Well, dealing with NFTs for profit could be really tricky, and in contrast, it’s not uncommon to lose money instead. So, how come NFT millionaires like Gary Vaynerchuk and even several NFT youtube personalities made massive gains in NFT. So, we’ll be sharing our actual experience, but first, we’ve got a disclaimer.
This is not financial advice and only our personal opinions. Moreover, this video is for educational purposes only.
So, tune in and pay attention. At the end of this Article, you’ll discover how to minimize losses and secure gains in flipping NFTs. Then, without further delays, let’s begin.
Real Experience Matters
This time around, we’ll be talking about our actual experience in the Solana NFTs in the Magic Eden marketplace. After grinding for whitelist and minting for the first time, the next thing to do is to try our luck in flipping NFTs. However, is it really only luck that matters? We’ll answer that with our actual experience.
The Cost of Beginner Mistakes
Like in our previous video, we talked about the things we wished we already knew even before we began flipping NFTs. We’ve made many beginner’s mistakes in the OpenSea marketplace and here in MagicEden. Most of them would be really costly or, worst could even dry up your investment. That’s why it’s important that always do your own research. And not just research, do your best to look for the best source, and that’s why we’re here. We got you covered, fam.
Always “Buy Low and Sell High”
So, this is not quite an easy tip, but this one rule would let you secure profit. Always “Buy Low and Sell High.” This is quite more advance than snipping NFTs below the floor and selling them slightly higher, or if lucky, you got a rare one for x2. The way we’ve made this possible is we really put a ton of time into our Due Diligence in one NFT collection, Miners of Mars. This means that with the aim to make sure that you’re plan of investing in an NFT project would not be a bubble that would easily burst. So, we’ve spent a lot of time evaluating their discord server, the community, and, of course, the utility of the NFT. In short, before flipping NFTs, you need to curate them first, and this already minimizes your losses.
Due Diligence : Miners of Mars
Well, Miners of Mars was an NFT collection hand-drawn by Aleksa Gajic, a world-known comic artist who illustrated Scourge of the Gods, Marvel Comics. There were two other big names behind it, Tomo Vukasovic, Web3.0, and Blockchain expert, and Uros Petrovic, an established writer, and boardgame creator who sold 450,000 books worldwide. Knowing this gave us confidence that this project would never go wrong. And here’s what we did next.
Sales Volume, Total Listed, Floorprice are the Keys
We observed the data of Miners of Mars thru solsniper.xyz website, checking the trend of sales volume, total listed, and floorprice. And since NFT space is cohesive with Crypto, this means volatile changes in stats. Here, you’ll notice that when the total listed goes up, the floor price goes down. So, observe the trend, and you’ll notice that there were times that it would dip, and that’s the time you can buy low, and when the listings go down, that’s the time you’ll sell at floorprice and secure your gains, minimizing your losses. How about you guys? Which new NFT project do you think is the next blue chip? Write your answers in the comment section below.
To be continued…