How to Flip NFTs
Do you even wonder how possible it is to sell a very cheap NFT at a much higher price? But before anything else, when buying your NFT there are some things that you need to consider first. These are the utility, the founder, the community who the project is associated with, the artstyle and then the floor price and trade volume of the projects.
Remember the Utility
Utility is what an NFT can do or offer to the owner. By simply owning the NFT is there going to be some incentives such as discounts and promos? Will the owner have access to events like concerts and art galleries? The owner might still first consider if they will gain something that will make them enjoy real life perks from purchasing an NFT.
Do Research about the Team
Knowing the people behind the project first hand will add value to an NFT project. If the artist has an established name or as simple as being “known”, they can just simply attract some potential buyers. Following the artist on their social media sites can also become a factor before anyone buys or invests in an NFT.
Know the Community
A community that supports an NFT project can dictate the hype around the project. These communities can be seen on official sites linked to an NFT project such as Twitter and Discord.
For those buyers who consider the “aesthetics” of a piece it is important to remember that an art style should help an artist to be identifiable, but all in all this will be more likely to become a personal preference for potential buyers.
Now, obviously, floor price will show the lowest price in the collection, this can help the buyers to determine if a project is affordable enough to mint and be sold at a higher price. On the other hand, trade volume shows how many sales were done for a period of time that will help buyers to determine the trend of the project.
This will only stand as “guides” ; it’s always important to do further research on other strategies to enjoy one’s NFT journey and experience.
Purchase Whitelist
Distributing whitelist spots to participants varies from project to project. Some might only need to invite more people to their community, while others might consider hosting raffle contests or even interacting with the Discord server until the set milestone is achieved. During presales, at least, the majority of the whitelist holders were given discounts.
Consider the Hype
If the hype is consistent enough, the larger the possibility to gather more NFT enthusiasts into knowing a project and with this, it will become an opportunity to get the floor price and to be able to sell it to a higher value.
What is Instinctive Buying?
After a long time of practice, observation and research, NFT flipping becomes an “instinct” rather than pointing out something and just buy it ASAP without thinking about it. Some NFT flippers developed their gut feel just by observing the movement of a project.
Interact with the Community
Having a community where NFT enthusiasts are in can give you an advantage on getting ahead on upcoming projects and be able to identify possible buyers that are interested with a specific utility and style of an artwork.
