NFTs have proliferated like wildfire this past year, and NFT scams trailed just close behind. But that’s Well, aside from holding your NFTs for long and selling them after the NFT project started mooning, or reaching a floor price higher than its minting fee. We could as well do flipping with NFTs to make profits. However, here’s a disclaimer.
We are not financial advisors. The content on our website is for educational purposes only and merely cites our own personal opinions.
We’ll after studying this blog, you’ll find out the biggest mistake that beginner NFT flippers always commit. And the simple trick you could immediately do and get results. So, right away, let’s dive in.
How Flippers do their Job
It’s true that the NFT space had a lot of things that could be pretty intimidating. And the reason for that is there’s a rule of thumb that in order to make a profit, you also need to be ready to take the risk of losing some of your investment. And both with the Solana and Ethereum NFT Marketplace, there’s this quite famous way of making a profit, Flipping NFTs. So, the way this works is when there’s someone called “Paperhand” listed his NFT below floorprice or slightly above it, all without checking its rarity. Then a flipper would buy and sell that NFT at the market price depending on its rarity, taking the difference as his/her easy profit. And some would even spend almost days looking for NFTs to flip since you’ll never know the moment they would be listed. But if you’ve got one, then there’s a profit to flip.
Flippers vs. Paperhands
However, now and then, people could still lose money in flipping. But before we talk more about that, here’s what we experienced in flipping Solana NFTs in MagicEden. Well, whenever a new project had just launched, and it got successfully minted, meaning the entire collection got sold out. Most flippers would get ready for the paperhands. Since, with this, they could snipe some rare NFTs in floor price, listed by beginners who don’t know about much how rarity works. So, as an aspirant flipper, we’ve diligently researched an NFT project called “Miners of Mars.” And as a recap, it’s the very same project that we featured in one of our videos, where we earned a very good profit after whitelist mint. Then, going back, what we did next was to use these features of the marketplace.
Filter Settings & Rarity Key
Just like in OpenSea, here in MagicEden, every collection can be navigated better thru the “Filter” settings. There, you could check the traits and how many NFTs in that collection had it. In our case, we’ve started our flipping by using the “NFT status” settings at the middle-right corner, which, when you click. This would show a dropdown list of what arrangement you wanted the NFTs listed to be shown on your screen. So, you could choose “Price: Low to High “ or vice versa. And what we used is the “Recently listed.” With that, we could see which NFTs were the most recently listed and then manually check which were the rarer ones. In checking rarities, the fastest way is to join the discord server of “Rarity Keys.” And there, type this command in their Rarity collection channel, “!rarity collection Miners of Mars #123.” This, for example, you’re checking the same collection that we did.
So, for instance, we’ve stumbled upon some rare and epic “Miners” that are just slightly higher in the floor price. We immediately bought it and then listed it for a slightly lower price of the same rarity as NFTs. But if you’re expecting that this was easy, the truth is, it was hard. At that time, we noticed that we could not sell the NFTs that were trying to flip. And that’s a big problem. It was until we discovered that we were actually making the biggest mistake that most beginner NFT flippers commit.
Give them a Great Deal = Profit
Again, make sure you do your own research before trying anything about NFTs. Having said that, here’s the simple trick that turned our crucial situation around. First, we accept that our biggest mistake is always depending on the rarity of NFT. Since what really works is looking for an NFT that’s priced lower or slightly above the floor price, if you list, you could still give other flippers a great deal. This means that other people could still profit from it. Yes, the trick is to keep in mind that people would buy NFTs to secure profit, and if you could provide them that, then you could easily flip NFTs for profit. Well, when we started applying that strategy, we’ve got to earn an average of 0.1SOL to 0.3SOL or 20$ – 60$ per successful flip. And perhaps, for having a small investment, this already a good profit. But how about you guys? What’s your first experience with flipping NFTS? Write your answer in the comment section below.
To be continued…