiable assets that can be traded on the blockchain, simplifying the process of collecting and preserving artworks.

Although the concept is complex, the payoff has been enormous for artists, musicians, influencers, and investors who have purchased digital versions of the originals for top dollar. However, NFT technology is nothing new. The first tweet on Twitter sold for $2.9 million, a LeBron James slam-dunk video clip sold for more than $200k, and a decade-old "Nyan Cat" GIF sold for $610,000. A digital trading game based on the Ethereum blockchain, CryptoKitties was one of the original NFTs. A unique virtual cat was stored on the blockchain and could be purchased and sold.

Bitcoin and Ethereum are backed by blockchains and are non-fungible tokens. Unlike NFTs, however, those assets are fungible, which means they can be replaced or exchanged with another identical asset with the same value.

NFT trading cards are, on the other hand, unique and cannot be exchanged, so there are no two identical trading cards.

By making assets scarce among otherwise infinitely available assets, the NFT comes with a certificate of authenticity. Pokemon cards, rare coins, or a pair of limited-edition Jordans are all great choices. Digital artwork, which can be purchased and sold through NFTs, can take many forms, including GIFs, tweets, images of physical objects, virtual trading cards, video game skins, and virtual real estate.

Your money is at risk.

How Can I Trade NFT?

If you are interested in NFTs, a collector, or simply looking to speculate on them, you should learn how to trade them. The process may seem complex to outsiders, but it is quite straightforward. Here are the steps in detail.

Step 1: Select a broker

The first step is to choose a platform that allows you to trade NFTs. Since there are several such platforms, you must pick the one that meets your trading needs. It is also important to consider the platform's non-trading fees, like deposit and withdrawal fees, and its overall usability. In addition to NFT platforms, you can choose from cryptocurrency exchanges and NFT marketplaces. Both have advantages and disadvantages; NFT marketplaces offer a wider range of products, but crypto exchanges have their crypto wallets, so you can trade on NFTs without linking your crypto wallets from other platforms and paying transfer fees.

The fact that some platforms offer low fees and a wide variety of products does not mean that they are easy to use. Due to this, you will have to spend several months just learning how to use the platform. In addition, the platform you use should have a mobile app that allows you to monitor your positions while traveling. Additionally, you will be able to participate in NFT auctions and bid on items even when you are away from your computer.

Step 2: Connect your wallet to your account

The next step is to open an account with the platform after selecting the platform you will trade on. This process can take a few minutes. Normally, this involves completing a form and verifying the KYC of the account. Your next steps will depend on the platform you choose.

You will then need to purchase cryptocurrencies on a crypto exchange of your choice. The most popular cryptocurrencies are Bitcoin and Ethereum. The coins will automatically be stored in your crypto wallet. Your crypto wallet can be used to store multiple cryptocurrencies and to buy and sell NFTs on the platform.

Alternatively, if you select an NFT marketplace, you will need to open a crypto wallet account and deposit cryptocurrencies into it. After that, you must link this crypto wallet with your NFT marketplace account. NFTs can be easily purchased and sold via this crypto wallet. Before depositing your crypto into a wallet, please make sure it is compatible with whatever marketplace you are using.

It is critical to link your account whether you have a crypto wallet on the platform or externally for two reasons. First, your crypto wallet will be credited and debited with the funds you need to purchase NFTs and the proceeds earned from their sale. Whenever you decide to hold the NFT, it will be stored and held in your crypto wallet.

Step 3: Identify an NFT trading strategy

The next step is to identify a trading strategy for NFTs. Listed below are a variety of trading strategies you can choose from.

 Step 4: Choose an NFT that you wish to buy

You can only choose the NFT you want to purchase from the NFT marketplace following these steps. NFTs are of two types: those that can be purchased outright and auctioned. To purchase your NFT outright, simply click "buy" and follow the instructions. The purchase amount will be deducted from your crypto wallet, and the NFT will be added to it. The fees on NFTs are much higher during periods of high volatility, so it is best to avoid them. You may have to pay so much in fees that you will end up paying more than you paid for the NFT.

Risks of Trading NFTs

After-sales of $69.3 million in March, NFTs created quite a buzz in 2021. However, the NFT trend creates controversy about how long it will last. Several challenges and risks are associated with NFTs. In the digital currency industry, these tokens are non-fungible. In addition, their properties make them harder to exchange than other assets.

non-fungible tokens include music, domain names, artwork, and real estate. There is a good growth potential for NFTs, but potential risks must also be considered. The following is a detailed breakdown of the risks and challenges of trading NFTs.

NFT Risks and Challenges

Non-fungible tokens are a new class of digital assets that will significantly change the value and uncertainty of NFT trading in the future. NFTs face several challenges, including:

• Legal and regulatory barriers
• Evaluation issues
• IP rights also called intellectual property rights
• frauds and cyber-security threats
• Money laundering and counter-terrorism financing
• The risks and maintenance of smart contracts
• Regarding NFTs as securities
• The challenges of social and environmental governance (SEG)
• Legal and Regulatory Issues

Many types of assets are described by the NFT platforms using specific characteristics, but there is no standard definition. NFTs, for example, have distinct properties, cannot be interchanged, and cannot be fungible. However, there have been specific regulatory approaches for NFTs. For instance, the Markets in Crypto-assets (MICA) Regulation may provide a regulatory framework for NFTs.

NFTs may be managed differently in the future due to regulations in the EU and UK. Regulation of specific activities on NFT trading sites may be governed by the European Union's proposal for regulating crypto-asset markets, published in September 2020. However, likely, NFTs will not be included in the UK's existing regulatory precedents. In this regard, a case-by-case analysis of how NFTs are marketed and sold, as well as determining whether they are regulated, may assist in determining whether regulatory precedents apply. NFTs are included in the definition of crypto-assets by MICA. However, MICA's draft definition of crypto-assets does not specify whether or not issuers of trading NFTs should publish white papers.

According to FCA guidelines, NFTs may qualify as crypto assets in the UK and thus be exempt from the UK promotion regime. Under these regulatory circumstances, NFTs may be classified as e-money, securities, or unregulated tokens, depending on their characteristics.

In Japan, technology-based currencies (NFTs) are financial instruments used for payment or exchange. Therefore, they are covered by the Payment Services Act. Despite that, the Payment Services Act does not apply to non-financial products that have limited functions, such as in-game items and trading cards that do not fulfill economic functions. Accordingly, these NFTs should be carefully examined and evaluated according to their functions and specifications. Also, the platform or application used for NFT and its utilization should be examined.

NFT technology underscores the importance of considering legal and regulatory risks. For NFTs to continue growing and expanding, they must be adaptable. Most of the time, NFT is caused by the definition of NFT. In addition, the number and diversity of NFTs are increasing, making it more difficult to establish a solid compliance basis.

Evaluation Challenges

The value of non-fungible tokens is also an additional significant risk and challenges associated with NFTs. NFT valuation is also influenced by perceptions of buyers and sellers and distribution channels. Because NFTs are priced according to how buyers perceive their value, their prices fluctuate, making it extremely difficult to identify an NFT buyer and predict their purchase factors.

Intellectual Property Rights

NFT's intellectual property issues are next on the list of risks and challenges. Consider whether the seller has the rights to the NFT when purchasing it. It is a bad investment if the seller does not own the NFT. It is possible to take photos of NFTs or replicas of NFTs. There are no intellectual property rights attached to NFTs. A smart contract underlying an NFT specifies its terms and conditions in its metadata.

NFTs suffer from intellectual property protection challenges, so their buyers own them and are the only ones who can display them. The service users must adhere to when using NFT exchange platforms has limitations. Decentralized blockchain technology is subject to misconceptions, which must be dispelled. Publicity is an important IP right with copyright, trademarks, and patents.

Cyber Security and Fraud Risks

As the digital world has grown and NFTs have become more popular, cybersecurity and fraud risks have increased. The risk associated with replicating an NFT store with identical logos and content is the same. Therefore, a fake NFT store is also noteworthy when considering the risks and challenges associated with NFTs in cybersecurity. Moreover, consumers should be aware of concerns regarding imitation of artists or counterfeiting of NFTs sold by these fake NFT stores.

It is possible to sell fake NFTs under the names of NFT artists who can impersonate them. non-fungible tokens provide a number of risks and challenges, including copyright theft, replicating popular tokens, and fake airdrops. Cybersecurity and fraud are also prominent risks and challenges. You should also be aware of social media scams that promote NFTs.

Smart Contract Risks and NFT Maintenance

The risk associated with smart contracts and the challenges associated with NFT maintenance are prominent concerns in the NFT landscape. For example, hackers recently targeted the Poly Network, an interoperability protocol that offers cross-chain interoperability. The NFT theft resulted in almost $600 million being stolen, highlighting the serious security issues associated with smart contracts.

Hackers exploited security vulnerabilities in Poly Network smart contracts to carry out such large-scale attacks. The poly network allows users to exchange tokens across various blockchain networks while supporting their collaboration. As a result, over $300 million has been returned to Poly Network as of this writing.

NFT Trading Strategy

Trading NFTs has always been in the interest of making huge returns. The following five strategies will help you make smart investment decisions, and we have compiled them to help you reach your goal:

Buy the Floor

The non-fungible tokens still have a huge market, and there is a good chance that they will last for a long time. In this case, purchasing NFTs at their floor price may be a good idea. A non-fungible token's floor price corresponds to the token's lowest price and category on the NFT market.

NFTs are worth choosing only if they fall within a category you are interested in, not just because they are inexpensive. For example, if you choose rare NFTs over others, you might choose tokens within that category with a floor price.

Having the floor now will give you an advantage in the future if the token becomes more popular. As your token grows, you can buy floors to get a front-row seat.

Google Trends for NFT

Google trends can quickly show you whether a niche is still popular, no matter how much experience with NFTs.

On a scale of 0 to 100, a word is searched 100 times. Changing trends can be seen in the number of times a word is searched. When there are many collectors of NFT collectibles, it's a good time to buy them.

Furthermore, fewer people search for NFT-related keywords, which means you should tread carefully.

Buy NFT Collectibles With Few Sellers

Unless you can sell your holdings at a low price, it is always difficult to have multiple people selling NFT collectibles simultaneously. As a result, profits will be significantly reduced.

Make sure the price sellers have already listed is higher than recent sales if you plan to sell such an NFT.

Check the gaps between the listed sale prices if the seller is unwilling to sell at a certain price. For example, if you lower your purchase price in response to a close price, the seller may lower their price quickly. That could lead to further asset depreciation.

Value Strategy

Consider purchasing NFTs with a high perceived value. A tool like Rarity can assist with this. Due to this tool's ability to compare NFTs based on their rarity is useful for identifying valuable NFTs.

Even though 10,000 CryptoPunks are expensive, they are regarded as more valuable since they share many of the same features as other punks in the collection.

The demand for NFT collectibles always exceeds the supply, which increases their value.

Buy the Ceiling

It is extremely rare, expensive, and in high demand to find NFTs in ceilings. NFTs are usually invested in ceilings by traders with a lot of cash. Due to their growth potential, NFTs also attract many popular figures, such as celebrities and influencers.

Despite their high price, ceiling NFTs may be a good investment despite their high cost. However, when traders lose popularity, they may sell at low prices, resulting in large losses.

Are NFTs Regulated in Australia?

The purchasers of NFTs may also be subject to tax implications. Tax treatment for NFTs has been grouped into the same category as cryptocurrencies by the Australian Taxation Office (ATO).

It is essential for creators, sellers, and buyers of NFTs to consider legal considerations, particularly intellectual property laws. Consequently, you should understand the terms and conditions when buying or selling NFTs on an NFT platform. A more detailed set of terms and conditions can be prepared if the terms and conditions do not suit the sale or purchase of the NFT. Otherwise, you should review the terms and conditions of the trading platform, particularly regarding IP ownership and license rights, to know what rights you will have.

How to Get Started with an NFT Trading Platform - Binance NFT

You must follow four simple steps to open an account on Binance NFT, the best NFT trading platform. The following is a detailed explanation of each step in the process.

Step 1: Open an Account

Click on the "Join Now" button on Binance's website to open an account. If you don't have a Gmail account, you can set up an account from scratch. At first, you must enter your email address and create a strong, unique password. If you only plan on using cryptocurrency to deposit funds, you do not need to provide any additional information.

Your money is at risk.

Step 2: Upload ID

The KYC process is required when funding your Binance account via credit/debit card or bank transfer.

Your first step is to provide your personal information, such as your name, address, country of residence, and mobile phone number. Your next step will be to upload a copy of your government-issued ID card. Passports and driver's licenses are both acceptable options. In some countries, you may also use a national ID card.

Step 3: Deposit Funds

Binance will process your deposit differently depending on the payment method you select.

Crypto Deposit

In order to deposit funds with cryptocurrency, you will need to access the deposit page in your account dashboard. Select the digital asset you want to use and click the 'Deposit' button. Your wallet will be displayed with your unique address.

The address must be copied to your clipboard, pasted into your private wallet, and confirmed. Then, within 20 minutes, the funds should show up in your Binance account.

Debit/Credit Card Deposit

If you wish to deposit funds using Visa or MasterCard, select the 'Credit/Debit Card' tab under the 'Buy Crypto' tab. Secondly, you should decide whether to use fiat money or cryptocurrency to fund your account. Finally, follow the on-screen instructions to confirm your transaction by entering your credit card details.

Bank Account Deposit

You may also opt for a local bank transfer if you qualify. You can also view Binance's bank account information and reference number by hovering over the 'Buy Crypto' tab and clicking 'Bank Deposit.' You will then be able to see Binance's bank account information.

Log in to your online banking or mobile device to complete the transfer. Deposits are processed quickly in some countries, such as the United Kingdom.

Step 4: Trade Altcoins

Once you've completed this step, you'll be able to view, bid, and purchase NFTs on their marketplace.

Binance – Best NFT Marketplace in Australia

Your money is at risk.

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