NFT flipping has become the next generation real estate option for those wanting to make a fast profit selling NFTs.
It is amazing to me that over and over again investors and entrepreneurs dismiss new ideas as passing trends. Most of the time they see new concepts as too risky and wait for someone in authority to say everything is fine. They often forget that most sustainable trends tend to be radical in nature, but in the case of cryptocurrencies they were and still are an empowering asset for the masses.
Let’s consider the internet way back in the 1980’s and how many people were very skeptical about its future. Today you would find it very difficult to dismiss the power of the internet as a trend. If you had invested in any of the internet companies of the time you would be very rich today. The people who did invest in the internet today would be seen as visionary and forward thinkers.
The empowering world of the internet
The internet today is empowering the world in so many ways such as making money online. This even includes changing how we work and educate ourselves and our children. These two things alone were seen as impossible only 20-30 years ago, but today it has almost become the norm.
Another example and closer to this article topic is the launch of Bitcoin in 2009. I have to be honest, I did not fully understand the reasoning for Bitcoin or any of the other cryptocurrencies. However, again nobody really took Bitcoin seriously and nobody could understand the potential profits that could be gained by investing and mining a virtual currency.
Today, you have found this blog because you are looking for some information that will help you through some light on NFTs.
However, the bigger question for you is, are you a visionary or a skeptic? We are looking at the same scenario: the internet boom of the 1980’s and the excitement of Bitcoin in 2009.
So, are you going to be open minded and learn how to flip NFTs or wish you had invested later.
For more details about flipping NFTs click on the button below.
What is a NFT?
I guess if we are talking about making money from NFTs I should really explain what they are. A NFT is commonly called a “non-fungible token”. It is a non physical and unique digital file. The NFT file may include digital art, music, audio tracks, video, objects in video games and any other creative digital products. They can be bought or sold and stored on the blockchain.
What is NFT Flipping?
If you have any understanding of real estate or property there is an expression used in the industry. This is where a builder or contractor will buy a property, renovate it quickly and resell it at a profit. This practice is called flipping. Flipping a NFT token has the same principle except you are flipping a digital product for profit.
So, the basic theory is that you purchase a NFT at a low price and then quickly sell at a high price.
However, like any form of investment there is risk and flipping is quite risky even though quite profitable. However, having a strategy that works will bring in a good and steady income in a short amount of time.
Five steps to flipping NFTs for beginners
It’s amazing that today you can make money flipping NFTs simply by buying them now as well as selling them again in a few hours.
Is it that simple?
Well….
Yes, of course, but remember there is no FREE lunch.
The key to NFT success is researching your NFT and then marketing it currently.
Of course, if you have never done this before then it is as tough as flipping a property. Before we begin I would suggest we start small and build up to the more expensive NFTs when we gain some experience.
Step one: Choosing the right time to purchase a NFT.
Like all trading, especially the cryptocurrency market, the best time to purchase NFTs is when the price has gone to the bottom. When you feel that the price is at its lowest or better still its lowest price ever. That is the best time to purchase NFT and wait for the rise. The higher the demand for your NFT the more money you will make.
Step two: Choosing the right NFT project for flipping.
This is the time you will need to do a fair amount of research. Once you have browsed through the possible NFTs available to you, create a list of the ones you believe will be good for flipping.
Here are the key aspects to a good NFT project:
- How many NFTs are available for purchase? (Use the supply and demand theory – less to buy higher the price – lots to buy lower the price)
- What is the lowest price you can purchase for a NFT? (Researching what the lowest price has been in the past will help you know when to buy in at the floor price)
- Are there any additional benefits for buying a particular NFT? (We all love something for FREE or a special discount, so check if your NFT will give you something extra)
- Who is selling the NFT? (I have always been advised that if they don’t want to say who they are it is for a reason and so stay away from anonymous NFT sellers)
- What is the standard of digital art? (Like art on canvas or music the uniqueness and quality will have the best value)
Step three: Find rare, unique and undervalue NFTs for flipping.
You should have already created your list of NFTs. As for purchasing them, there are a choice of exchanges and they are all very simple once you have an account. All you need to do is open a cryptocurrency account and exchange and view the exchanges NFT marketplace.
The one that I have found very easy and safe to use is the Binance exchange. Apart from having a great NFT marketplace it also offers a cash card, a safe wallet, it has a stable platform and there is possibility to trade in most cryptocurrencies.
Here are a few tips on how to choose the best NFTs to purchase:
- Check out what is trending in the NFT world.
- Search for the undervalued NFTs.
- Search through the NFTs by their traits.
Step four: Setting the price for a quick sale.
Purchasing your first NFT is just one part of the job. The next stage is to set your selling price so it is cheaper than the others while still making a profit. However, remember there are also fees to take into account.
Step five: Do the NFT flip.
Selling your NFT at the right price may take a few minutes or a few days. Within a short amount of time you will receive a buyer’s request to purchase your NFT.
What is the best marketplace for flipping NFTs?
I have already given a hint, but I believe that when it comes to our finances a safe and secure platform is important. This is why I would recommend Binance for NFT flipping and trading. Binance is the largest cryptocurrency exchange in the world. It offers lots of different services including a NFT marketplace. This means it is probably one of the most financially stable exchanges in the cryptocurrency industry.
Do you need NFT flipping training to become successful?
If you have found this article interesting and you would like to learn more about flipping NFTs I would suggest considering a NFT training course. This is not to say that training will guarantee success, but it will get you somewhat in the right direction.
For more details click on the “Learn More” button below and learn the deeper aspects on how to flip NFTs and make a profit fast.