Do you want to hope on the hottest trend of 2021 and make some money having some fun? Of course, you do. This guide gives you everything you need to know about making up to $100 to $1,000 a day buying and selling NFTs!
What is an NFT?
An NFT (Non-Fungible Token) is a “blockchain asset.” It’s unique, certifiable, and therefore, not interchangeable. NFTs come in several formats, from photos and videos to audio clips and other digital files.
Potential Of NFTs
2021 saw the rise of NFTs, with elite NFTs from popular products seeing ridiculous prices on the market. In October 2021, we saw the sale of CryptoPunk #9998 for 124,457 Ethereum, or around $532 million.
Follow this step-by-step process to start buying and selling NFTs.
Sign up for an account with the platform to stay up to date on project information.
Sign up for a MetaMask and Phantom Wallet.
Open accounts on the NFT marketplaces OpenSea and Solanart, and connect them to your wallets.
Most NFTs sell in ETH (Ethereum) or SOL (Solana).
Your research sets the tone for your success with buying and selling NFTs. Analysis and the right timing are what you need to make money trading NFTs in this market.
Look for NFT projects with art or utility, or both when researching projects. Two excellent resources for researching NFT projects are the following.
KPIs To Observe
When conducting due diligence on your NFT project, look at the following KPIs when making your investment decision.
- Art – Yes?
- Utility – Yes?
- Discord users – between 2k to 5k.
- Discord activity – Is engagement high?
- Total NFTs available in the project – 10k or less.
- Secondary market prices – Must be higher than the minting price.
By sticking to these KPIs, you’ll have the best shot of getting in early for trending NFTs before they reach the attention of the broader market.
As a result, you stand to make the most money when entering the secondary market.
Finding Profitable Projects On The Secondary Market
However, it’s possible to make really good money flipping NFTs in the secondary market on platforms like OpenSea.
Look for patterns of multiple NFTs from particular projects being sold several times in minutes. Factors like influencer shoutouts can increase trading volumes, increasing opportunities in the secondary market.
Scaling Up and Conclusion
As long as you stick to your KPIs, you’ll be fine with picking the right NFT projects. Get involved with as many projects as possible and funnel your profits into NFTs in secondary markets like OpenSea and Solanart.
If you manage to do a few quick flips each day, you could be sitting on some serious profits at the end of the month.
Aim for five to ten quick NFT flips a day and mint as many new projects as you can that offer you high potential returns on your investments.
Keep your eye on patterns, and the Discord feeds of top feeds. When you’re trading, remember that volume trumps everything.