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How to buy NFTs in Australia (2022)

Australia has always been a hub for new and innovative technology. With the rise of blockchain and NFTs, it’s no surprise that Australia is leading the way in terms of how to buy NFTs. In this post, we’ll show you how to buy NFTs in Australia using CoinSpot. We’ll also give you a brief overview of NFTs and why they’re essential. So if you’re looking to get into the Australian crypto market, read on!

Where To Purchase NFTS In Australia

The simplest and most secure way to buy NFTs is using a centralised trading platform since they reduce the transaction expenses on the ETH network and minimise user fiction. The best platform for Australian investors to buy NFTs is the Coinspot crypto exchange platform. 

The platform comes with features such as CoinSpot NFT Marketplace, allowing users to trade various NFT collections from other exchanges like OpenSea. 

How Can You Invest In NFTs On Coinspot?

Trading NFTs on the platform’s Marketplace is pretty straightforward. Coinspot offers a streamlined user experience from making AUD deposits to purchasing and holding NFTs on a managed wallet. 

Here’s how to get started on the platform:

  1. Open a Coinspot account
  2. Confirm personal and company details
  3. Make an AUD deposit through your bank account
  4. Purchase any token on the platform (you can use all the 350+ digital assets as a guarantee)
  5. Explore the NFT Marketplace and go through the available collections
  6. Choose your NFT and click on “Buy Now.” 

‍The CoinSpot NFT Bundle

This is a proportionally weighted basket of the top NFT crypto projects. It offers broad investment exposure across the major NFT projects that extend to various sub-sectors such as Metaverse, Game-Fi, and Play-to-earn. 

The bundle build is proportionally weighted. Therefore, users get an even investment percentage exposure to every token listed in the catalogue. 

Bundle Charges On CoinSpot

If you’re going to trade in the Coinspot NFT Bundle, the charges you ought to consider are trading and deposit fees. Making AUD deposits using Osko, PayID, and Bank Transfer is free. 

Once the funds are in your account, you’ll have to pay a 1% flat charge to purchase the bundle. 

Purchasing Individual NFTs On OpenSea

If you want to purchase individual NFTs from collections such as Pudgy Penguins, CryptoPunks, and Bored Ape Yacht Club, you need to use OpenSea. 

OpenSea is a marketplace constructed on the ETH network that lets users trade and creates NFTs globally. 

You must open an ETH wallet and fund it using ETH to use the platform. Here’s how to purchase NFTs on this platform:

  1. Open a CoinSpot account and buy ETH
  2. Create a Metamask Wallet
  3. Transfer your ETH from Coinspot to Metamask Wallet
  4. Go to OpenSea
  5. Login using Metamask ID 

‍Risks Associated With NFTs

When trading NFTs, one of the essential risks to keep in mind is the illiquidity risk, which occurs when there’s no open market like when trading ETH or BTC to trade, resulting in “illiquidity quickly.”

When market sentiment is negative, trading is difficult as potential buyer’s must make an offer or bid on your asking price. 

Bottom Line

The safest way to purchase NFTs in Australia is via reliable centralised sites like the Coinspot NFT Marketplace. The platform allows users to trade NFTs like Cool Cats, Azuki’s, Vee Friends, and BAYC. 

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