So, the most expensive NFTs, such CryptoPunks, BoredApe Yacht Club, and the most recent the Moonbirds, all launched at the same marketplace, OpenSea. Then, now that we’re ready to enter the NFT space let us show you what you can do next.
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Moreover, at the end of this article, you’ll know how much profit we made and some insight about it. Then, without further delays, let’s begin.
Buying our first NFT
From our previous videos, we showed you how we purchased our first NFT and so what happened next. So, what’s the update? But first, here’s a recap. As a beginner, we tried investing 20$ in the Polygon blockchain to avoid gas fees and experience firsthand buying NFTs. That time, we bought a car NFT from “REVVRacing,” and that caused us 5$ of WETH, or Wrapped Ethereum. Okay, so before we continue, remember these three terms. Listing, delisting, and Royalty fees.
First, listing and how you use the OpenSea platform in selling the NFT you’ve bought. And in case you want to adjust the price, the date, and duration, then you’ve got to “Delist” and “List” it again. Don’t worry, this won’t cause any penny, but here’s the third term that you’ve got to remember. “Royalty Fees,” since, like in every NFT collection, the creator takes a percentage of each sale of that item, which could vary. And of course, the OpenSea also takes a 2.5% fee. Moving on, in our case, we used the Polygon chain network, so aside from that, there would be a very small gas fee.
Sold our First NFT
Okay, now for the reveal, the first thing that would let you know you’re item got sold is thru the email you signed with your OpenSea account. You’ll be notified right away every time you’re NFT is sold, and that’s what we all want. So, after a week maybe, the “REVVRacing” became more famous, and the NFT that we bought was sold.
NFT Supply & Pricing
Since we’ve bought the NFT for a Floorprice of 0.16 WETH, around 5$. And there’s a ton of supply in the market. So we tried selling at the same price. Eventually, we got notified in an email that the item got sold, just like what you can see on your screen.
Although most of this type of promotion isn’t a straight-up scam. Still, it’s unethical at best. Sadly, having small capital gives you a smaller margin of profit, as some NFTs would take a lot of time to gain value, but still, it’s a case-to-case basis. That’s why make sure you always do your own research.
Next, even Polygon chain, if you like to sell your item expecting for 10-15% higher than your initial purchase, then that would just be only eaten up by the Royalty fees for the creator and OpenSea. So, it’s either you increase your capital to get better entry point NFTs or look for a promising NFT collection that you could hold for a long time and expect it to 5x to 10x in value after months.
To be continued…