How to Buy NFTs in Australia 2024 | Where to Buy NFT Australia?

How to Buy NFTs in Australia 2024
How to Buy NFTs in Australia 2024

welcome to any other post from our website about How to Buy NFTs in Australia, Non-fungible tokens (NFTs) are the most common cryptocurrency in the current era that you can sell and purchase online. Along with other countries, NFT in Australia has had a remarkable boom due to its profit value. Though these tokens have been in the market since the last decade, they have gained massive popularity in the last few years. 

Kevin McCoy and Anil Dash were the founders of the first-ever NFT named Quantum. They created this cryptocurrency in 2014 but it couldn’t become popular until 2021. But post-COVID-19 pandemic, these tokens gradually started progressing. By the end of 2022, these were available to sell and purchase on different forums like peer-to-peer channels, crypto websites, and social media platforms. 

Among all the marketplaces, the most common and highly trusted are the purpose-built NFT sites. So, if you are also planning to invest in these fungible tokens, make sure that you go through a proper dealing procedure. Choose the marketplace wisely and ensure you invest in the right tokens to earn higher ROI. 

Basically, an NFT marketplace is the forum to deal in these fungible tokens. There are different ways to auction your NFTs on these marketplaces. One can list his existing NFTs or create new NFTs over there. So, these platforms are identical to eBay, Facebook, or Amazon, and people sell and buy NFTs over there. 

Remember that each NFT marketplace operates on single or multiple Blockchain technologies. Out of all the Blockchain technologies, Ethereum is the most popular. Other emerging technologies include Binance, Solana, Cardano, and Polygon. Along with understanding the basics of the marketplace, it’s important to learn how all these underlying Blockchain technologies work. One can effectively deal with any NFT token. If you’re interested in trading in these tokens, keep reading this guide. We’ll go through, how and where to buy NFTs to earn ROI on them. 

Read more: Beginner’s Guide to Investing in the Australian Stock Market

How to Buy NFTs in Australia? 

Buying NFTs in Australia becomes easy when you follow the proper method from selecting the channel to final purchase. Follow these steps to purchase NFTs in Australian marketplaces; 

Step-1. Decide the NFT Marketplace

The first step to purchasing NFTs is to choose the right marketplace. As discussed above, these platforms are used for smooth and reliable NFT auctions. There are different ways to invest in these tokens like purchasing directly or making a deal through any reliable investment channel. Different forums, like OpenSea and Rarible, are available there to facilitate you. 

Step-2. Create Your Account

The next step after finalizing your marketplace is to create and sign-up for your account there. You can’t bid without such an account on any of the NFT marketplaces. Different platforms have different criteria to create a personal account, so follow the instructions properly to set up your account. Ensure you provide all the instructions required to create an account. 

Step-3. Set Up Your Crypto Wallet

A crypto wallet is one of the essentials for buying and selling NFTs at any channel. If you’re already in the field of Crypto and have a wallet, simply skip this step. But if you are new to the arena, you’ll have to get a wallet to purchase and store your NFTs. Different wallets, like FreeWallet and CoolWallet, are there to choose from. Choose any of them according to your will. 

Step-4. Deposit Money to Your Wallet

You must have money in your wallet to buy NFTs. The way you’ll have to spend money to get NFTs depends upon the marketplace. Some marketplaces involve simply connecting your wallet to that market and then making a purchase. Ensure you have the relevant currency in your wallet for a smooth process. Most of the forums deal in ether so that you can go for it. Some marketplaces may need direct deposits, and you can do this using your debit or credit card. 

Step-5. Start Bidding

Like different digital accounts like eBay, you have to place bids on different NFT tokens using the selected channel. Sellers enlist their tokens on the market, and each auction lasts for a specific time. You’ll have to bid on any token in that time, and you can’t bid once the auction is closed. There are some auctions with a fixed amount, so you can purchase such tokens instantly by paying the said amount. 

Keep in mind that there are also some fees like gas fees, Blockchain fees, or delivery charges. So, you’ll have to pay that fee along with the amount listed for the tokens. Complete the whole bidding procedure to move on. 

Step-6. Getting Your NFTs

After you have won the auction among all the bidders, the next step is to clear the payments. So, clear the payments, pay the relevant fees and get NFTs to your wallet. Now these fungible tokens belong to you! 

Where Can You Buy NFTs in Australia in 2024? 

You can buy NFTs in Australia using any marketplace. There are different marketplaces for different no-fungible tokens. If you want to buy universal NFTs, you’ll have to make purchases through universal channels based on NFTs. But if you want to purchase smaller NFTs in a specific niche, such forums are also there. These mini forums are specialized to purchase sports cards, games, videos, and music. So, ensure you select the right forum for a smooth auction and bidding procedure. 

Luckily, most of the global NFT marketplaces are available in Australia as well. So, you can easily use them for your NFT dealings with international vendors. In 2021, the net worth of the international NFT market was about US$1.59 billion. The expected growth in the marketplace is about 22.05% and may reach up to IS$7.63 billion by 2028. 

OpenSea is another renowned marketplace to buy and sell your NFTs. The worth of this market was $13.3 billion in 2022. There is an Australian platform named CoinSpot, which can be used to deal in NFTs within Australia. Remember that only the location and size of the market can’t decide whether it’s right or not for you. It largely depends upon your personal preferences, needs, and investment goals. So, always focus on these points so that you may choose the best forum for your NFT trading. 

Tips to Purchase NFTs in Australian Marketplaces

There are different NFT marketplaces in Australia to purchase your favourite NFTs. Also, there are global markets that are valid for different regions as well. So, you can also use them to purchase these tokens in Australia. However, it’s important to compare different marketplaces before you finally make a purchase. Here are some tips to compare different NFT forums for your investments; 

  • Compare the audience and visitors on different platforms. More visitors means more chances of buying or flipping your NFT assets. 
  • Choose a market with higher stock volume to increase your profits. 
  • Choose a marketplace that aligns with the cryptocurrency you have in your wallet. It will make the purchase smooth and faster.
  • Compare gas and other fees for different NFT forums and choose the one with lower fees to increase your ROI. 
  • Select a market that is simple so that you can use it without any complications. 

Conclusion

You can buy NFTs in Australia using different universal or local NFT marketplaces. Each platform has its pros and cons. By weighing the stats of the market with your personal goals, you can land the best forum for your new journey in the non-fungible tokens field. Ensure you have set up a proper wallet and have the proper cryptocurrency in it to purchase NFTs. Once you have completed all the said steps, you are good to go for NFT purchasing and selling! 

FAQs: How to Buy NFTs in Australia 2024

Can I purchase NFTs using a credit card?

Yes, you can purchase NFTs using a credit card. Though initially this facility was not available, now different forums allow you to use your cards for such purchases. There may be some additional fees when you use a credit or debit card for NFT dealings. 

What NFT marketplace is on Solana?

Solana is one of the most common Blockchain technologies. Now, this Blockchain has the facility to support NFTs meaning that you can use it for your NFT trading. You can use Solana for different marketplaces to make purchases

Are NFTs regulated in Australia?

Recent bills have regulated NFTs in Australia. Though it was not a regulated asset in the past years, some recent proposals regulate the NFTs as digital assets. So, holding NFTs will be considered as a digital asset in Australia soon. 

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