Bored Apes, CryptoPunks, DeGods, and the rest of the like. What are these NFTs all about?
To me, they all look alike. They all look like funny jpegs with cool graphics and a blend of colors that propel them like digital Pokemon cards with huge sums of money at their behind.
They have become popular all over the world, especially to the GenZs, but no one actually understands what they represent.
In this article, we’ll take a good look at NFTs in Australia, How they have invaded the internet, and what they mean for us in the near future.
Want to journey with me? Keep reading.
NFT stands for Non-Fungible Token. It is a digital asset that is unique and cannot be replicated. They are often used to represent digital art, collectibles, and in-game items in place of hard cash.
Since they have become increasingly popular in recent years, their prices have also skyrocketed. For example, a digital artwork by Beeple was sold for $69 million in March 2021.
Even the popular creator, Youtuber and Boxer, Logan Paul bought one of the many NFTs for $623,000 at once.
This has led to a lot of speculation and hype around NFTs, with some people believing that they are the future of digital ownership. However, there are also concerns about the environmental impact of NFTs, as well as the potential for fraud and scams.
But, as mentioned before, we’ll only take a look at the impact of NFTs in Australia, how to buy NFTs in Australia, and how the NFT craze has been affecting them.
But before we do that, let’s delve into the boring part of NFTs – the mechanisms in which they operate.
How do NFTs work?
In simple words, NFTs are digital certificates of ownership for unique digital items, using blockchain technology to record ownership and prove authenticity. They’re like digital collectibles with no identical copies, and you can buy, sell, or trade them on online marketplaces.
NFTs are created and stored on a blockchain, which is a distributed ledger that records transactions. When an NFT is created, it is assigned a unique identifier that cannot be changed or copied. This identifier is what makes NFTs so valuable, as it proves that they are one-of-a-kind.
How To Buy NFTs in Australia
If you’re an Australian citizen looking to buy NFTs in Australia, this guide is for you:
- Choose a Reputable NFT Marketplace.
- Create a Digital Wallet.
- Fund your Digital Wallet.
- Purchase your desired NFTs.
1. Choose a Reputable NFT Marketplace
The first step to buying NFTs in Australia is to choose a reputable NFT marketplace.
There are many NFT marketplaces available, but not all of them are created equal. Do your research and choose a marketplace that is reputable and has a good track record.
Here’s a review of all the reputable marketplaces available to Australians to buy NFTs from in 2023:
OpenSea is the largest NFT marketplace in the world, with over 800,000 active users and over 30 million NFTs listed. It offers a wide selection of NFTs to choose from, including digital art, collectibles, and in-game items. OpenSea is easy to use, with a user-friendly interface that allows users to browse, buy, and sell NFTs.
To buy an NFT on OpenSea, you will need to create an account and connect a cryptocurrency wallet. Once you have done this, you can browse the NFTs that are available for sale. When you find an NFT that you want to buy, you can place a bid or buy it at the asking price. If your bid is accepted, the NFT will be transferred to your cryptocurrency wallet.
It is important to note that there are fees associated with buying and selling NFTs on OpenSea. These fees include a gas fee, which is a fee that is paid to the Ethereum network to process the transaction, and a platform fee, which is a fee that is paid to OpenSea.
Here are some other tips for buying NFTs on OpenSea:
- Do your research before you buy an NFT. Make sure that you understand what you are buying and that you are comfortable with the risks involved.
- Only buy NFTs from reputable marketplaces. There are many scams out there, so it is important to only buy NFTs from marketplaces that you trust.
- Be prepared to pay fees. There are fees associated with buying and selling NFTs, so be sure to factor this into your budget.
- Don’t invest more than you can afford to lose. The NFT market is volatile, so there is always the risk that you could lose money within a short period.
Overall Rating: 9/10
Rarible is another popular NFT marketplace in Australia that offers a wide selection of NFTs, including digital art, music, and collectibles.
It is also easy to use and has a good security record.
Rarible is a decentralized marketplace, which means that it is not controlled by any one company or individual. This makes it a more secure platform than centralized marketplaces, which have been hacked in the past.
Rarible has been criticized for its high fees, but it remains a popular choice for NFT buyers and sellers. The fees for creating and selling NFTs on Rarible are higher than on some other NFT marketplaces which led some users to criticize Rarible for being too expensive.
Overall, Rarible is a popular choice for NFT buyers and sellers.
Overall Rating: 7/10
SuperRare is a high-end NFT marketplace that focuses on digital art. It has a curated selection of NFTs, which ranges from digital paintings to videos to music.
SuperRare is known for its high quality and exclusive NFTs. Some of the most famous artists on SuperRare include Beeple, Pak, and Trevor Jones.
It was founded in 2018 by John Crain and Farzin Fard with headquarters in New York City. SuperRare has raised over $100 million in funding from investors such as Andreessen Horowitz, Coinbase Ventures, and Samsung NEXT.
In recent times, the marketplace has been praised for its high quality and exclusive NFTs. In the same way, the company has also been criticized for its high fees and for its lack of transparency.
In 2021, SuperRare generated over $250 million in sales. The company has sold over 100,000 NFTs to over 100,000 collectors.
SuperRare is one of the leading NFT marketplaces in the world and also in Australia. The company is helping to shape the future of digital art.
Overall Rating: 8/10
Foundation is a high-end NFT marketplace that focuses on digital art. It is known for its community of artists and collectors. Artists can apply to be on the Foundation platform, and if accepted, they can mint and sell their work on the platform. Collectors can browse the platform and purchase NFTs from artists.
Foundation has a reputation for being a more exclusive and curated platform than some other NFT marketplaces. This is due in part to the fact that artists must be invited to join the platform, and there is a limited number of spots available.
Foundation is also known for its high-quality artwork, which has attracted a number of high-profile collectors.
These artists have sold their work for millions of dollars, and their success has helped to legitimize the NFT market. Foundation has also been used to sell work by up-and-coming artists, who have been able to use the platform to reach a wider audience and build a following.
Foundation is a relatively new platform, but it has quickly become one of the most popular places to buy NFT In Australia. It is a great place to find high-quality digital art, and it is also a great place to learn about the NFT market.
Overall Rating: 7/10
Nifty Gateway is a popular NFT marketplace that offers a wide selection of NFTs, including digital art, collectibles, and sports cards.
It is easy to use and has a good security record. Nifty Gateway was founded in 2018 by Duncan and Griffin Cock Foster, and it has since become one of the most popular NFT marketplaces in the world. The platform has sold over $1 billion worth of NFTs, and it has featured work from some of the most famous digital artists in the world,
For buyers, Nifty Gateway offers a curated selection of NFTs, as well as a variety of payment options. For sellers, Nifty Gateway offers a simple and easy-to-use platform for listing and selling NFTs. Nifty Gateway also has a good security record, and it has never been hacked.
In my opinion, it is a safe and secure platform for buying and selling NFTs.
Overall Rating: 8/10
Other NFT marketplaces in Australia include:
- The CoinSpot NFT Marketplace
- Kalao NFT Marketplace
- 5 Cardano ADA NFT Marketplaces to Trade NFTs for Profit
- Easy Steps to Buying NFTs from Crypto.com NFT Marketplace, Fees & Full Overview
2. Create a Digital Wallet
To set up a digital wallet, you will need to choose a cryptocurrency wallet that supports the blockchain where the NFTs you want to buy are issued.
For example, if you want to buy NFTs on the Ethereum blockchain, you will need to choose a wallet that supports Ethereum.
Once you have chosen a wallet, you will need to create an account and fund it with cryptocurrency. You can then use your wallet to buy, sell, and store NFTs.
Here are some of the most popular cryptocurrency wallets in Australia:
A hot wallet that is available as a browser extension and mobile app. It is non-custodial, meaning that you have full control of your private keys.
A hot wallet that is available as a mobile app and web app. It is custodial, meaning that Coinbase holds your private keys for you.
A hot wallet that is available as a mobile app. It is non-custodial and supports a wide range of cryptocurrencies.
A hot wallet that is available as a desktop app. It is non-custodial and supports a wide range of cryptocurrencies.
A hot wallet that is available as a desktop app, mobile app, and browser extension. It is non-custodial and supports a wide range of cryptocurrencies.
3. Fund Your Digital Wallet
After setting up your digital wallet, the next step is to fund it with cryptocurrency. Here’s how you can do it:
- Choose a reputable cryptocurrency exchange.
- Create an account and complete verification if required.
- Deposit funds into your exchange account using various payment methods.
- Buy the desired cryptocurrency on the exchange.
- Withdraw the purchased cryptocurrency to your digital wallet.
- Confirm the transaction and wait for blockchain confirmation.
- Check your wallet to ensure the cryptocurrency is securely stored.
In essence, just as there are many marketplaces to buy NFTs in Australia, so are there many digital wallets to buy cryptocurrency from in Australia.
To learn how to set up a cryptocurrency exchange wallet and buy NFTs in Australia and other countries, go to the link below.
See also: The Best Apps To Buy Crypto From In 2023
4. Purchase Your NFTs
This is the final step to buying NFTs in Australia. It involves different steps and takes a lot of turns depending on the marketplaces involved.
But they are all similar and go along with this pattern:
After creating an account on the marketplace, setting up a wallet and fully funding it to complete the transaction, the next step is to browse the NFT marketplaces for the NFTs you want to buy.
Then, confirm the transaction within your wallet’s homepage/application to confirm the bids/purchases. You also need to take into account the amount of fees required to complete the transaction.
Finally, wait for the blockchain to complete the transaction. You can now access your purchased NFTs within the wallet or the marketplace.
Is there Value in NFTs in Australia?
The value of NFTs in Australia is a hotly debated topic. Some people believe that NFTs are a bubble that is bound to burst, while others believe that they are the future of digital ownership.
There is no doubt that NFTs have the potential to be valuable, as they can be used to represent anything possible. However, the market for NFTs is still very young and volatile, so it is important to do your research before investing in any NFTs.
Here are some of the factors that could affect the value of NFTs in Australia:
- The overall health of the cryptocurrency market
- The popularity of NFTs among Australian investors
- The availability of high-quality NFTs
- The level of regulation surrounding NFTs
If you are considering investing in NFTs especially if you’re somewhere in Australia, it is important to do your research and understand the risks involved.
Is there a Law on NFTs in Australia?
Yes, there are some laws on NFTs in Australia as the government would have it.
Selling an NFT does not typically transfer copyright ownership of the underlying item. Artists generally retain copyright, just as if they were selling a physical artwork at an auction.
But there is no outright ban or exclusion of NFTs in Australia. However, NFTs are considered to be digital assets and are therefore subject to existing laws relating to financial products, consumer protection, and taxation.
See also: ArtsLaw.com.au on NFTs
In my humble opinion, there is value in NFTs all around the world. Not just for NFTs in Australia and I believe that NFTs have the potential to revolutionize the way we own and trade digital assets.
It’s just a matter of time.