There is a whole new world of NFTs out there waiting to be claimed! However, with the booming popularity of the genre of tokens, it can be challenging to keep track of everything. Make your life easier with this Ultimate Guide to Buying and Selling NFTs that will review account creation, platforms, terminology, trends and strategy.
Why Should I Get Involved In Trading NFTs?
In this guide, I will break down everything you need to know about NFTs. The first thing you should know is that there are many reasons why investing in NFTs can make you a killing, or 1/3-of-a-million dollars. Almost all big influencers in the tech space are investing in NPTF, and they’ve made it clear that getting involved with this opportunity won’t be a major regret. That being said, big names like Logan Paul, Snoop Dogg, Jay Z, Doja Cat, and almost all big celebrities are already in the NFT space.
Aside from the fact that Facebook just renamed themselves to Meta on March 26th, Nike just filed a patent for virtual clothing, Microsoft just joined the Metaverse on May 30th and are hosting immersive meetings with 3D avatars; many top companies are getting involved in NFTs. We are basically in the early 1990s when the internet boom occurred, and many people got very, very rich. Now, this is happening again, but it is with NFTS.
If you have seen the movie Ready Player One and think it’s a great idea, but don’t know what to do with NFTs: we’ll get into that in this guide!
What is an NFT?
NFTs (non-fungible tokens) are unique digital assets created by blockchain data. With NFTs, you can collect and create digital content such as photos, videos, and audio files.
For people not so tech-savvy, these digital assets are made for only you and aren’t shared by any other user. You can use them to buy or sell without losing your game currency.
NFTs and Their Potential
If you knew Bored Ape Yacht Club or even CryptoPunks, then that’s just the beginning with NFTs. Fortunately, there are polls sites like EthereumLottos that monitor these popular topics and users can purchase their loyalty points for tokens with ETH or KRL, so not only can they win more tokens, but they use it in paying winners.
As seen with the highest last sale of 769 ETH for a JPEG, NFTs perform just as well, if not better, than existing assets. With guidelines on finding the best opportunities and correct timing, you will have no problem making money.
Head over to – https://opensea.io/rankings
And go over a few projects and sort by “Highest Last Sale,” and you can see them for yourself.
I get in early on NFT projects through their Whitelist because that’s when they release limited edition items. All of these NFTs have a pre-sale, and I need you to know that it’s crucial if you want to make real mad cash – you must get in early!
The right pre-sale ensures you’re coming out on top with the best ROI. You can get in at a higher price during this stage, but the primary benefit is the release date. The major downside is not getting on the Whitelist.
Members of the NFT token economy get to buy and sell multiple collectibles at the beginning before they go on the secondary market for creators. Or, you can upload 2-3 cheap NFTs into the blockchain and keep one while profiting by selling two in the secondary marketplace. Furthermore, if you want more tips on finding profitable NFTs, I will give you some KPIs during this blog post, so you know what to look out for!
First of all, you are going to need a couple of things –
- Discord – To join any NFT project, you will need to enter their Discord soon after the token sale, where they list everything about the project, including the whitelist criteria.
- Wallet – You will need two types of wallets, one of which is MetaMask and the other one is Phantom Wallet.
- Link your account with others – You will need to create essential accounts in both OpenSea and Solanart, which is easy to do. Just follow the prompts and connect your wallet.
- Crypto – To get involved in a project, you will need ETH in MetaMask or SOL in Phantom, both of which have slightly different exchanges
Finding Profitable Projects To Mint
One of the most critical factors in finding a successful NFT is timing and research, as buying an asset at the wrong time can have a significant impact. When investing in NFTs, it’s essential to consider elements such as art and utility – a project with both should have a good profit opportunity.
However, the security and reliability of blockchain networks means that your Ether remains safe. Also, there is no risk for fraud as transactions never go to HODLers–Ether goes directly out of the code. Here you will learn about some features when you don’t go over or under the KPIs in specific situations using the examples below.
The Best NFT Platforms to Invest In
Though crypto is all the rage now, you always want to keep an eye on the latest NFT projects. If any project catches your eye and you see metrics being met, go ahead and jump in!
KPIs To Observe
- Art – Yes
- Utility – Yes
- Discord users – >2k – 5k
- Discord activity – High – Ensure you join the project’s Discord and look at the activity and whether or not the conversations look botted.
- Total number of NFTs available – <10k
- Secondary market price – Higher than mint
- Previous pattern – Yes
Investing in a new NFT that often includes passing a stringent whitelisting process may seem daunting. The early bird gets the worm, but the care given to the following parameters on how to invest will assure you of your spot on the it.
So, Let’s analyze a few profitable projects to get into right now.
- Knights Of Chain – https://www.knightsofchain.com
With this project on the Ethereum blockchain, your KPIs should match what they have. For example, it has fantastic artwork with utility backing it up. There are 3,000 members in Discord already, which means there is more chance to get on their Whitelist. They maintain an active community through Discord; you won’t see 10,000 members without any activity. Recently the team announced that they would be getting a billboard in Times Square.
You can look out for tulips or “penny flopper” project tokens when buying. They are characterized by a total supply of 9,999, an extremely low mint price, and a significant economic incentive to sell cheaply. Penny Flopper token supply is all in one colour- economic issuing incentives are significantly larger.
The second act of trading NFTs is through OpenSea. This means that one becomes involved with secondary markets where you find art similar to ON1 Force, a project I was personally invested in that started at about $500 at the mint. I was able to sell for over $20,000+ when they finished pre-sale and public sales. With this in mind, you should ideally aim for lots of similar projects after lots of projects (this ensures success).
- Catch King – https://www.catchking.io/
I wanted to give you guys this absolute best example of why it’s essential to know your KPIs before participating in an NFT. This is a project on the Solana blockchain, which has pixelated art. Still, they already have a working game with that nostalgic factor, so the utility is there so that you would be getting into this project solely for the utility. On top of that, they are verified by around 400 members, so you also can make exceptions to the KPIs.
I have been in 2 projects on the Solana blockchain that had games ready to go with playable characters being NFTs, and I did insanely well in both. Therefore, it is essential to recognize a pattern, which would be the only time you would want to make an exception.
While it is important to find projects that match clusters of KPIs, exceptions can be made if you are able to see a pattern in the project’s growth. You will want to break down any project to determine whether or not KPIs are met. If they are, execute! The way I broke down Knights Of Chain is how you should break down every single project you are aiming to get in. Understand your targeted goals and follow through. These include critical points like following past storylines, avoiding peaks and
Finding Profitable Projects On The Secondary Market
To make a killing in this business, you should be minting profitable projects with the abovementioned parameters. Always be looking on secondary markets like OpenSea to do quick flips for more profit within a short amount of time.
It would be best to always look on secondary markets like OpenSea to make quick flips, which also add up fairly quickly.
To get started on the secondary market, go here – https://opensea.io/activity.
The best way to make the most out of your purchases is to buy low and sell high. To do this, you will want to look for a pattern- whether it be a trend in the purchase or sell of one kind of item or multiple items- in which it appears that someone has consistently bought when the price goes up and sold when the price goes down.
With the options to buy and sell NFTs, collectors now have an easier way to make money off their cards. Usually, those external factors like #PR or influencer shoutouts drive the price of an NFT, but if you find a difference in floor price, you can buy it there and then!
When you click a collection of currently popular NFTs, you can look at them by sorting from lowest to highest and buying the first one that is least expensive. If it doesn’t sell, you should set a lower price because someone will buy it. You don’t need to sell within this time window as you only make two sales before your number is back up for sale!
There can be several things to consider before buying and selling NFTs. One is the difference in the price of an item on different marketplaces. A good example is if one NFT is priced at 0.50 ETH on one marketplace, while others are priced at more than twice that amount. Here, you would want to buy it right away for cheaper at the lower rate, list it for even more, and after it’s sold, repeat the process.
Scaling Up and Conclusion
Now you know how to find, navigate, and successfully engage with NFT markets like KOC on platforms like OpenSea and Solanart. Take advantage of great opportunities by flipping at less than 10% max profit on higher-quality cards.
One of the craziest ways to make money is by buying and selling non-fungible tokens. Follow this guide to find out how to start banking off the Metaverse.
TAKE ACTION, or you’ll miss out on the market of 2022