In the NFT space, people are Flipping NFTs for thousands. Find out how to make the most of this new area in the crypto world by reading on.
If you haven’t been living under a rock, you’ve heard about NFTs and the huge changes they’re making in the digital world. Trading volumes went from $64 million a month in the first half of this year to more than $750 million in the second half. The party is still going on, and we’re seeing people on Twitter selling artworks for a lot of money. It doesn’t matter how much you sell for, because you can still watch and make money. Let’s start right away.
What does Flipping mean?
As an example, let’s say you buy an item at a low price and quickly sell it for a profit. It’s been around for a long time. People have been flipping trading cards, toys, and comics for money for a long time, and now we’re seeing a huge wave in the NFT space.
Why Flipping NFT?
Because NFTs have proven to be worth it, investors from all walks of life are flocking to buy them as soon as they hit the market. Keep Bitcoin and other altcoins, make tokenized art, and collect tokenized art for the long term. You might also want to get in on high-volume NFT projects for faster returns, though. Flipping NFTs, even though it’s risky, is a quick way to add to your portfolio.
Also read, Market NFT Art in 5 Easy Steps
How to Spot Out Potential NFT Projects for Flipping NFT
As in any financial market, making money requires looking at the numbers and making the best decision possible to make the most money. It’s usually a good idea for people to look for assets that are undervalued or that they think will go up in value.
With NFTs, you need to figure out what you want to do and do good research. Animal-themed art, abstract paintings, collectibles, domain names, or even virtual land are some of the most common types of art.
The success of an NFT project is based on three main metrics, among other things. They are:
The number of items
scarcity always makes people want more of them, so the price goes up. NFT projects with a small number of items are more likely to make you money.
You can get an item for the lowest price you can get it for. Look for things with low prices and few people who own them.
making money in any market is very important. You want to show your investments to platforms that have a lot of people trading them. A good chance is that you’ll quickly find collectors who want to buy your things from you.
Where to spot Potential NFT Project
1. There are sections on NFT platforms.
NFT platforms are doing a great job of helping people find assets that could be worth a lot of money. There are a lot of good places to look when you’re thinking about buying something, like the “Top Artists” and “Exclusive Drops” sections on AirNFTs. The Rankings and Activity pages on OpenSea can also help you figure out which projects might be good.
2. The social media
Social media has made it so that free alpha can be found all over the place now. Twitter, Reddit, Telegram, Discord, and Instagram are all places where artists and well-known NFT influencers often post about new projects when they’re done. Keep an eye on their pages. Also, some NFT platforms have social media accounts where they often talk about the projects their users make there.
Getting Started Flipping NFT
Flipping NFTs is a very simple process. You need a wallet that can work with Web3 like Metamask or Trust Wallet. After you’ve paid for your account, you can use the in-app browser to access different NFT platforms. A place like NFT Marketplace is the best place to start your journey as a flipper. You can buy NFTs with gas fees that are so low that you can make a lot of money from them thanks to our active community.
It’s important to know when to sell as a “flipper.” While it’s up to you to decide, it’s important to keep an eye on how much attention and volume the project is getting while also taking care to move on to other projects.
You need to keep in mind that NFTs aren’t as liquid as their fungible counterparts, which means that you can only make money if there are people willing to buy them. Thus, you must be careful not to invest more than you can lose.