Last week I wrote about my first NFT Flipping experience on OpenSea. I made around $500 profit on selling Ape Invaders Genesis NFT (P2E). Me and my partner in crypto (not crime) were on a call and found another great project called Sacred Skulls. It is a collection of 8,888 randomly generated Skull NFTs, duh! 😉
We follow several NFT investors and top influencers on Twitter so one of them did a little promotion about the same project. We quickly started researching about this project. I followed my Checklist and covered each point thoroughly.
Everything looked promising and the art was mind-blowing. Right now the whole NFT market is going through this wave of 'women empowerment' and guess what, the artist is a female. Basically, it's the trend so one more brownie point was added. Obviously, we missed the minting, again, so both of us got one for 0.20 ETH including GAS.
The next day, floor price reached 0.25 ETH and hovered around the same levels until yesterday when the NFTs were revealed. We decided to list our NFTs at 0.35 ETH. Just before the reveal, Pranksy did multiple promotions on his Twitter and created hype. I was sitting right there looking at the price every minute until it reached 0.35 ETH and even higher till 0.44 ETH. I got a sale! 😂
I could have made a little more but mama said greed is poison. Floor prices change quickly in either direction because hundreds and thousands of people buying & selling NFTs from the same collection at the same time.
So far this strategy is working out for me. Didn't make me rich but I made $900 profit in 2 trades in 2 weeks by spending a few hours daily and paying a lot of GAS.🤞 Not that bad! The trick is to pick a great project with lots of hype during mint or just after minting when the price is going up. Once the price is peaked, there is no point getting into it before the reveal unless you are going in for long term. I am flipping NFTs, not hodl them.
Please note that NFT flipping is quite dangerous. It's a high-risk, high rewards game. I am doing this with extreme caution and don't let FOMO affect me. Ok, sometimes I do. 😂 What about you?
