Are you just another Aussie wondering what an NFT is and how to buy it?
If so, don’t worry. In this guide, we’ll show you how to buy NFT in Australia. We’ll also provide a few tips on how to make the process as easy as possible.
So, whether you’re a first-time buyer or an experienced trader, read on for all the info you need!
What Is an NFT?
Non-fungible tokens (NFTs) are a type of cryptocurrency that possess unique properties. They differ from traditional cryptocurrencies in that they are not interchangeable, and each has its own individual value. NFTs are often used to represent digital assets or rights, such as ownership of a particular piece of artwork or a slot in a game.
NFTs are well-suited for use in online marketplaces and gaming platforms. They can also be used to create digital collectibles, which are items that have value due to their rarity and desirability. Some of the key characteristics of NFTs include:
- Easy to transfer
- Can represent digital assets or rights
- Issued and controlled by a specific entity
- Can be used to create digital collectables
How to Buy NFTs?
According to a recent poll, the latest statistics reveal that only 18% of Australians are aware of NFTs. Now that you know a little about non-fungible tokens, let’s look at how to buy NFT in Australia.
- Buy cryptocurrency: To buy NFT, you’ll first need to purchase some cryptocurrency. Bitcoin and Ethereum are the most popular options, but there are many others to choose from as well.
- Set up a wallet: Once you have your cryptocurrency, you’ll need to set up a digital wallet to store it in. The most commonly used wallet is MetaMask, but there are many others to choose from.
- Choose your NFT marketplace in Australia: There are several different NFT marketplaces, the most popular ones being OpenSea, Rarible, and SuperRare.
Note: Similar to the exchange system for buying and selling cryptocurrencies and stocks, these marketplaces can be used to buy an NFT at a set price or act as a virtual auction.
- Create an account: To create an account on an NFT marketplace, you’ll need to provide your personal information (your name and email address). Make sure you use a secure browser.
- Link your digital wallet: Once you have an account, you’ll need to link your digital wallet. This will allow you to store your NFTs in your wallet and also make purchases on the marketplace.
- Browse the marketplace: When your account is all set up, you can start browsing the marketplace for NFTs. Make sure you are caught up with the latest NFT news and trends before you purchase your own.
- Make a purchase: When you find an NFT you want to buy, simply click on the “Buy Now” button and follow the instructions. You’ll need to confirm the purchase with your digital wallet, and once it’s complete, the NFT will be stored in your wallet.
- Complete your order: After the purchase, the final step is to complete your order. This will involve paying the seller for the NFT and confirming the transaction.
Congratulations! You’ve just bought an NFT. Now it’s time to start exploring all the different possibilities it has to offer.
Where to Buy NFT in Australia?
Let’s take a look at some of the best NTF marketplaces to buy from.
- OpenSea supports a wide variety of digital assets, including art, collectibles, gaming items, and more.
- SuperRare is a marketplace for digital art that focuses on quality over quantity. There are only a limited number of artists on the platform, so you’re sure to find some truly unique creations.
- Nifty Gateway is a newcomer to the NFT scene, but it’s quickly gaining attention. The platform is user-friendly and easy to use, making it perfect for beginners.
- NFT ShowRoom is a new marketplace that specialises in gaming items and collectibles. If you’re into gaming or anime, you’ll definitely want to check out this platform.
- Rarible is a decentralised marketplace for NFTs that gives users more control over their transactions.
- Axie Marketplace is a gaming-focused marketplace that allows users to trade, auction, and collect digital creatures known as Axies.
No matter what marketplace you end up choosing, you’re going to find some amazing NFTs to add to your collection. So get your digital wallet ready and start browsing!
How do I invest in NFT crypto?
It’s easy to get started investing in NFT crypto. All you need is a stable internet connection and a cryptocurrency wallet. There are a few different ways to buy NFTs:
- The most popular method is through online exchanges, which allow you to buy and sell NFTs using various fiat currencies or cryptocurrencies.
- Another way to invest in NFTs is through crowdfunding platforms. They allow you to invest in early-stage projects and earn a return on your investment if the project is successful.
- Finally, you can also invest in NFTs directly from artists or creators. This way, you’ll support the artists and get access to exclusive content that may not be available on other platforms.
Investing in NFTs is a great way to get exposure to the growing cryptocurrency market. With so many different projects and platforms available, there’s something for everyone. So, if you’re interested in getting started, here are a few tips:
- When choosing an exchange or platform to invest in NFTs, it’s important to do your research. Make sure the platform is reputable and has a good track record.
- Another thing to consider is security. Make sure the platform you choose has strong security measures to protect your funds.
- Finally, read the terms and conditions carefully before investing. This will help you understand the risks involved before you decide whether to invest or not.
Crypto.com NFT is a good starting point for newbies looking to break into collecting NFTs. You can read our full Crypto.com review here.
What Are the Risks and Disadvantages of NFTS?
Since their creation, non-fungible tokens have been praised for their potential to revolutionize the world of digital assets. However, there are risks associated with NFTs that should be considered before investing in them, including:
- Unclear regulations: Because NFTs are a new technology, there are no clear regulations governing them. This could lead to uncertainty and potential chaos in the market if something goes wrong.
- Lack of consumer protection: Since there’s no central authority overseeing NFTs, consumers aren’t as protected as they are with traditional investments. This means that if you purchase an NFT and it turns out to be worthless, you have no recourse.
- High transaction costs: Due to the decentralised nature of the NFT market, transaction costs can be very high. This makes it difficult for small investors to get involved.
- Volatility: The value of NFTs is highly volatile, meaning that they can go up or down in value very quickly. This makes them a risky investment, and could lead to large losses if you invest at the wrong time.
- Scams: There are always scammers looking to take advantage of unsuspecting investors. NFTs are no exception, and investors should be careful to only deal with reputable sellers.
Overall, while NFTs have a lot of potential, you need to be careful when investing. So far, the market has been relatively unstable, and there’s no guarantee that it will improve in the future. Therefore, it’s important to do your research first in order to understand the risks involved.
If you are looking for a crypto wallet for storing NFTs, we’ve reviewed numerous options for you in this detailed article.
Ready to Invest?
How to buy NFT in Australia? The process is relatively simple. You need to create an account on the exchange where you want to purchase your NFTs and then deposit funds into that account using the built-in wallet.
As always, be sure to do your research before choosing an exchange and only use reputable platforms.
1. How do I invest in NFT stocks?
There are a few ways to invest in NFT stocks. You can purchase them on an exchange, invest in a company that deals with NFTs, or participate in initial coin offerings (ICOs) to invest in specific NFTs. Each method has its own risks and benefits, so make sure you research them well before investing.
2. Can You Buy an NFT Without Crypto?
Yes. If you’ve been wondering how to buy NFT in Australia without crypto, you can use a credit or debit card. However, most marketplaces request crypto for this action, so we recommend investing in some.