Flipping is a popular way of earning money by purchasing a valuable revenue-generating asset and then quickly selling it for a profit. Flipping cars or property has long been popular but the recent surge in crypto and NFT meant many entrepreneurial minds found powerful strategies to flip NFTs to make some quick money.
This article will discuss 3 of the popular strategies which have the potential to make you some big cash. However, it is important to note that NFT flipping is a highly risky business and it is equally possible for you to lose money. It is therefore highly encouraged to do your research before investing in any NFT project.
Be the first to find rare NFTs and sell them for profit
In the world of NFTs, timing is everything. So the best and one of the safest ways to flip NFTs is to buy early and sell them for a profit. So, to be the first in line to mint a good NFT project, it is extremely important to do your research on reliable websites and find out projects that will sell. You may be required to actively participate in Discord and another social channel and get whitelisted to showcase your interest and get a first bite at a project.
However, do note that finding a good NFT project can be harder than you think. There are hundreds of new projects launched every day and most NFT projects are designed to inflate their price. Many first-time buyers only find the price to plummet after a few days making their investment worthless.
Another downside of this method of flipping NFT is the high initial investment. Most rare NFTs do come at a premium and may not be viable investments for all. But if you are just starting, this can be a great way to get started.
Finding Long-Term Projects
If you are reluctant to invest in any new project or unsure about the legitimacy of a project, you may consider investing in an existing one-of-a-kind project with a unique standpoint. There are plenty of new projects that either have affiliations with celebrities or have a unique selling point that can be worth checking out. For example, many play-to-earn (P2E) games have in-game assets which may not be very profitable now, but as the popularity of these games increases, their NFT would also rise in value. Another example can be buying land on Mars using the sandbox platform. This simple but unique approach has seen the NFT value increase exponentially and a $30 worth of NFT in 2019 has exceeded $10,000 in 2023.
Create your own NFT project
Investing in any NFT project requires an upfront investment. But if you are unable to do so, you always have the option to mint your own NFT project, market its unique selling point, and make a profit. Minting an NFT project is usually cheap but marketing it in the community and having others interested in your project may be the hard part. There are also many scams where people artificially buy their own NFTs to inflate the price only to deceive people. It is illegal and most likely puts you in legal trouble. Here is a simple guide to teach you how to mint your own NFT project.
Flipping NFTs can be a tempting business with the potential to make big money. However, it is important to consider all the pros and cons before you consider indulging in this business. The world of NFT is constantly evolving and therefore it is important to do your own research before making any investment decisions.