If you don’t know, flipping is the term used for purchasing an item at a low price and then selling it at a higher price to realize a profit. People have been flipping NFTs for profit over the last few years and we will talk about it here in this article.
The NFT market is still quite new (2021)and there is not much competition right now. Experts are predicting that there is still a lot of growth possible with the NFT market and this is good news as it means that there should be flipping opportunities available for a long time.
If you do this right, it is possible to make a profit on an NFT flip in just a few days. It is not always about short-term gain of course. A lot of NFTs will increase in value as they age and it can be a good idea to hang on to some of your investments for a while so that you can get the best price when selling them.
Two Important Aspects to NFT Flipping:
Of course, there are no guarantees with NFT investing and flipping. Opportunities do exist but you need to be smart and find them. But yes, there are people successfully flipping NFTs for profit so always bear this in mind. Here is it:
- An undervalued NFT listed
- The expectation that the value of the NFT will increase
Don’t try to find NFTs to flip in all of the different niches. It is much better to focus on one niche and really get to know all there is to know about it. Your chances of profiting from NFT flips will go way up when you know a lot about the niche. Decide what niche that you want to focus on and learn all you can about it.
Look for NFT Flip Opportunities on Marketplaces
You are going to find your NFT flip opportunities on the various marketplaces. The very popular NFT marketplaces like OpenSea and Rarible will tend to have NFTs of lower value. Anyway, anything goes on OpenSea and it may be difficult for you to spot opportunities there.
If you have chosen a niche like trading cards or sports related NFTs then you need to look on other platforms for flipping opportunities – same case for some specific niches. For anything related to the NBA try their Top Shot platform. Atomic Assets is good for trading card NFTs and there are specialist marketplaces available for in-game NFTs.
Digital art is a good NFT market/niche and you can find some flipping opportunities on marketplaces such as Known Origin and Nifty Gateway. If you want to flip high-end digital art then take a look on the SuperRare marketplace.
The bottom line here is to use the marketplaces that relate to your chosen niche. We are not saying that it is impossible to find good NFT flipping opportunities on Rarible and OpenSea either. They do exist and you can find them.
Bulk Buying and Haggling
Another good couple of techniques to use when you are flipping NFTs is to be prepared to purchase them in bulk for a lower price and haggling with NFT creators to reduce the price of their NFTs. Both of these can work well especially if the sellers believe that you are an expert in the niche.
Our issue 110 of Nov 15/Dec 2021 had the theme Technology for the first time in almost 20 years of Soul Brasil and you can find 8 interesting articles from NFT and Cryptocurrency to behavior and what we can expect in the near future. Hope you enjoy reading! If you think someone or a friend or member of your family would like to read it, please share it.