Flipping NFTs on markets like OpenSea and Rarible has extreme potential and has proven very profitable for those who know what to look for. Many people are making money by reselling NFTs, in some lucky cases buying and reselling NFTs has absolutely changed the lives of some individuals. So why not try to be among them?
How to avoid a full collection of NFTs not very resalable at a profit
We have been in the world of cryptocurrencies for a long time, but we are real novices in the world of NFTs. And then, as with all the new topics we deal with, we inform ourselves, do tests, tests and, thanks to the technique of deductive methods, we try to find something interesting.
We are trying to create our NFTs – this is a complete process which we will talk about later in articles and videos – and we are also trying to figure out which is the most profitable way to flipping NFTs, that is – a little like trading shares on the stock exchange – buy low and sell for more to earn.
Initially, we started off strong – without a precise method – and we found ourselves having a full collection of NFTs but not very resalable at a profit. The only cases that allowed almost immediate sales had more than one common denominator: they were in the top ranking of the NFTs traded on the marketplace, they had a still ‘relatively’ low number of owners and a feasible purchase threshold.
Rock, scissors, paper. Let’s see if this cross-pattern strategy works
Therefore, as explained well in this – NFT. A digital asset that represents real-world objects – article, the economic problem with NFTs is not so much the cost of the work itself, but the additional costs given by the marketplace commissions, by the commissions on crypto-currency transfers, and by the terrible GAS fees of the Ethereum blockchain.
So let’s see how to avoid – or at least limit – all the additional costs, so as to have a relatively low total purchase cost that can allow us to easily resell our NFT at a profit.
First of all, we use BInance for the purchase of cryptocurrency – thus limiting the commissions as much as possible – and then we concentrate our research on the OpenSea marketplace – even here we are able to limit the commissions on the sale of NFTs to the maximum – unfortunately, we can do little on the GAS fees. The only tip on the GAS fees is to wait for the moment when they are lower and then make the purchase in that time slot. But beware that the chosen NFT could also escape us if we wait too long, having said that the fees can be checked in real-time on sites like GAS NOW – ETH Gas Price forecast system or Etherscan – Ethereum Gas Tracker.
Tastes are tastes, but it is better to consider also other parameters for choosing the NFT
Well, now that we’re fully operational, we can get down to choosing our NFT. First, let’s go to OpenSea, our favorite marketplace, and start looking for the goose that lays the golden eggs.
We click on Stats and then select the Rankings – or use this https://opensea.io/rankings link directly from here – and we get the best NFTs from OpenSea, sorted by volume, floor price, and other statistics. Next, we sorted it out with these parameters: Last 7 days, All categories, and All chains.
Then, this is the most important part of this strategy, we click on Owners to sort the data by the number of owners. We got something like this:
Now, we can scroll up and down the list to discover particular NFTs.
Our strategy is to find recent NFTs that already have approximately 2500 to 5000 owners, who have a purchase threshold – the price – that suits us and maybe even a catchy name.
If we are lucky enough to still find it in our price range but already with high volume and with the percentages growing over the 24 hours, it would be the maximum, but it is not binding. The important thing is that the percentages for the week are still not available or with low values around zero – in short, that the collection has yet to boom! – and, above all, that the prices have not already skyrocketed.
According to these parameters, scrolling down we come to find this:
Yes, Superfuzz seems to have all the right parameters and has a nice catchy name as well. We select Superfuzz The Good Guys and come to his page.
Belonging to Season 1, “The Good Guys” is the second monster-centric release by Superfuzz. This batch of 7,777 unique, programmatically generated NFT’s focuses on cheeky, eccentric monsters infused with poppy, bright color ways and a touch of nostalgic flair.Superfuzz The Good Guys
Yes, we really like Superfuzz and we also find the description tasty. Let’s proceed then. From the main page:
We can select the Price: Low to High order and look for the NFT we like best among the cheap ones of the Superfuzz collection.
Once we have found the right NFT for us, given the sale price that has already been listed on OpenSea and will always remain visible, we can try to make a lower offer.
Usually, to ensure that the offer is accepted you should not go below the 50% threshold. Between 25% and 50% less than the listed price, it could work. So if I see 0.076 ETH in price, I can try to make an offer of about 35% less so as to also keep a good margin for the GAS fees. We would proceed with a bid of 0.045 ETH.
If we are lucky enough to have the offer accepted and to be able to complete the transaction in a moment of time with low GAS fees, we could have a BINGO. Afterward, it will be sufficient to put it back on sale at the original price, and, being a collection in progress, we will have a very good chance of selling the NFT and thus obtain a good profit margin on the sale.
If we are courageous, we can also try with higher percentages, but the risk of not being able to buy or even not being able to sell for a profit is always around the corner. To you the choice!
Resources and references
OpenSea | The world’s first & largest NFT marketplace – https://opensea.io/
Binance | The world’s largest crypto exchange – https://www.binance.com
TrendingNFT | The cheap NFTs trending collection on OpenSea – https://opensea.io/TrendingNFT