1. CoinSpot
CoinSpot is the best overall NFT platform for Australian investors because it provides a secure and easy-to-use onramp and digital collectibles. CoinSpot's NFT Marketplace integrates into platforms like OpenSea and allows users to buy & sell digital collectibles and other digital assets with any of the tokens listed on their exchange. Additionally, CoinSpot's NFT Marketplace offers a variety of popular collections like Bored Ape Yacht Club, Azuki, Invisible Friend and more.
It also provides up-to-date information on the floor price, volume traded, and change for various NFT collections, enabling users to make informed decisions about their investments.
2. OpenSea
OpenSea is the largest and best NFT Marketplace for users that are proficient with transacting on-chain with a MetaMask wallet.Their NFT app trading platform boasts the most trading volume and users, exceeding over $50 Billion in transactions in their first year of business. They host the biggest and best NFT collections including CryptoPunks, Bored Ape Yacht Club, Pudgy Penguins, Crypto Cats's and many more.
The OpenSea fee structure is also quite competitive compared to other NFT Marketplaces. Their platform currently charges a 2.5% royalty fee on all trades, which is low compared to other NFT Apps that charge upwards of 10% per transaction.
3. Kalao
Kalao is the leading NFT Marketplace on the Avalanche (AVAX) blockchain. Their NFT App offers one of sleekest and best user experiences out of any marketplace on any chain. The fees on Kalao are as little as $2 per transaction thanks to the fact that it is built on the Avalanche C-Chain, making it one of the cheapest NFT Marketplaces available.
The most popular NFT collection on Kalao as at time of writing is called 'Firat'. It is a series of 4,999 NFTs by popular Turkish cartoonist and artist Firat. The collection has traded over $35 million in volume since its release in November of 2021.
4. Magic Eden
The Magic Eden NFT Marketplace is the largest by volume on the Solana blockchain. This platform hosts all of the main Solana NFTs, which includes Okay Bears, DeGGods, Trippy Kidz, Trippin' Ape Tribe, Ganja Gators and more. Their platform trades over $50 million in daily volume, making it nearly as popular as OpenSea for Solana.
The one downside to Magic Eden is that it only supports the Solana network. OpenSea offers the same NFTs as Magic Eden, and more chains making it easier to switch around to different networks all within one account.
5. Foundation App
Foundation App is widely regarded to be the 'boutique' NFT Marketplace that is tailored more toward high-end NFT art investors. This marketplace is the most popular for traditional artists that transition into the NFT market and has a strong and organic artistic community. You will not find popular PFP collections like Pudgy Penguins or Mekaverse here, only singular art pieces.
The Foundation NFT Marketplace is great for those who are interested in supporting 3D artists, photographers and other artists from the traditional art world.
NFT Investing Considerations
It is important to understand that NFTs are one of the most speculative sectors in the cryptocurrency space and are highly risky. One of the largest risks underpinning NFTs is the fact they are a completely illiquid market.
This means that you cannot just market sell your NFT like you can with Bitcoin or Ethereum. The only thing you can do is place it for auction or sale and hope that a counter-party is interested in purchasing at your offer price. When you make an NFT purchase, please consider these risks and whether it fits your overall investment thesis or strategy.
Final Thoughts
Non-fungible tokens have opened the door for a new way to collect and invest in digital art, collectibles, gaming items and more. There are now dozens of NFT Marketplaces available that make it easy to buy NFTs with any cryptocurrency. We recommend doing some research into each one before committing your funds just to ensure you have the smoothest experience possible.
