Best NFT Trading Platform South Africa – Pros & Cons
Find NFT trading platforms if you want to join the NFT craze. With these trading apps, you can buy and sell digital assets, from art to music to entire virtual worlds. In the digital world, NFT is the equivalent of Amazon (NASDAQ: AMZN).
As is well known, there are many different NFT trading platforms, each with its focus. So what should you consider when selecting an NFT trading platform? What are the best NFT trading platforms? Find out more about NFT trading below.
Best NFT Trading Platforms South Africa List 2023
- NFT LaunchPad – Overall Best NFT Marketplace In South Africa for 2022
- Binance NFT Marketplace – Best NFT Trading Platform South Africa
- OpenSea – One of the Best Platforms For NFT Trading
- Axie Marketplace – Cutting-Edge Platform For NFT Trading
- Rarible – Marketplace For NFT Trading
Best NFT Trading Platforms South Africa 2023
In addition to different NFT trading platforms available in the market, we have reviewed a few of the best NFT trading platforms you should consider.
1. NFT LaunchPad – Overall Best NFT Marketplace In South Africa for 2022
NFT LaunchPad is our top pick for NFT marketplace apps. It offers numerous NFTs hosted on Binance Smart Chain (BSC) and Polygon blockchains. NFT LaunchPad was launched in February 2022, making it one of the fastest-growing marketplaces for digital assets. Users have access to the platform via laptop or smartphone, and it features a streamlined interface.
A large selection of exclusive digital assets to invest in can be found by clicking ‘Explore’ on NFT LaunchPad’s homepage. You can find NFT art, games, animations, collectibles, and videos here. In addition, the NFT LaunchPad allows users to click on an asset and view detailed information about it, such as who created it, what collection it is in, previous owners, and creation details.
A number of high-profile collections have already been featured on NFT LaunchPad, including Lucky Block NFTs and a variety of abstract art pieces. In addition, wrapped BNB (WBNB) – the currency used on this platform – can be obtained easily from top brokers and crypto exchanges. NFT LaunchPad currently supports MetaMask and Trust Wallet as wallets, with full support for MetaMask on the way.
Lastly, NFT LaunchPad is also appealing to creatives due to its easy minting process. The NFT LaunchPad will guide you through the entire minting process by connecting your crypto wallet and clicking on ‘Create.’ The platform supports various formats (including MP4). You can even set your own royalties and rarity level to generate passive income through secondary market sales.
Because of its status as the newest NFT marketplace and the exciting collections, we picked NFT Launchpad as the best app for NFT flipping due to its status as the hottest new NFT marketplace.
|Service fee||No Service Fee|
- Bids are being accepted for auction
- It's easy to connect your crypto wallet
- No service fee
- Focused on creators
- An easy-to-use interface
- The Polygon (MATIC) and Smart Chain (Binance) systems can both be used
- Gas fees are extremely low
- The best place to get the latest Lucky Block NFT collection
- Few cryptos accepted to buy
Your money is at risk.
2. Binance NFT Marketplace – Best NFT Trading Platform South Africa
Binance, the cryptocurrency exchange, has entered the crypto art market by participating in the NFT platform's dynamics. As part of Binance's first NFT auction, which took place on 24 June 2021, works by Andy Warhol, the American artist who influenced pop art, and Salvador Dali, the Spanish artist known for "The Persistence of Memory," were on display.
Gaming (sports, esports, and collectibles) and entertainment are among the categories available on the market.
Binance will launch its NFT platforms with two auction events: "Genesis" and "Mystery Box Series 1". The Genesis exhibition will feature Warhol and Dali's works until 29 June 2021.
Most of this marketplace's functionality will be powered by Binance Smart Chain and BEP-721 tokens (Binance's NFT token standard). Furthermore, the platform will support the Ethereum network and Binance Smart Chain tokens.
NFT trading cards are bought and sold using gas fees charged by Binance Smart Chain and Ethereum. Therefore, the artist must pay Binance Coins (BNB) in exchange for the respective fees to mint NFTs on Binance's marketplace.
The fees associated with each transaction on the Binance NFT exchange platform (whether a buy or sell transaction) were not identified.
However, in April 2021, the Binance NFT trading platform announced that posting artwork would incur a 1.00% processing fee.
Several NFT trading platforms accept credit or debit cards, as well as PayPal. We decided to mark Binance NFT as accepting debit card deposits because its NFT trading platform is connected to its exchange. The exchange accepts wire transfers and debit cards as depositing fiat currency. Deposits via PayPal are not permitted. if you're wondering where to buy NFTs, Binance NFT platforms are the best.
|Trading fee||Commission, starting from 0.1%|
|Withdrawal fee||0.80 EUR (SEPA bank transfer)|
- The advanced charting platform includes a variety of technical indicators
- More than a hundred pairs of shoes are supported
- Commission rates that are too low
- Deposits are accepted in fiats
- The low fees at BNB enable users to receive additional discounts
- There may be a delay in customer service responses
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 currently 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, which protects 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.
|Trading fee||2.5% Commission|
- Offering competitive commissions
- Collectibles from the NFT
- Security at the cutting edge
- Payments are only accepted in cryptocurrency
- The platform requires a crypto wallet in order to function
Your money is at risk.
4. Axie Marketplace – Cutting-Edge Platform For NFT Trading
The game Axie Infinity is based on a fantasy creature called Axie, which originated in Vietnam. Tokens called AXS (Axie Infinity Shards) are used to reward players in Axie Infinity. When writing this review (30 March 2021), the website claimed to have more than 19,000 monthly active users.
In February 2021, 888 Ether (approximately $1.5 million at the time) was paid for an NFT from Axie Infinity Marketplace (an in-game virtual land). What an incredible amount!
Axie Infinity's ecosystem is owned by each player individually. NFTs and digital currencies can be exchanged for in-game items. Since it revolves around imaginary creatures, it's like an imaginary world where you have pets. At the beginning, you need to have three axes for each player.
In the Axie Infinity Marketplace, you can only find characters and items from the Axie Infinity ecosystem. If you want to display digital art on the wall of your living room, you'll have to look elsewhere.
Marketplaces receive 4.25% of the transaction price from sellers (but not from buyers). So, for explample, if you were to sell an Axie Infinity NFT for 100 USD, you would only get 95.75 USD back. Sky Mavis, the company that has developed Axie Infinity, gets the remaining portion of the sale price. Starting in 2021, AXS token holders will also be rewarded through the Community Treasury.
A buyer needs to consider only gas fees when purchasing. Depending on the vehicle's speed, there are four different categories of fees - Slow, Standard, Fast, and Rapid. In addition, different fees are charged for different categories and types of transactions. Below is a snapshot. As a result, Axie Marketplace is the most efficient platform for NFT trading if you're wondering where to buy NFTs from Axie Infinity.
|Trading fee||4.25% Commission|
- Earn by playing
- This application is available on desktop
- Explore an expansive universe by building, collecting, and raising
- This game was undoubtedly the most successful video game ever made based
- It is possible to earn significant amounts of cryptocurrency
- Three axes are needed to play the game
- Only Axie infinity and Ethereum are accepted
- Commission on sales on marketplace
Your money is at risk.
5. Rarible – Marketplace For NFT Trading
The Rareible marketplace allows creators to make NFTs, and collectors buy them. You can sell everything from "Bored Elon" art to original songs and artwork featuring Tupac on this digital marketplace.
Ether (ETH) is the only currency accepted by Rarible. A cryptocurrency wallet is required to purchase or sell on the site. As a result, Rarible is backed by the blockchain. As a result, buyers are guaranteed that their NFT ownership is verified.
Rarible is different from aggregators such as Opensea in that it only displays NFTs from its marketplace. In contrast, Opensea displays files from various markets. But, of course, it won't work the other way around, so you'll be able to find Rarible NFTs on Opensea, but not the other way around.
In September of 2020, Rareible secured an undisclosed amount of funding from CoinFund. The platform also grew immensely throughout the year, with over 100,000 items minted and over $24 million traded.
|Trading fee||2.5% Commission|
|Withdrawal fee||Only possible with ETH|
- This online marketplace for NFTs allows members not only to purchase or sell them, but also to create their own!
- It allows you to change the price of a collectible you have already created for free whenever you like.
- Integrating OpenSea means that your NFT(s) listed on OpenSea can also be viewed on this other serious marketplace.
- Artists can continue to earn money from their NFT sales with a solid royalty system.
- For those who do not wish to create a new wallet, you can connect any of the following wallets: Coinbase, MyEtherWallet, Torus, Portis, Wallet Connect, or Fortmatic.
- It enables artists to report misappropriations and protects their works by various means, such as verification.
- It rewards their NFT sales and purchases with Rari tokens, Rarible's native token that give them voting rights on proposals that may affect the platform and other power.
- Rarible connects members through its platform, Twitter, Instagram, Telegram, YouTube, and Discord.
- Rarible requires you to connect your wallet before you can access most of its items.
- Both parties in a transaction are charged a 2.5% transaction fee.
- On the platform, deposits and withdrawals are not possible without an ETH crypto wallet.
- With Rarible, it is a laborious process to create a wallet.
Your money is at risk.
Where to Buy NFTs in South Africa – Fee Comparison
|Platform||Service fee||Inactivity fee||Withdrawal fee|
|NFT Launchpad||No service fee||Free||Free|
|Binance||Commission, starting from 0.1%||Free||0.80 EUR (SEPA bank transfer)|
|Axie Marketplace||4.25% commission||Free||Free|
|Rarible||2.5% Commission||Free||Only possible with ETH|
What is an NFT?
Non-fungible tokens, also called NFTs, are a new trend in cryptocurrencies. The first-ever NFT artwork, a collage of images by digital artist Beeple, was sold by Christie's auction house for $69.3 million, making NFTs the talk of the world.
Digital artworks and other collectibles can be converted into unique, verifiable assets that can be traded on the blockchain, simplifying the process of collecting and preserving artworks.
Though the concept is complex, the payoff has been enormous for artists, musicians, influencers, and investors who have bought digital versions of the originals for top dollar. However, NFT technology isn't exactly new. Twitter's first tweet sold for $2.9 million, a LeBron James slam dunk video clip sold for over $200k, and a decade-old "Nyan Cat" GIF sold for $610,000. CryptoKitties was one of the original NFTs, a digital trading game based on the Ethereum blockchain. The system allowed users to purchase and sell unique virtual cats stored on the blockchain.
Bitcoin and Ethereum are non-fungible tokens that are backed by blockchains. However, in contrast to NFTs, those assets are fungible, which means they can be exchanged or replaced with another identical one with the same value.
On the other hand, NFT trading cards are unique and cannot be interchanged, so there is no such thing as two identical NFTs.
The NFT makes assets scarce among otherwise infinitely available assets - and it comes with a certificate of authenticity. Consider Pokémon cards, rare coins, or a pair of limited-edition Jordans. When purchased and sold through NFTs, digital artwork can take the form of a GIF, tweet, image of a physical object , virtual trading card, video game skin, virtual real estate, and more.
Your money is at risk.
How Can I Trade NFT?
You should first learn how to trade NFTs if you are interested in NFTs, a collector, or simply looking to profit from speculating on them. Despite appearing complicated to outsiders, the process is fairly simple. Each step of the process has been listed for your convenience.
Step 1: Select a broker
Your first step should be to choose a platform that allows you to trade NFTs. The platform you choose must meet your trading needs since several such platforms. In addition to the platform's fee structure, you should also look at the non-trading fees such as deposit and withdrawal fees, as well as the overall usability of the platform. You can choose between NFT platforms: NFT marketplaces and cryptocurrency exchanges. Both have their advantages and disadvantages. NFT marketplaces are more diverse and offer a broader 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.
Despite offering low fees and a wide variety of products, some platforms are difficult to navigate despite low fees and a wide variety of products. Consequently, you will have to spend several months just learning how to use the platform. Furthermore, the platform you use should have a mobile app to manage and monitor your positions while on the go. Moreover, you will also be able to participate in NFT auctions and bid on items even when you are far from your computer.
Step 2: Connect your wallet to your account
Once you have chosen the platform, you will use it to trade, and the next step is to create an account with it. The process normally takes a few minutes. Normally, this involves creating an account by filling out a form and verifying the account KYC. Depending on the platform you choose, your next steps may be different.
Next, you will need to buy cryptocurrencies on a crypto exchange of your choice. Bitcoin and Ethereum are the most popular cryptocurrencies. The coins will be automatically stored in your crypto wallet. Multiple cryptocurrencies can be stored in your crypto wallet, and these can be used to buy and sell NFTs on the platform.
As an alternative, if you choose an NFT marketplace, you will need to open a crypto wallet account and deposit cryptocurrencies there. Following this, you must link your NFT marketplace account to this crypto wallet. Through this crypto wallet, you will be able to buy and sell NFTs easily. Ensure your crypto is compatible with whatever marketplace you are using before depositing it into a wallet.
Whether you have a crypto wallet on the platform or externally, linking your account is crucial for two reasons. First, you will be debited and credited your crypto wallet with the money you need to buy NFTs and the proceeds from their sale. As long as you decide to hold the NFT, it will be stored and held in your crypto wallet.
Step 3: Identify an NFT trading strategy
Next, you need to identify a trading strategy for NFTs. Again, you can choose from a variety of trading strategies that have been discussed below.
Step 4: Choose an NFT that you wish to buy
Following these steps, the only thing you can do is go to the NFT marketplace and identify the NFT you want to purchase. There are two kinds of NFTs: those that can be purchased outright and auctioned. Purchasing your NFT outright is as simple as clicking on "buy" and following the instructions on the screen. Your crypto wallet will be debited for the purchase amount, and the NFT will be added to it. During periods of high volatility, it is best to avoid trading NFTs since the fees are much higher. You may have to pay so much in fees that you end up paying more than what you paid for the NFT.
Risks of Trading NFTs
NFTs created quite a buzz in 2021, following sales of $69.3 million in March. Nevertheless, the NFT trend is creating controversy over its duration. NFTs are associated with several risks and challenges. In the digital currency industry, these are non-fungible tokens. Their properties are more difficult to exchange than other assets due to their properties.
Music, domain names, artwork, and real estate are examples of non-fungible tokens. NFTs have good growth potential, but potential risks must also be considered. Here is a detailed look at the risks and challenges associated with NFT trading.
Challenges and Risks with NFTs
non-fungible tokens contribute to radical changes in value and uncertainty for the NFT trading ecosystem as a new class of digital assets. There are several challenges that NFTs face, including:
- Regulations and legal issues
- Evaluation challenges
- IP rights, also known as intellectual property rights
- Fraud and cyber security risks
- Counter-terrorism financing (CFT) and anti-money laundering (AML)
- Risks and maintenance of smart contracts
- Considering NFTs as securities
- Social and Environmental Governance (SEG) challenges
- Regulatory and Legal Challenges
The NFT trading platforms use specific characteristics to describe many types of assets, but no standard definition exists. NFTs, for example, have distinct properties, cannot be interchanged, and are non-fungible. Nonetheless, there have been specific regulatory approaches for NFTsA regulatory framework for NFTs could be provided by, for example, the Markets in Crypto-assets (MICA) Regulation proposed by the European Commission.
Regulations in the EU and UK may result in different management of NFTs in the future. The European Union's proposal for regulating markets for crypto assets, published in September 2020, may be used to regulate specific activities on NFT trading sites. NFTs, however, are most likely to be excluded from the UK's existing regulatory precedents. As a result, a case-by-case analysis of how NFTs are marketed or sold, along with determining if they are regulated, may help determine whether regulatory precedents apply. MICA defines crypto-assets as including NFTs. In addition, the draft of MICA's crypto-assets definition does not specify whether or not trading NFT issuers should publish white papers.
FCA guidelines indicate that NFTs may be exempt from the UK promotion regime if they qualify as crypto assets in the UK. Depending on the characteristics of the NFT, they may qualify as e-money, securities, or unregulated tokens under these regulatory circumstances.
In Japan, a technology-based currency (NFT) is classified as a financial instrument if used to make payments or exchange for cryptocurrencies. Therefore, it falls under the Payment Services Act. A non-financial product with limited functions, such as in-game items or trading cards that do not perform economic functions, is not covered by the Payment Services Act. Therefore, these kinds of NFTs should be examined and evaluated in detail in accordance with their functions and specifications. Furthermore, the structure of the platform or application used for NFT and its utilization should also be analyzed.
Technological advancement in NFTs highlights the importance of considering legal and regulatory risks. The continued growth and expansion of NFTs will depend on their adaptability. In most cases, NFT is a problem associated with the definition of NFT. Moreover, NFTs are becoming more diverse, and there are a growing number of them, making it hard to establish a solid basis for compliance.
An additional significant risk and challenges associated with NFTs is the uncertainty regarding the value of non-fungible tokens. NFT valuation is also affected by perceptions of buyers and sellers and distribution channels. It is extremely difficult to identify an NFT buyer and predict the factors that drive their purchase. Because NFTs are priced according to how buyers perceive their value, their prices fluctuate.
Intellectual Property Rights
Next on the list of risks and challenges are NFT's intellectual property issues. The right to possess an NFT is important to consider. When buying an NFT, it is important to determine if the seller owns the NFT. Some people have photographed NFTs or replicas of NFTs. An NFT does not give you any intellectual property rights. A smart contract underlying an NFT specifies its terms and conditions in its metadata.
Due to the intellectual property protection challenges associated with NFTs, their buyers are the sole owners and can display them only. The service users must follow when using NFT exchange platforms has its limitations. There are misconceptions about decentralized blockchain technology, but it is necessary to dispel them. As well as copyright, trademarks, and patents, the right to publicity is an important IP right.
Cyber Security and Fraud Risks
Because of the growth of the digital world and the popularity of NFTs, cybersecurity and fraud risks have increased. For example, a replica of an NFT store with identical logos and content carries the same level of risk. Regarding the risks and challenges associated with NFTs in cybersecurity, fake NFT stores are also noteworthy. These fake NFT stores can sell NFTs that don't exist. Additionally, consumers should be aware of concerns relating to the imitation of artists or the counterfeiting of NFTs.
False NFTs can be sold under the names of NFT artists who can impersonate them. Aside from copyright theft, replication of popular NFTs or fake airdrops, and NFT giveaways, other prominent risks and challenges associated with non-fungible tokens include cybersecurity and fraud. Additionally, be on the lookout for scams that promote NFTs on social media sites.
Smart Contract Risks and NFT Maintenance
A prominent concern in the NFT landscape is the risk associated with smart contracts and the challenges of NFT maintenance. For example, hackers recently targeted the Poly Network, an interoperability protocol that offers cross-chain interoperability that offers cross-chain interoperability. Almost $600 million were stolen due to the NFT theft, highlighting the serious security issues associated with smart contracts.
Hackers exploited Poly Network smart contract vulnerabilities to carry out such large-scale attacks. As a result, users can exchange tokens across different blockchain networks with the poly network while supporting their collaboration. As of this writing, almost $300 million had been returned to Poly Network.
Your money is at risk.
NFT Trading Strategy
Trading NFTs has always been about making huge returns. However, there are many ways to achieve your goal, and we've compiled the following five strategies to help you make smart investment decisions:
Buy the Floor
non-fungible tokens still have a huge interest, and there is a good chance they will last for some time. In this case, it may be a good idea to purchase NFTs at their floor price. On the NFT market, the floor price of a non-fungible token represents the token's lowest price and category.
Choosing an NFT is important only if it falls within a category of interest to you and not just because it is inexpensive. For example, if you choose rare NFTs over others, you might select tokens within that category with a floor price.
- A floor now will give you a great advantage if the token becomes more popular in the future.
- As the token grows, you can purchase floors to take a seat at the front.
Google Trends for NFT
You can quickly check whether a niche is still popular by checking its Google trends, no matter how much experience you have with NFTs.
There are 100 searches for a word on a scale of 0 to 100. Trends in Google searches show how public opinion has changed over time. Buying NFT collectibles when there are many collectors signals a good time to buy.
In addition, fewer people are searching for NFT-related keywords, which means you should tread carefully.
Buy NFT Collectibles With Few Sellers
Multiple people selling NFT collectibles simultaneously is always difficult unless you can sell your holdings for a relatively low price. Unfortunately, this will reduce profits significantly.
If you plan to sell such an NFT, check whether the prices sellers have already listed are higher than recent sales.
In case the seller is not willing to sell at any particular price, check the gaps between the listed sale prices. In response to close prices, the seller may lower their price quickly if you lower your purchase price. The asset may depreciate even more as a result.
Consider purchasing NFTs that are viewed as highly valuable. An online tool, such as Rarity, is necessary. The NFTs are compared based on how rare they are, making this tool useful for identifying valuable NFTs.
In spite of the high price of 10,000 CryptoPunks, they are considered more valuable since they share features with other punks in the collection.
Rare NFT collectibles increase in value because their demand always exceeds their supply.
Buy the Ceiling
NFTs in ceilings are extremely rare, expensive, and in high demand. Traders with a lot of cash usually invest in NFTs in ceilings. NFTs are also attracting many popular figures, such as celebrities and influencers, due to their growth potential.
Although ceiling NFTs are expensive, they might be good investments despite their high price. Consequently, traders who have fallen out of favor may suffer huge losses as they opt to sell at low prices when their popularity diminishes.
Are NFTs Regulated in South Africa?
Trading in NFTs is not regulated. Despite the potential for regulation in the future, the vastness and inaccessibility of blockchain technology have made it difficult for regulatory agencies to regulate NFTs. However, a few countries regulate certain NFT marketplaces and exchanges.
How to Get Started with an NFT Trading Platform South Africa - Binance NFT
To open an account on the best NFT trading platform, Binance NFT, there are four simple steps you need to follow. Below are the steps in more detail.
Step 1: Open an Account
Opening a Binance account is the first step. By clicking the "Join Now" button on their website, you can do this. Then you can either sign up using your Gmail account or create an account from scratch. Initially, you will need to enter your email address and create a password that is both strong and unique. If you only plan to use cryptocurrency to deposit funds, you do not need to provide additional information.
Your money is at risk.
Step 2: Upload ID
Binance requires a KYC process when funding your account via debit/credit card or bank transfer.
First, you must supply your personal information - such as your name, home address, and country of residence. A mobile phone number is also needed. The next step is to upload a copy of your government-issued identification. Passports or driver's licenses are acceptable options. In addition, you might be able to use a national ID card in some countries.
Step 3: Deposit Funds
Binance will process your deposit differently depending on the payment method you choose.
Within your account dashboard, you will need to access the deposit page if you are depositing funds with cryptocurrency. First, click on the 'Deposit' button next to the digital asset you want to use. A unique address for your digital asset wallet will then be displayed.
Make sure you copy the address to your clipboard, paste it into your private wallet, and confirm the transaction. You should receive the funds in your Binance account within 20 minutes.
Debit/Credit Card Deposit
Click on the 'Credit/Debit Card' tab under the 'Buy Crypto' tab if you wish to deposit funds via Visa or MasterCard. Next, decide whether to fund your account directly with fiat money or cryptocurrency. Finally, enter your card details and confirm your transaction by following the instructions on-screen.
Bank Account Deposit
A local bank transfer might also be an option if you qualify. Simply hover your mouse over the 'Buy Crypto' tab and click 'Bank Deposit.' You will then see Binance's bank account information and reference number.
To complete the transfer, log into your online banking or mobile app. Deposits are processed quickly in some countries, such as South Africa.
Step 4: Trade Altcoins
After completing this step, you will be able to access their NFT marketplace, where you can view, bid on, and buy NFTs with ease.
Binance – Best NFT Marketplace in South Africa
Your money is at risk.