So far, we have heard many stories of how people make money in the NFT world. According to statistics, the total NFT market is worth over $4 billion. So, if you’re ready to step into the NFT field and learn all the trading tactics, then learning how to flip NFTs is ‘a must.’
What does ‘flip’ mean?
Flipping is a term for buying items at low prices and selling them quickly for a profit. We’re now seeing an enormous wave in the NFT space, which is just the beginning. To flip NFTs (or resell them in other words), you need to have an account on a secondary marketplace such as OpenSea.
By swapping NFTs to one blockchain to another, or exchange them with other collectors, or trade them, you need to have the so-called ‘flipper account’. The flipper account actually serves to hold NFTs and swap them between blockchains.
Once you complete the swap, NFTs are transferred to another blockchain and the flipper account becomes empty.
Why flip NFTs?
Flipping NFTs can make you a quick profit in a short time. This term has been around for a long time. People used to flip cards, tickets, toys, and many other popular items. Since today, NFTs have taken the main spotlight in the world of crypto trading; they represent the perfect opportunity to profit.
By flipping NFTs, you become the only one who can control data. In other words, you don’t only own an NFT but also its data and that’s the key difference compared to traditional assets like stocks. As an owner of stocks, you only get the right to vote on changes, but when we talk about NFTs, the main key is in your hand. You’re the only one who can decide about their future.
This is how you should set up everything so you can start minting NFTs yourself.
You have to create an account on Coinbase or Binance in order to buy Ethereum.
Connect your bank account or your credit card to Coinbase or Binance. Then you should choose ‘ethereum’ and select ‘buy’.
Go to metamask.io to install the browser extension and create an account in Metamask to get your wallet ID.
You need to transfer your Ethereum on Coinbase or Binance to Metamask. You can do it by copying your ID from Metamask, and pasting it into your Coinbase or Binance account. Then, click ‘send this’, and that’s how you’ll send the chosen amount of money in Ethereum to your Metamask account.
Create an account on Opensea.io by connecting your Metamask to your OpenSea account. There are also some extra websites that can help you mint and flip NFTs successfully. Some of them are raritysniffer.com and rarity.tools. They check whether NFTs are valuable.
Another useful website you can use for staying in touch with all upcoming NFT mints is icy.tools. It allows you to get real-time mint alerts of new projects.
Twitter and Discord are important social media to follow because they’ll give you a real image of a project’s community.
The whole project community lives on these platforms as well as the official minting links of the official project’s account. Depending on the sentiment in a Dicord, you can conclude whether the collection will be a successful.
The project’s Twitter account should have a lot of ‘real’ followers who will frequently retweet in order to follow the project’s announcements.
When we talk about discord group, it should also have ‘real’ members who will take part in the chat and answer each other’s questions.
Is Flipping NFTs Profitable?
Fliping NFTs can bring you a quick profit that may depend on the hype around the project. The possibility to ‘mint’ NFTs can be obtained by getting a spot on the Whitelist. To earn the place on the Whitelist, you’ll have to create a fanart, be active in Discord’s chat or be the owner of some of the project’s previous collections. Some projects even organize giveaways on Twitter.
By getting on the Whitelist, you’ll save lots of money. Mint prices are much lower, so it’s advisable to transfer your NFTs to secondary markets and list them for sale.
The spot on the Whitelist allows you to get some NFTs without risking them selling out completely during a public mint. Believe it or not, some collections can sell out in only 10 seconds during minting.
In case you miss the spot on the Whitelist, you can later buy them on OpenSea at higher prices.
How to find a good project to flip?
Tip 1- Follow Twitter accounts of famous NFT collectors and traders
You can get important information about NFT collections by following reliable Twitter accounts. Besides, there are also good NFT Youtubers like Brett Malinowski. He regularly announces quality NFT projects that are worth investing.
In my course, you’ll get the list of Twitter accounts you should follow in order to get important signals about NFTs.
Tip 2- Check the utility
The utility behind the project is very important. Good projects provide buyers with benefits such as tickets to sports games, concerts, physical goods, tokens, and so on. So, regardless of the fact you want to flip or hold an NFT, it’s always advisable to check the utility first.
Tip 3- Look for project with strong community
Every good project will have active community members that will be passionate about the success of the collection. In addition, social media channels such as Twitter and Discord will tell you a lot about it.
So, before you choose a collection you want to buy, my advice is to check the sentiment of the discord group. If the members share positive messages and want to help each other, then you can be quite sure that the collection is gonna make it (WAGMI).
Tip 4- Check the project’s whitepaper
It’s very important to check the collection’s whitepaper because it will tell you whether a team has a strong technical background. Therefore, the whitepaper should be comprehensive and well-written.
Tip 5- Places to spot good NFT projects
Finding the right NFT collection isn’t easy, especially because of too many choices. In addition, new collections appear every day, and people are often at a loss to choose. Therefore, you must find a project with the previously mentioned characteristics.
Luckily, there are some websites that can help you find interesting NFT projects. For example, CoinMarketCap is one of the websites that tracks cryptocurrency prices and lists upcoming initial coin offerings.
Tip 6- Find a profitable niche
Finding a profitable NFT niche is equally important as DYOR. Common NFT niches include animal-themed art, feminist art, abstract paintings, collectibles, and also virtual plots of land (such as Otherdeed for Otherside).
Tip 7- Be careful about scammers
Once you choose the collection you want to mint, it’s time to pay attention to other details too.
You can find the official minting link in the project’s Discord group. However, you must be very careful about this part too.
There are many scammers in the space sending every single person on Discord or Twitter a private message with a link to mint freshly released NFTs.
It’s very important to note that you’ll never receive a private message from moderators to mint. Instead, there will always be a public announcement from the official account.
Tip 8- Check the gas fee before minting
When you get the spot on the Whitelist, you have 24 hours to mint NFTs. So, I advise waiting for the gas fee to go down. Whitelist spot guarantees you that you can mint NFTs anytime during 24 hours.
***Please note that this blog post is not financial advice. You should always do your own research before going forward.