The world is becoming increasingly digital, so it’s no surprise that thousands— or even millions— of people are now making money with NFTs. The NFT space is thundering with users flipping NFTs for millions of dollars.
NFTs have plenty of room for growth since they are still new in the market, but the competition is getting tougher because of the growing figures of digital collectors.
There are tons of opportunities to make enormous profits if you get in early in this rapidly evolving market. However, you have to place your ear on the ground to streamline your NFT business.
What is Flipping?
There’s a big chance that you have done flipping during your childhood, from trading cards to toys or stickers for a free item. Many have adapted this money-making habit into their adult life, making them seek flipping opportunities. The pleasure of getting flipping benefits can now be found in NFTs.
Flipping is essentially just another term for buy and sell. In flipping, you buy things at a low price and sell them at an inflated price. If you are into cryptocurrencies like Bitcoin and Alts, you could try getting in on high-volume NFT projects to receive faster returns. Although flipping NFTs can be pretty unsafe, it is a moderately fast method to grow your portfolio.
Why Flip Non-Fungible Tokens?
OpenSea, an online NFT marketplace, has recorded more than $2 billion in trading volume in early 2022. With provable provenance and traceable ownership, the masses are making large amounts of money with these crypto-collectibles and arts.
Fetching in on NFTs is a great way to strengthen your portfolio. Flipping an NFT for days can bring in 10-50% profit, which you can use to reinvest for bigger opportunities.
How to Make Money with Blue Chip NFTs
Non-fungible tokens are extremely popular. Unless you abide under a rock, you must have caught a word about NFTs and the tremendous disruption they are drawing in the digital space.
With various networks authorizing tokenization of music, arts, videos, collectible cards, and in-game items, the range of appeal on NFTs is just insane. Blockchain technology is definitely here to stay, so many are riding on the boat. Of course! You should ride on too.
Here’s how you can make money by flipping blue NFTs:
Step 1: Look for upcoming NFT Drops
You can do to follow NFT enthusiasts on Twitter and look out for hints about NFTs to keep an eye on. Some who will give you traces on some golden gems. However, this alternative is quite risky because some people are just getting paid (sponsored) to post. You don’t need to worry, though. You have another option.
To get a glimpse of the NFTs that are coming to the market, visit Rarity.Tools, a platform famous for ranking NFT collectibles and generative arts. On the website, look for the Upcoming section, and you will see a long list of NFTs that will soon be released.
The list includes the link to the NFT’s Discord group, Twitter, and website. Some have the time of drop and the amount (in ETH or SOL) it would be traded. Keep in mind that you shouldn’t rely upon the list so much that you’ll just go on and buy anything you see.
One of the most profitable NFTs is Reveal NFTs. The reveal NFTs are basically collections with an added touch of mystery on it. Most NFTs of this kind are just mere blank pictures or videos, and then they get unveiled after the next 24 hours up to two to three days. Reveal NFTs attract hype because of the element of an enigma in them.
Step 2: Analyze the NFT’s Twitter and Discord
The social presence of the project is the beating heart of NFTs. Without a strong and active social presence, collections are bound to fail. The team behind the NFT drop should be the one engaging and updating the community regarding their collection. The inside support is critical to boosting the reach about it.
In addition, if the project is only known and supported by a limited number of people, it could be a negative sign. It just shows that there are only a few people who are willing to put their money on the line for the project. It conveys only a small set of people are betting on it. Make sure that the collection has a good number of followers, about 10,000 at the very least.
If the NFT collection doesn’t have Twitter, Discord, or any active community and channels at all— don’t even think about considering them on your options.
Step 3: Check the pre-sale requirements
Some collections allow pre-selling, which can be minted before they even get released. The pre-sale whitelist is usually found on Discord. It would be better to avoid NFTs that instruct you to invite other people to get into the pre-sale. Some users might only spam the community by inviting people who don’t even know what they are entering, or they might even resort to making fake accounts.
A pre-sale requirement that asks you to invite people doesn’t necessarily reflect a bad NFT collection but a poor community. Community matters so much to the success of NFTs, so a collection with the latter mentioned instruction is a red flag.
Step 4: Consider the designer of the NFT
Similar to real-world items: The more prominent the brand is, the higher the price can be. The more famous an artist is, the more the product gets promoted. If the NFT creator is known in the industry or has their own brand to showcase, it might be a good investment since fame contributes greatly to the collection’s success.
It is essential to know who the leading designer of the NFT is and who is included in the team behind it. Gather whether the team is reliable and capable of executing their promises or they are all talks, telling void promises. In addition, it is relatively easier for well-known founders in the industry to get a brand partnership compared to those with unfamiliar names in the space.
Step 5: Analyze the NFT as a whole
Examine if the NFT is any different from other NFTs released in the past. If the drop is way too identical to the previous projects, it won’t bring you to bring much profit in the long run. Choose a unique, purposeful, and never-seen-before collection—for instance, CryptoDads.
While most popular projects in the NFT space today are all based on pixelated cartoon figures, the art of CryptoDads appears to be pretty subdued. Most of the Dad art seems to be a tad generic, illustrating the general Dad culture.
Eight-bit digital art and popular cartoon animals can get out of trend over time but being a “dad” will always be a new experience to many in the generations to come. As the following generations welcome metaverse and create a family of their own, they will also be drawn to a community that represents and sustains their path.
CryptoDads is a good benchmark of a purposeful and growth-potential NFT. There’s a good chance that it could be the hub of the Dad metaverse in the future, making it a blue-chip NFT you could hold long-term or flip.
With several non-fungible tokens getting released, it might be pretty hard for you to find the “real gems” and “blue chips.” Still, if you go thoroughly consider the steps mentioned above, you’re not far from discovering them.
