NFTs, or non-fungible tokens, are digital certificates based on real-world assets. The booming NFT sub-sector has suddenly taken center stage in recent months, following record-breaking sales and investments in the booming industry.
In this guide, we will examine the top NFT marketplaces available and how to buy NFTs in Australia.
How to Buy NFTs in Australia – Step by Step Guide 2022
You can find many NFT marketplaces in Australia. Most of them offer great benefits for traders and creators alike. So look at the extensive list we are providing.
1. NFT Launchpad: The Best Option For Traders & Creators Alike In Australia
The NFT LaunchPad is a new market where you can buy, sell, and make non-fungible token transactions.
LaunchPad was established in upstate New York in 2022 with inspiration, sincere passion, and the purpose of providing NFT enthusiasts with the best, most convenient, and most secure platform available. So far, Binance Smart Chain and Polygon have been integrated, and the next phase of the launch will see more integrations.
A unique feature of Streamline is the ability to mint your own NFTs from multiple formats. The MP4 format is one of the formats it accepts. You can create as many NFTs as you’d like, set the royalty rate, and decide how rare your creation is. Then, you can sell them either at auction or at a fixed rate – the choice is yours.
NFT LaunchPad allows you to trade and invest in NFTs. It is a safe platform for buying digital artwork and music, video, and gaming NFTs.
NFT Launchpad is one of the top NFT marketplaces, aiming to become the most popular marketplace for NFT creators, investors, and traders.
No Service Fee
There are auction bids available
Connecting your crypto wallet is easy
With no service fees
Easy to use
The best place to locate the last Lucky Block NFT collection
Focused on creators
Two blockchain networks are supported: Binance Smart Chain and Polygon (MATIC).
2. Coinbase NFT Marketplace – Largest US NFT Marketplace Available in Australia
Since its founding in 2012, Coinbase has operated as both an exchange and a wallet. Over 73 million people in more than 100 countries use it. Moreover, over 10,000 institutions and 185,000 ecosystem partners trust it.
This website makes it easy for beginners to buy, sell, and deal in cryptocurrencies. In addition to providing its users with a secure trading environment, it safeguards their information on its platform. Virtually every cryptocurrency wallet offers two-factor authentication (2FA).
Its platform supports a wide range of digital currencies, and it charges fees for trading. Users must deposit trading on this user-friendly platform. It's a great platform for finding the best crypto investments, and you'll be able to find the best NFTs to invest in right now.
Commissions starting at 0.50%
Fee for inactivity
Fees for withdrawals
1.49 % to an account
Provides a wide range of technical indicators
Easy to use for beginners
Multiple cryptocurrencies supported
Requests for customer service are sometimes delayed
3. Binance NFT Marketplace – The Best NFT Trading Platform in Australia
Binance entered the crypto art market using NFT's dynamic platform. Binance held its first NFT auction on 24 June 2021, which featured works by Andy Warhol, an American pop artist, and Salvador Dal, a Spanish artist, exhibiting "The Persistence of Memory."
A wide range of categories is available, including gaming (sports, e-sports, collectibles) and entertainment.
Binance launched two auctions as part of their NFT platform launch: "Genesis" and "Mystery Box Series 1". The Genesis exhibition displayed Warhol and Dali's works until 29 June 2021.
Most of the functionality of this marketplace was provided by the Binance Smart Chain and the BEP-721 token (Binance's NFT standard token). Additionally, the platform supports both the Ethereum network and Binance's Smart Chain tokens.
The Binance Smart Chain and Ethereum charge a gas fee to use smart contracts to purchase and sell NFT trading cards. Due to this, the artist must pay Binance Coins (BNB) in exchange for the respective fees for minting NFTs on Binance's marketplace.
Commission, starting from 0.1%
0.80 EUR (SEPA bank transfer)
Compatible with over 100 pairs of shoes
Accepts Fiat deposits
Because of its low fees, BNB offers additional discounts
4. Crypto.com: Overall Best NFT Platform In Australia For Music
Several milestones have been reached since Crypto.com launched its crypto.com NFT platform in March 2021, taking advantage of the boom brought about by the NFT platform.
Their collaborations with artists, musicians, brands, celebrities, and others have resulted in several noteworthy NFT collections, including Snoop Dogg's "A Journey with the Dogg," the Aston Martin Cognizant F1 Team's "A New Era Begins," and BossLogic's "Greater Heights.".
By collaborating with creators, they have been able to speed up the distribution of NFTs such as Morysetta's "Collage Mirage: Morysetta" and Ugonzo's "PsychoKitties: The New Era" into the online marketplace.
Crypto.com has partnered with the UFC and the Philadelphia 76ers to create an extensive sports history collection that fans can collect and enjoy.
0.04% maker and taker fees
According to the currency withdrawn. 0.0004
Easy and simple to understand.
NFT has no transaction fees.
Flexibility with debit/credit cards.
The NFT marketplace is only accessible through Crypto.com’s app.
5. OpenSea – One of the Most Popular Platforms for Trading NFTs
On OpenSea's decentralized platform, non-fungible tokens can be traded. With the NFT platform trend beginning in 2017, the exchange offers much more than just CryptoKitties. Many other digital assets are available today in addition to digital art, domain names, game items, and music.
The most convenient way to buy and sell NFTs on OpenSea is with an Ethereum wallet. OpenSea supports several blockchains in addition to Polygon (MATIC) and Klatyn (KLAY). You can buy and sell items on the platform using 241 payment methods, including stablecoins.
On OpenSea, users can buy and sell unique digital assets using smart contracts. For example, the NFT platform stores collectibles under smart contracts that protect the creators' work. In addition, MetaMask is a web3 wallet, so it does not require an account.
Using the open-source blockchain Ethereum ERC721 and ERC1155, NFT trading card collectors can verify that the assets they list on OpenSea belong to them. In addition, polygon blockchains facilitate quick and low-cost trading. As a result, the OpenSea NFT platform is an excellent choice if you wonder where to buy NFTs.
Competitively priced commissions
Maintains the highest level of security
The only payment method is cryptocurrency
To use the platform, you will need a crypto wallet
6. Axie Marketplace – An Innovative Platform for Trading NFT
During Axie Infinity, players control a Vietnamese fantasy creature named Axie. In addition, tokens called AXS (Axie Infinity Shards) are awarded to players. The site had over 19,000 monthly active users.
An NFT was advertised on the Axie Infinity Marketplace (a virtual land in the game) for 888 Ether (about 1.5 million dollars) in February 2021.
In Axie Infinity, each player owns a piece of the ecosystem. Players can purchase in-game items with NFTs and digital currencies. It's like living in an imaginary world with pets since it revolves around imaginary creatures. Each player starts with three axes.
The Axie Infinity Marketplace only offers items and characters from the Axie Infinity ecosystem. Therefore, it is likely that you will have to look elsewhere if you want to display digital art in your living room.
Marketplaces receive 4.25% of the transaction price from sellers (but not from buyers). So, for example, if you sold a 100 USD Axie Infinity NFT, you would only receive 95.75 USD. The remaining sale price goes to Sky Mavis for developing Axie Infinity. In 2021, the Community Treasury will also distribute rewards to AXS token holders.
When buying, only gas fees matter. Each category has different fees based on the vehicle's speed - Slow, Standard, Fast, and Rapid. In addition, different fees are charged based on the type and category of the transaction.
Known as non-fungible currency, a non-fungible token (NFT) is a cryptographically unique token that verifies authenticity via blockchain. Each collectible is a one-of-a-kind, super-rare digital artifact that is impossible to duplicate. Although NFTs have a variety of applications, they are more commonly appreciated in the realms of the arts, music, and gaming.
Through NFT apps, users can mine, buy, sell, and generate passive income from digital assets and digital collectibles. In addition, these dApps have also led to a revolution in storing information due to their ability to store memories and valuable work on the blockchain.
Apps that make it easy for investors to invest in NFTs are available. Furthermore, they can provide buyers with some of the rarest pieces in the arts and gaming circles as flexible or even resold. Investing in the best NFT stocks allows an investor to access the NFT market without buying a token. Many people see NFTs as integral parts of the fast-approaching MetaVerse. Several people consider them to be part of the digital revolution.
Why Buy NFTs?
We cannot deny that non-fungible tokens are a completely new type of digital asset. One thing is having million-dollar NFT auctions, but on the other hand, you have a third of them selling for less than $100. It is reasonable to wonder what drives the value of NFTs, given the benefits of NFTs.
Non-fungible tokens have many of these advantages, which makes them valuable.
Non-fungible tokens can be used as evidence of ownership. Moreover, the NFTs operate on a blockchain, making linking ownership to a single account easy. As a result, NFTs cannot be divided among multiple owners, which is the most important feature. Furthermore, due to the advantages of NFTs, buyers are protected from the threat of fake NFTs.
Since non-fungible tokens are unique, they are largely beneficial. NFTs are created on a blockchain, implying that unique records are associated. This unique property allows them to generate value. It is also important to note that NFT creators create scarcity by issuing only a limited number of NFTs.
Besides their transferability, NFTs have another major advantage. There are several markets where NFTs can be traded freely.
Players can purchase in-game items to enhance their gaming experience in several games. In-game items, however, can only be used within the game's environment, and they cannot be used outside of it. Therefore, a game that goes out of style may cause players to lose their investment in in-game collectibles or items.
Creation of Economic Opportunity
Until now, NFT proponents have largely focused on their fundamentals. Nowadays, digital content is widely distributed via NFTs. NFTs are primarily viable due to the fragmentation of digital content.
Many content creators are concerned about the loss of profits and earning potential caused by other platforms. For example, the content of digital artists published on social networks could also generate revenue by selling ads to their fans. However, even though the artist receives exposure, they do not receive any financial benefit from the platform.
It is possible to create a brand new creator economy with non-fungible tokens. Platforms wouldn't need to transfer ownership to content creators to promote their content, as in the creator economy.
How Much Does It Cost to Buy NFTs?
Creating an NFT can be just as costly as buying. For example, creating a smart contract may cost between US$100 and US$500 in Ethereum. In contrast to other blockchains, it is worth considering. In addition, creators might have to pay a portion of their earnings to the marketplace when selling an NFT.
People often buy NFTs to sell them for a profit later. However, reselling NFTs can be challenging. Marketplaces require sellers to pay a royalty, typically 10 to 30 percent earned.
How to Buy NFTs With PayPal
Paypal is one of the most widely used online payment systems. Because of its reduced transaction fees, it is a great option for NFT marketers to use to distribute their goods. As one of the only payment options that operate globally, Paypal enables you to buy an item from any country on earth if you have it!. Some NFT Marketplaces and Cryptocurrency exchanges accept PayPal as a payment method. Another option would be to purchase NFTs using bitcoin, which can be very risky because your currency may suddenly drop in value.
How to Buy NFTs With Ethereum
NFTs are tokens that represent ownership of an asset built and managed by a blockchain (most commonly Ethereum). Therefore, most NFTs require payment in Ethereum or another crypto blockchain where they're built.
The following is a step-by-step guide to making an NFT purchase.
Transfer your crypto to a cryptocurrency wallet. That is like a digital checking account where you can store and transfer your cryptocurrency. While some exchanges like Coinbase offer built-in wallets when you open an account, there are also dedicated wallets such as MetaMask.
After that, connect your wallet to an NFT marketplace. Upon connecting, you can start browsing the marketplace's NFT collection and placing an order.
Buying NFTs Safely
Here are some ways to take part in the trend of virtual art collections without losing everything.
Do your research before making a purchase. Research each transaction before you spend your money. How is the transaction conducted? Is the site well-known, such as OpenSea? In addition to safety warnings, anti-fraud policies, and a Help Center on the site, OpenSea is a large online marketplace.
Beware of shady drops. There are often giveaways or free "drops" in the NFT world that involve security exploits. Each NFT has a contract, and some scammers make these agreements include permission to access your crypto wallet or sell your entire holdings. If you don't know and trust someone, don't accept a free NFT from them.
Do not share your seed phrase or private key with anyone. For example, during an NFT transaction, if someone asks for your wallet key, run! Do not divulge such information. Anyone can take your cryptocurrency or NFTs by using your seed phrase or key.
Your seed phrase should never be stored online. Even if you store your seed phrase as a text file, a PDF, or a JPG, a hacker can access it if it's online. So instead, you should find a 100% offline way to backup your seed phrase, such as a hardware security key.
Don't open files from unknown senders. Hackers use viruses to attack your cryptocurrency wallet. There are a lot of fake exchange sites that hackers and scammers want you to visit. If you receive an email from an unknown sender, do not click the link in the email.
Risks of Buying NFTs
Non-fungible tokens make a lot of money for digital creators. Thousands of artworks are sold online every day. When works are sold digitally, NFT creators can make millions in seconds. Additionally, people are more inclined to buy, sell, and invest in the digital market than physically.
In response, cyberattacks and online fraud have increased. Consequently, there is a very high probability that NFTs and digital assets will be damaged, limiting the potential of the NFT market, but certain risks should be considered.
To better approach the NFT market, it is imperative to understand the risks and challenges involved.
Smart Contract Risks and NFT Maintenance
Participants in the NFT market are at risk from smart contracts and NFT maintenance. Hackers have attacked DeFi (Decentralized Finance) networks and stolen significant amounts of cryptocurrency in numerous scenarios. For example, hackers recently attacked Poly Network, one of the most renowned DeFi protocols, in a recent NFT theft. The reason why $600 million was stolen was a lack of smart contract security.
Hackers exploited smart contract flaws to launch a large-scale attack on the Poly Network. The Poly network is very useful to exchange tokens from one blockchain network to another. However, the study found that smart contracts do not provide complete security if there is a slight flaw.
Rather than determining the price of the NFT, the major challenge facing the market is the uncertainty of the price. NFTs are evaluated based on several factors, including their creativity, uniqueness, scarcity, and ownership status. NFTs are not uniformly standardized, so their prices fluctuate a lot.
NFT's price cannot be determined because we do not know what drives it. As a result, the fluctuation in price remains constant, and evaluating NFT becomes more difficult.
NFT does not have any legal definition in the world. Different approaches are used to classify NFT in different countries, such as the UK, Japan, and the European Union. Consequently, a non-fungible token organization is necessary to create regulations and foster global legalization.
As a result, a regulatory body should be created to oversee the NFT market because of its rapid expansion. In addition, NFTs have been used for a wide range of applications in recent years.
Currently, the NFT laws are still trying to define it. Further, in the ever-expanding market for non-fiber technologies, it becomes increasingly difficult to achieve a solid base for compliance as the variety and number of NFTs increase.
Cyberattacks and Online Fraud Risks
With the popularity of NFT in recent years, there is also concern that it may be a target of cyber-attacks. Many examples of NFT marketplaces that resemble the original NFT have been posted on the internet. The logos and content of these NFTs are the same as those of the original ones. There is, however, a great risk associated with fake NFTs marketplaces since they may be selling NFTs that don't even exist.
It is also possible for someone to sell a fake version of a popular NFT artist. Online fraud has become enormous because of copyright theft, fake airdrops, fake NFT giveaways, and replication of popular NFTs. For example, a giveaway may be advertised on social media to attract more attention. Despite promoting NFT, some people are scammed at these so-called fake stores.
Intellectual Property Rights
The issue of ownership is vital to remember when dealing with any NFT. When purchasing an NFT from the market, you must first determine whether the seller owns the NFT. Unfortunately, people sometimes pose as sellers only with replicas. In that case, you will not receive the intellectual property rights to the NFT but only the right to use it.
Metadata for a smart contract will contain many terms and conditions that govern ownership of the NFT. For example, the artist should be required to display only NFTs that they own. Since traditional property laws do not govern NFT marketplaces, there is no way to relate them. In decentralized blockchain technology, various intellectual property rights need to be considered, such as the right to publicity, trademarks, copyrights, and moral rights.
If you want to sell an NFT, you'll need first to create one. After that, you can mint any digital creation as an NFT. By following a few simple steps, you can also convert the file into an NFT. Remember that the final sale price of your work is influenced by subjective factors such as its creativity, quality, and reputation among potential buyers.
Making a sale involves the following steps.
1. Create An NFT and Select A Marketplace
The first step is choosing the right NFT marketplace. You can think of these marketplaces like the Amazon (NASDAQ: AMZN) of the NFT world, an online repository of digital work that may be purchased or sold. In addition, it is possible to find dozens of marketplaces specializing in a particular type of digital asset. In the current market of NFTs, OpenSea has the biggest and most diverse selection.
Once you've selected the marketplace, link your cryptocurrency wallet, select "Mint an NFT" as the option, and upload your digital file. The process varies slightly between each marketplace, but most allow you to create an NFT in just a few clicks. In addition, if you intend to passively monetize your work over time through royalties (a percentage of each subsequent sale of your NFT on the secondary market that goes to you), you will usually set your royalty amount during the minting process.
2. Post Your NFT For Sale
Following the creation of your NFT, you will be able to list it for sale on the marketplace. However, even though you can transfer and sell your NFTs on other markets, there might be an additional charge.
Then click the "Sell" button and follow the prompts. The information you provide will include the price or auction time limit and the cryptocurrencies NFT buyers can use to pay you. At this point, the marketplace will calculate any "gas fees," which are fees for recording transactions on the Ethereum blockchain. The gas fees are determined by how busy the blockchain network is at any given time. Usually, a percentage of the final NFT sale price is the fee charged by the marketplace for handling the sale.
3. Manage Your Listing
You can now sell your NFT on the marketplace after you have completed the listing. To attract potential customers, you need to promote the sale on your website or social media. NFT listings can also be managed, but remember that changes or removals might incur another fee, and you've already paid gas fees that aren't refundable.
Selling An NFT You Bought
Suppose you want to sell your NFTs on the secondary market (a transaction without involving the original NFT creator). In that case, you follow the same steps listed above, except you do not need to create the digital asset. Instead, transfer the NFT to the marketplace where you wish to sell it (if it isn't already on the marketplace, or if you only have your NFTs in your crypto wallet and cannot view them). You can then click on the "Sell" button from the page of the NFT you want to sell. In addition to the gas fee and marketplace listing fee, any royalties set by the NFT creator will be deducted from your final take-home amount.
When To Sell An NFT
In most cases, deciding when to sell an NFT depends on why you created it or why you purchased it in the first place.
Artists and digital creators can use NFTs as a new way to earn money from their work, so selling will largely depend on demand and the price at which people are willing to pay for them. To maximize your selling price, keep track of interest from your customers and keep in mind that gas fees could seriously reduce your profit -- or even cause you to sell at a loss if the purchase price isn't high enough. Due to high Ethereum network gas fees, some NFT creators have struggled to profit from their sales.
Maybe you bought an NFT for a specific purpose and didn't need it anymore, or maybe the value of the NFT has appreciated. In some cases, you might want to sell if you have other needs for the money or better investment opportunities. Consider including gas fees, marketplace listing fees, and royalties paid to the original creator when calculating your potential profit or loss on the sale. Gas fees can be lowered by timing the listing properly, such as avoiding days when the Ethereum blockchain network is congested.
It's not easy to make money by selling NFTs. The creation and selling of your digital work will incur Ethereum network and marketplace costs, and trading NFTs can be risky given the volatility of this new movement. However, this realm of the crypto world is worth exploring if you're an artist who needs a new outlet to grow your business.
NFTs Price Prediction
In 2022, 2025, and 2030, what will an NFT art be worth? Support for NFT art plays a large role in the sale value. As a result, the value of virtual art depends on its potential fan base.
Additionally, note that the art market is not the largest in the NFT scenario but ranks third after the games and collectibles categories. Only 10% of NFT transactions involve art.
Consequently, no one can accurately predict the value of NFT art one year from now, let alone ten years. As a result, many artworks, tokens, platforms, and metaverses are created.
Several cryptocurrencies exist. They may not all perform equally well. However, ETH price trends are also worth noting since it is the second most popular virtual currency.
How to Get Started With an NFT Trading Platform – NFT Launchpad Marketplace
It might seem that NFT Launchpad and Lucky Block are late entries to the NFT craze; we've chosen them as the best options for traders and creators wishing to jump into the NFT market. In addition, the Platinum Rollers Collection will be launched on the NFT Launchpad, a brand new marketplace for NFT.
NFT Launchpad is the latest NFT marketplace to target the $40 billion NFT industry, aiming to be one of the fastest-growing platforms for NFT collectors and traders.
Among its top launch collections, NFT Launchpad will give a lot of attention to the Lucky Block collection, further boosting the visibility of the 10,000 limited-edition collections.
Step 1: How To Get WBNB So You Can Buy Lucky Block NFTs on NFT Launchpad
Because the Lucky Block Platinum Rollers Club NFT collection is minted on Binance Smart Chain, you'll need Wrapped BNB (WBNB).
Buyers will be able to purchase WBNB on either the centralized exchange or the decentralized exchange.
As shown in the four screenshots below, if you use Trust Wallet, you add the coin to the wallet and then swap it with another crypto later, as shown in these steps:
To purchase the NFT for $1,500, buyers will need to pay 3.78 WBNB, the current exchange rate on 9 March 2022.
An mp4 video file contains an image of a rotating platinum card with a number on its surface, an integral part of the Lucky Block NFT.
Step 2: Buying Platinum Rollers Club – Step By Step
1. You need to be logged into the Binance Smart Chain in Metamask
When you use Metamask by default, you are taken to the Ethereum Main Network. You can change this setting by clicking the "Wallet" button.
Choose Binance Smart Chain Network from the list of networks you are prompted to select:
If Binance Smart Chain is not listed on the Binance dashboard, then you should proceed as follows: Settings - Network - Add Network and enter the following information:
Network Name: Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
Block Explorer URL: https://bscscan.com
In the network settings, select Binance Smart Chain, then close the view.
Under the "Wallet" heading, you will now find a Binance Smart Chain link:
2. Get WBNB
You can exchange WBNB for BNB or another crypto. Make sure you have a small amount of BNB to cover the exchange rate and the gas fees. For example, to purchase NFT, you would need 3.75 WBNB.
A non-fungible token is an NFT. Cryptocurrencies like Bitcoin and Ethereum are generally built using the same type of programming, but that's where the similarities end. Cryptocurrencies and physical money are both fungible, which means they can be traded or exchanged for one another.
What are the best marketplaces to buy NFTs?
Many platforms allow you to trade NFTs; however, NFT Launchpad, Axie, Binance, and OpenSea are the best NFT trading platforms.
What is the most popular series of NFTs to buy?
The most exciting NFT drop is Lucky Block's upcoming 'Platinum Rollers Club' collection. Due to its innovative use case and unique tokenomics, Lucky Block is considered one of the best altcoins to invest in this year. In anticipation of Lucky Block's crypto-lottery app launch, the development team has released a collection of 10,000 unique NFT tokens, each of which offers users valuable benefits. In addition, each NFT acts as a 'ticket' for Lucky Block's daily NFT draw, which will run separately from the platform's crypto-lottery draws. One lucky NFT holder will win 2% of the main jackpot each day. According to Lucky Block's user base and ticket volume projections, the NFT jackpot should total $10,0000.
Do I need a crypto wallet to buy NFTs?
To trade NFTs, you will need a cryptocurrency wallet since your funds are withdrawn from this wallet and deposited into it.
Can I buy NFTs in Australia?
Yes, you can do so through some NFT marketplaces, such as the NFT LaunchPad.
How much money do I need to buy NFTs in Australia?
You will have to choose which NFT you want to purchase if you wish. The Lucky Block collection is our recommendation. However, we recommend purchasing WBNB before investing. There will be considerable differences in the prices of NFTs.
About Pilar Chia
About Pilar Chia
English-language professional teacher interested in economy, cryptocurrency, stock market, and investments. Willing to keep learning and getting more knowledge in those fields