Tutorial by Marcus P
Buying NFTs is a fairly simple process but there are some important steps involved, and this can be rather confusing to a beginner using the platforms available.
The good news is we have a simpler way for you to buy your NFTs, so if this is your first time buying an NFT this guide will definitely help secure your very first NFT.
Getting Involved With NFTs The Easy Way…
One of the easiest ways and the way I recommend if you’re a beginner is to use NFT bundles.
Since CoinSpot is one of the easiest to use and most trusted exchanges I will show you how easy it is to buy your NFTs in Australia.
First, we need to head over to CoinSpot (which is Australia’s largest exchange with over one million Australians trading Cryptocurrencies).
If you do not have an account I highly recommend creating one now so you can follow along. This will also allow you to buy, trade and sell crypto.
Create your CoinSpot account here. (Opens in new tab)
New users can also get $10 for free using this referral code.
Once you have created your account and gone through the verification process you will need to deposit the funds you wish to invest into your CoinSpot account so you can purchase your bundle.
At the top of the CoinSpot page, you will notice in their top navigation they have a link called ‘Bundles’.
Click the link called Bundles and you’ll be taken to a screen like this…
Find the NFT Bundle and click Buy.
The NFT Bundle page should look like this…
Enter the amount of AUD that you want to use to buy and click Buy.
Once you confirm your purchase your coins/tokens will be added to your wallet ready to use so you can buy NFTs.
And that is it, you are ready to use your coins to get started in the world of NFTs.
What Exactly Is The CoinSpot NFT Bundle?
CoinSpot is highly recommended for beginners wanting to buy their first NFTs. But what exactly is the CoinSpot NFT bundle?
The CoinSpot NFT bundle consists of ten Cryptocurrencies listed on CoinSpot, that are supporting the use of Non-Fungible Tokens (NFT).
These bundles are a simplified way for Australians to get involved with NTFs which are a part of one of the fastest-growing industries in 2021 and probably in 2022 as well.
CoinSpot NFT Bundle Fees
When deciding to invest in your brand new shiny NTF bundle, you will need to factor in that any trading will incur fees.
However, CoinSpot is one of the cheapest exchanges in Australia, with fees starting at just 0.1%.
If you use Osko, PayID or even a direct bank deposit you won’t have to pay a fee.
On recurring orders, take profit, stop loss, and NFT bundles this will incur a 1% fee.
Please be aware that this NFT bundle from Coinspot does not include actual NFTs!
Instead, you’ll purchase coins or tokens that are related to certain NFT projects.
For example, AXS coins are used in the NFT game Axie Infinity and can be used for breeding Axies or just for staking for a profit.
How To Buy Individual NFTs
If you do not like the idea of buying the NFT bundle on CoinSpot (maybe because what you get there are not actually NFTs, but coins or tokens) you might be interested in buying individual NTFs the traditional way.
In the following, you’ll learn just how to do exactly that:
You first need a “compatible” wallet. One of the most popular wallets for NFT purchases is Metamask. Alternative wallets are Math, Trust, and Alpha. However, I personally like and use Metamask.
It is also important to know, that some NFT projects have their own marketplaces. However, Metamask should be compatible with most of them!
Add Ethereum to your Metamask wallet. If you have Etherum in another wallet already, you can simply send it from there to Metamask. You can also buy Ethereum directly in Metamask, if you don’t own Ethereum elsewhere already.
You can start using your Ethereum in your Metamask wallet and buy the NFTs of your choice at OpenSea.
What Are The Fees When Buying NFTs?
Like with everything on the blockchain, moving Ethereum to buy NFTs will cost you money, the so-called “gas fees”.
It’s always recommended to check the gas fees before confirming a transaction. You might want to wait until they are cheaper or use a different platform.
But that is more important when you want to trade, buy, or sell NFTs regularly. If you just want to give it a try, gas fees should not deter you from that.
Once you are trading regularly, it’s time to watch gas fees more closely.
What Are The Risks and Disadvantages Of NFTs?
When you are considering entering into the world of NFT’s, it would be prudent to weigh up the risks involved. So let’s dive into some of the risks that you may or may not encounter when purchasing an NFT.
1. You could get scammed.
Non Fungible tokens are creating huge sums of money for their creators, and in many cases, these sums are climbing into the millions of dollars.
This of course attracts a frenzy of online scammers utilizing various clever methods to steal your money. There are cases where criminals have created whole clones of original NFT stores so it’s impossible for the consumer to tell the difference.
They then are selling you counterfeit NFT’S and even NFT’S that do not even exist in the digital world. Once they have scammed people out of their millions, they simply disappear.
Scammers will impersonate famous NFT artists copying their Social Media accounts, and also use various social media platforms to promote fake NFT giveaways.
Others have been scammed out of their money by sellers that don’t actually own the NFT and are simply selling a replica that they do own the intellectual property rights.
Scammers will use many other methods, we have covered just a few above.
So how do we reduce the risk of getting scammed when buying an NFT?
Make sure you use your due diligence when considering your purchase of an NFT, the first thing I would do is make sure I chose a legitimate NFT trading website like Coinspot to buy from.
Then when I have found a piece of NFT artwork I like I would make sure the seller is verified.
I would also Google the artist’s name and artwork, and make sure all their social media accounts and websites seem legitimate.
I would also check the authenticity of an NFT by doing a reverse Google image search, if the image exists elsewhere then I would have to where it was originally from.
So to sum up when buying your NFT in Australia, just make sure you follow the steps above and just use some common sense.
If something is too good to be true it probably isn’t, in fact, this subject deserves a full post written on it so be sure to visit this page again.
2. The NFT You Just Bought Isn’t Actually Yours
Yep, you read that right. Before your jump in with your hard-earned money, it is important to realize what you actually own.
You are buying a small digital record, this will contain a serial number or a unique URL which is sent to your address on the blockchain. You own the NFT so no one else can own it unless, of course, you sell it. So the actual NFT is not the digital record but the unique details stored in your wallet.
It is similar to buying a limited edition print of a photograph, you may have ownership of that print. But you would not own the copyright, and wouldn’t be able to sell reprints for example the NFT owner does not have any other rights to the digital record.
3. NFTs Are Bad For The Environment
If saving the planet bothers you and your usual activities include glueing yourself to the tarmac of the worlds busiest highways, then maybe buying NFTS is not for you.
Non-fungible tokens are partially responsible for adding millions of tons of carbon dioxide emissions into our atmosphere.
This is the case within the whole Cryptocurrency space, and in the near future, we will see moves within the industry to become more environmentally friendly.
You should now have a better insight on how to buy NFT’s in Australia.
Coinspot is a fantastic exchange and one of the most highly used exchanges by Australians.
I personally recommend CoinSpot as the interface is very easy to use, they value your security and the customer service is excellent.
To buy your first NFT Bundle you can open a Coinspot account here.