How To Find and Flip Rare NFTs
Non-fungible tokens, or NFTs, have been a hot topic in the crypto world recently. Because they are still so new, traders are wondering what the best way to exchange NFTs will be. More importantly, how can they make a profit? Here is how you can find and flip rare NFTs.
What To Do To Find and Flip Rare NFTs
We recently discussed NFT comics here on the blog. Increasingly, investors are purchasing cryptocurrency collectibles like comics, art, and other digital items then flipping them for profit. They are able to do this by taking one of these four trading strategies.
1. Buy the Floor
Buying the floor can be a good investment strategy, no matter where you are putting your money. Chances are, you’ll earn some kind of return. This is typically a good strategy for beginners because it doesn’t require a lot of money upfront. You can get used to the NFT market and how to find and flip rare NFTs.
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2. Buy the Ceiling to Find Rare NFTs
Ceiling NFTs are some of the rarest and most in-demand. These are coins that very few people hold and, honestly, not many people have the money to buy. So, if you do get your hands on a rare NFT, it may be hard to offload. Once you do, you will have made a pretty penny though. If you have the money, there is a high risk but even higher reward.
3. Search for Underpriced NFTs
Looking for a deal is always a good idea, whether you are grocery shopping or purchasing NFTs. Search for NFTs that are listed under the previous sales as well as those priced under what other sellers are listing at. Don’t only rely on the current list prices. Look at the trends to determine if an NFT is actually a good deal or not.
4. Pay Attention to the Number of Sellers
The more sellers an NFT has the harder it will be to sell or unload. If there are a lot of sellers on the market trying to get rid of the same NFT trading volume needs to be high. You will also be more successful in flipping rare NFTs if you choose an NFT that has patient sellers. If they all wait for the market to meet a specific price to sell, you can come in at just below what they are asking to be competitive and flip your crypto collectible.
5. Be Firm
Try not to waiver in the price you are asking. While you may be asking above the most recent sales prices for the crypto collectible you are selling, waiting can help you earn more. Be firm in your asking price and be patient.
All in all, flipping NFTs can be a good way to make a profit. However, there is always the risk of purchasing an NFT that you are later stuck with because no one wants to buy it. That is where crypto-collectibles and traditional collectibles differ. Traditional, physical collectibles tend to hold a sentimental value. Will digital collectibles do the same? Only time will tell.
For now, happy trading!
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