For a lot of us, trading and flipping is something we’ve done since childhood. From comic books, stickers, trading cards to toys, anything we could profit from was fair game. Many of us have continued this wealth-building habit into our adult lives and are always looking for flipping opportunities.
As our lives become increasingly digital, it’s no surprise that many people are now making money with NFTs. The trading of NFTs (non-fungible tokens) is growing all the time, and getting in early on this evolving market could be vital to the continued growth of your wealth.
This article will discuss what NFT trading opportunities are out there, where to go, and how you can go about spotting them.
Why Flip NFTs?
The emerging NFT scene has plenty of room for growth. It’s a new market, there’s not much competition, and the opportunities to make large profits are everywhere. You just have to keep your ear to the ground and know what to look out for.
With traceable, provable provenance and ownership, many people are already making a lot of money with crypto-collectibles and art selling to the growing number of digital collectors. For example, take the pixel-art collectibles CryptoPunks. In October 2017, CryptoPunk #8348 was sold for $456. Currently, the very same NFT is worth over $26,000, quite an increase in value.
Getting in on NFTs early is a great way to increase your net worth or strengthen your portfolio. Many people find they can flip an NFT in days for an easy 10-50% profit, reinvesting the money in bigger opportunities.
Do People Buy NFTs?
NFTs are extremely popular. While for those unfamiliar with it, the idea of digital ownership is new and somewhat confusing, blockchain technology is here to stay, and many are already getting on the action. With networks like Ethereum allowing the tokenization of art, music, gifs, music, collectible cards, videos, and in-game items, there’s an enormous range of appeal for digital ownership.
Unlike fungible tokens like cryptocurrency, though, these digital items are irreplaceable.
Just like placing a like-for-like replica of Van Gogh’s Sunflowers next to the original, copy and pasting an NFT doesn’t mean it has the same value as the original. With NFTs, we can prove the provenance of a piece. We can say who owned it and when, with high-profile ownership by a celebrity, for example, drastically increasing an NFTs value.
How To Spot NFT Flipping Opportunities
As with any investing opportunity, there’s no guarantee of profit with NFTs, but that doesn’t mean there’s not plenty of people making healthy profits. Flipping is a quick and relatively simple way of making money with NFTs.
You are ultimately looking for NFTs which are either or both:
- Currently undervalued
- You expect to increase in value
Find Your NFT Niche
While casting your net wide may seem like a good idea, with NFTs, it’s best to niche down and really get to know a market. Gary Vee’s own advice is to “…really do your homework on what you genuinely believe is gonna work.”
The more you know about an NFT scene, the better your investment decisions will be.
It’s vital then to choose one or two NFT niches and dig into that community. Go into the subreddits and forums, listen to the podcasts, watch the Youtube videos and talk to others in that community of buyers and sellers.
This takes time but is the only way to make sound investments.
Take an NFT game like Decentraland and its interesting real-estate market, for example. One renowned trader, named Matty, made over $83,000 profit in a single year, simply flipping parcels of the game’s land because he understood the market well.
Where To Find NFT Flipping Opportunities
The NFT market space has a few options depending on your budget and what sort of token you’re looking to trade. Below, we’ll look at some of the more popular marketplaces and what market they cater to.
1. The “Garage Sale” Sites: OpenSea and Rarible
These marketplaces sell a wide range of crypto-collectibles and are a great place to find hidden gems due to their low barrier of entry, with many up-and-coming crypto-artists finding their footing on these marketplaces.
Just like finding a $100 beanie baby being sold for $5 at a garage sale, there are many undervalued bargains to be had here.
2. Collectibles: Atomic Assets, NBA TopShot, Decentraland, Crypto Kitties
For those of us with a history in flipping collectibles like trading cards, marketplaces like Atomic Asset’s Atomic Hub are a great place to start.
Built on WAX, the marketplace had a fantastic 2020 with some major deals, including a Street Fighter line of trading cards. By being on top of trends and understanding the market, this marketplace is fantastic for the collectible trader.
There’s also the incredibly popular NBA highlights marketplace TopShot, which has a total NFT value of over $600 million. With regular new drops, a wide range of prices, and a lively marketplace, investors who know their sports memorabilia would do well to start here.
For those with experience in trading in-game cosmetics with games like Fortnite, there are marketplaces for you too.
Decentraland’s real-estate and cosmetic market is booming, with trades happening all the time. It doesn’t take long to start spotting profitable property locations on the market, and some are making a lot of money doing so.
There are also NFT-games like CryptoKitties with a lively and fun marketplace with thousands of active users with plenty of profitable tokens to be flipped. Many CryptoKitties are sold for thousands of dollars. CryptoKitty #2564, for example, was first sold for $143 and was last sold for $1,953.
As with any collectible trading, the key is understanding and following the market.
3. Art: Known Origin, Nifty Gateway
As VR and AR gain ground, people are looking to scoop up original digital artwork, and this provides an opportunity for flipping for profit.
By looking out for pieces by up-and-coming artists or simply high-quality artwork you think is undervalued, you can make healthy profits.
4. Exclusives: SuperRare, Christie’s
Slightly less expensive, but still a very high barrier of entry is the online marketplace SuperRare. Here you’ll find pieces of digital art from handpicked artists who are influencers within the NFT scene.
While these may be out of reach for many of us, it’s worth watching these marketplaces to understand the direction the NFT is heading.
Tips for Making Money With NFTs
One of the best ways to leave some meat on the bone and profit from NFT trades is to look out for bulk buys, more common in the trading card and collectible scenes. Often, large-scale sellers will happily sell bundles of NFTs together for less profit to reduce the hassle of trading. This is where you come in and sell them individually for your profit.
Polite haggling often works too. Reaching out to sellers in your niche’s community through private channels and negotiating private deals is where many flippers find their biggest profits.
And, of course, keeping on top of an NFT scene’s market, tracking leads, and networking within the community will always lead to more profitable opportunities.
While some in the crypto scene are happy to simply buy some Bitcoin or Eth and hodl, NFTs provide opportunities for actively making money with NFTs.
A diverse portfolio of investments will make room for short-term profit-making, and flipping NFTs is a great way to get in on the ground floor of an evolving digital market with plenty of room for growth.
So if you’re excited for NFT’s or AKA Non-Fungible Tokens, So am I and yes to be honest, there’s huge potential with NFT’s. Especially, if you are in the field of Art or an Artist itself.
There are actual artists who are making over $1000/week selling their art from NFT’s and its actually real. Forget Beeple who is a different story and his success is a special one. But even for people like you and me, with amazing art and a exceptionally interesting story, we too can get success in the world of NFT’s.
Believe it or not, people like Logan Paul, who is not an artist at all have already started making NFT’s and yes he’s made millions. But we aren’t interested in that. While, even Music Artists like Danielle Bregoli aka Bhad Bhabie and Steve Aoki have made their NFT’s already gained tons of success. To be honest, most artists are after money and I get it, but the thing to remember here is that, it’s not really the money here that shapes your success in the NFT world, but rather it is the art itself.
So, if you are an aspiring artist or if you are thinking to get into NFT’s, I’d say go for it. Who knows, your art could be selling for an average of $30,000 to $100,000. You never know until you try because truly nobody, not even me knows how the marketplace decides and judges art. Which means, Originality here truly helps and if you can tell and communicate a powerful story through your art, you could actually be the next Beeple.
So, if you are thinking to get into NFT’s and make NFT art, I’d say sharpen your skills, learn how you can tell a story through your art because remember, the reason why Beeple was able to sell his art for a whooping $69 Million dollars is because his art had a powerful story to tell. And so did most the art that sold for a high price.
However, you may not be an artist and I get it. So am I and how do i Create NFT’s?
What I normally do is I simply hire a Talented Artist. I give them my idea for the art or NFT art and they deliver me the work for around $5 – $100 depending upon what level of design you want.
Websites like Fiverr.com allow us to find such Digital Artists and Creators who can actually create art for us. It’s really amazing as today in the digital era, we can do almost everything and get all kinds of services right from the Internet. Fiverr.com is just one of the awesome websites that allow us to do this. So definitely try it out!.