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How to buy NFTs in Australia

How to buy NFTs in Australia

Dylan Matthews
Fact Checked
Jan 14, 2023

Summary: The easiest way to buy NFTs in Australia is through a secure centralised trading platform. With this method, you avoid paying on-chain gas fees and dealing with the risks of self custody and hot wallet exploits.

If you are looking to get started quickly, we recommend the CoinSpot NFT Marketplace in Australia. Their platform offers a wide range of the best NFTs include Bored Apes, Azuki, Cool Cats and more.

Table of Contents

Best Australian Platform for NFTs

Platform Highlights

  • Buy and sell hundreds of NFTs with any Crypto listed on the CoinSpot platform.
  • 370+ Cryptocurrencies to buy, sell and trade with 0.1% fees.
  • Crypto Staking, Crypto ETFs, NFT Wallet and more features.

Best way to buy NFTs in Australia

If you are new to cryptocurrency and Web3 investing, the easiest way to buy NFTs is through a secure and trusted centralised trading platform in Australia. We recommend CoinSpot because they are the largest in the country that offers a great NFT marketplace for Aussie investors.

On the CoinSpot NFT Marketplace, you can buy or list your NFT for any digital currency available on the platform. This all with the guaranteed safety of the CoinSpot exchange.

Buying NFTs on CoinSpot Australia
CoinSpot NFT User Interface.

How to buy NFTs in Australia

Buying NFTs on CoinSpot is incredibly easy. Their marketplace lets you buy any NFT that is available on popular marketplaces like OpenSea or Rarible, all through CoinSpot's friendly user interface.

Follow the simple guide below to buy NFTs on CoinSpot:

  1. Sign up to the CoinSpot exchange.
  2. Deposit AUD into CoinSpot and buy ETH or another crypto.
  3. Select the 'NFT' tab in the menu.
  4. Browse the NFT collections.
  5. Select the NFT collection you want to buy and execute your order.
Buying Bored Ape Yacht Club NFTs on CoinSpot.

What is the CoinSpot NFT Bundle?

CoinSpot also offers an NFT Bundle that lets you invest in an index like product of the top NFT projects in crypto. It gives you equally weighted investment exposure to popular NFT and Metaverse projects like Decentraland (MANA), Axie Infinity (AXS), Sandbox (SAND) and many others.

If you are interested in buying the CoinSpot NFT Bundle, you can follow our simple guide below to get started.

  1. Sign up to CoinSpot Australia.
  2. Deposit AUD from any Australian Bank account via Bank Transfer.
  3. Find the ‘NFT Bundle’ on the Bundles page.
  4. Input the amount of AUD you want to buy.
  5. Click ‘buy’ and it will be stored on your CoinSpot Managed Wallet.
Buy NFT Bundle CoinSpot
A preview for a $10,000 AUD purchase of the NFT Bundle.

How to buy NFTs on OpenSea

If you are interested in buying specific NFT collections like Azukis, Bored Apes or Crypto Punks, you will need to use an NFT Marketplace like OpenSea. This is an ‘on-chain’ NFT Marketplace that requires a Web3 Wallet and Ethereum to use. 

To simplify this process for you, follow this short guide:

  1. Buy Ethereum (ETH) with AUD on CoinSpot.
  2. Create a Metamask Wallet.
  3. Withdraw your ETH to Metamask.
  4. Connect your wallet to OpenSea.
  5. Browse the Marketplace to buy NFTs.
OpenSea Metamask Buy NFTs
Connect your Metamask wallet with OpenSeaNFT Buying Risks in Australia.

Are NFTs good investments?

Investing in NFTs is one of the riskiest forms of speculation you can undertake in cryptocurrency. NFTs by design are ‘illiquid’ assets, and can only be bought and sold on a Marketplace, and not on an open market like you can with Bitcoin or Ethereum tokens.

This creates ‘illiquidity risk’ - which essentially means you cannot go to an open market and sell your NFT into an order book. You must wait until a counter-party bids on your specific NFT in order to liquidate it.

This risk is circumvented with products like the CoinSpot NFT Bundle, because you can buy or sell the token exposure at any time.

What is a Popular Decentralized NFT Marketplace?

Automated Market Market (AMM) based marketplaces are the most popular destination for decentralized NFT trading. The top decentralized NFT AMM in the market right now is blur.io, which allows users to trade NFTs like normal tokens on Uniswap or Sushiswap with instant liquidity.

Blur NFT Marketplace.
Blur NFT Marketplace.

What is an NFT?

An NFT, or non-fungible token, is a type of digital asset that is not interchangeable with other assets of the same type. NFTs are unique and therefore can be used to represent items such as digital art, in-game items, and other collectibles. While most digital assets are stored on blockchain platforms, NFTs can be stored on any type of blockchain or even off-chain.

NFTs have gained in popularity in recent years as a way to own and trade digital assets in a more secure and transparent manner than traditional methods such as PayPal or credit cards. NFTs are also seen as a way to invest in the future of the digital economy as more and more businesses begin to use blockchain technology.

Final Thoughts

NFTs are quickly becoming one of the hottest investments in the crypto space. With Australia’s growing interest in digital assets, there are plenty of options for buying and selling NFTs on CoinSpot, OpenSea or other popular marketplaces. However, it is important to remember that investing in NFTs is a high-risk venture and you should always do your own research before investing.

As with all investments, the potential rewards come with the risks, so make sure to take those into consideration when deciding whether or not NFTs are right for you.

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Dylan Matthews

I am the Founder & CEO of Buy Bitcoin Bank and was previously an engineer for a Prop trading firm in Crypto.

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