What if I told you that if you made a $200 investment in April 2021 that it would now be worth over $100,000, seeing a 50,000% increase on its initial investment. I’m talking about having invested in Bored Ape Yacht Club, one of the most famous NFTs in the market.
These profits are just a fraction of the fortunes that NFTs have made people in the past couple of years, it has not stopped. If you haven’t heard, NFTs are the new wave of generational wealth and the best part about it is that anyone can do it! Here is how YOU can make money with NFTs.
What Are NFTs?
NFTs are non-fungible tokens, basically meaning they are digital assets which have verified ownership on the blockchain. These can come in different forms such as pictures, videos, digital land and more. The cool thing about NFTs, however, is that they are transferable and can be traded and sold for different cryptocurrencies on the blockchain. This gives them monetary value and opens up an entire market for trading and flipping NFTs.
How Can I Flip an NFT?
There are two basic ways to flip NFTs. Either the NFT is minted and then sold on secondary marketplaces such as OpenSea, or the NFT is bought directly off secondary and sold later after the project has gone up in price. Flips can happen in a matter of minutes or days or months. It all depends on how much hype and volume a project is seeing. The trick to making money, however, is choosing the right project and also securing profits and selling when you have reached your target price.
Typically, the easiest flips come from high volume trades. This is when a project is seeing a lot of attention and a high number of sales in a short period of time. During this “hype” it is easy to make quick profits and ride people trying to buy into the project. Other flips are more strategical and they depend on the long term vision of an NFT and its utility. These typically take longer to increase, but can be much more profitable.
For more tips on how to trade NFTs, read our exclusive interview with one of the most successful NFT traders in history.
Where Can I Get Started?
Getting into NFTs is as simple as buying Ethereum and making yourself a Metamask wallet to store your digital assets. From here, you can access OpenSea, mint projects, and get straight to flipping. If you’re an outstanding trader, NFTs are one of the newest ways to make millions in today’s technological world, so use these tips to get started. Good luck and happy flipping!
