This is a little journal about my experience with NFT flipping. I'm not a pro by any means, just a beginner. I've learned a lot from people on Telegram and Discord but still have lots of learn. But I felt like sharing some annoyances that come to mind whilst trying my hardest to make good flips.
- Art doesn't matter
This point needs to be driven home to everyone that thinks they're some sort of art expert. You don't really know taste because taste is so vastly different from one person to another. And in NFT flipping, art should be almost the last or whimsical thought you have. There is no art. Some NFTs are just utter garbage with completely no artistic care put into them. Yet they will flip and earn you a good sum in your preferred crypto, ETH, SOL, IMX, WAXP, whatever.
- Whitelists are Security (kinda, not really)
Whitelists are not all super challenging but some are. By getting into one, you secure the opportunity to mint an NFT at a much lower price than public sale -- thereby you hope you will net a profit of 2x, 3x, 4x and more. But whitelists are only some security and still do not guarantee any profit. You'll get into whitelists that don't do you any favors: the NFT goes on Opensea and you find the mint price you got via whitelist price is no better. In fact, you may even get a better price by being a slacker and skipping getting a whitelist role in Discord. Just buy off Opensea when the public sale goes live. The paperhanders are going wild in 2021. They make losing money on mints a profession.
- Paperhands are everywhere and they make everything terrible
What are paperhands? People who get fearful and list their NFTs at a loss. They don't cover gas fees, they don't cover mint costs, they don't care: they want out and they want out NOW. They have no patience, and only feel fear, desperation and suspicion that if they don't get out NOW, they'll only lose MORE money. So paperhands are pretty much a plague.
But that is a conflation of what's really happening on ETH, SOL and WAXP and anywhere else NFTs are minted. Paperhands are merely an over-abundance of speculators and sellers. It is a BUYERS market in NFTS in 12/21. There are MORE sellers than buyers. There are MORE speculators than true investors in DAOS and all the newfangled promises of new NFT IP's.
- Sellers Market is NFT flipper death (aka, this is not a job even if you want it to be)
Try as you might, whitelist after whitelist, you'll find such an overabundance of a sellers mindset infused into everything on Telegram and Discord NFT-related, you may as well add it to your user nickname "USERNAME | I flip NFTs and don't care about your promises".
Because it seems the point at which the NFT flipping game dies is when we have no one that believes in any one project and no one with patience enough to stick through the first week. Furthermore, brand developers promoting their NFT whitelisted sale on Discord become more and more disingenuous by the day as they set higher 'standards' for whitelisting of new arrivals.
It's a silly game, where everyone is everyone's fool and bit by bit there are fewer and fewer winners. Mainly, the brand wins a few thousand bucks in ETH -- or tens of thousands or hundreds of thousands -- and a lot of losers walk away with their tails between their legs as the NFT they minted "strangely" loses 50% of its value upon pre-sale mint-and-list.
- NFT entrepreneurs
: No one really cares about your promises
With such a seller/flipper mindset we have a culture of degenerate greed that needs to deliver less and less and its promises ring as hollow as the foundation upon which it is built.
NFTs of 2021 have no future if no one believes in the project = and the projects seem to only attract unbelieving masses, filled with greed and get rich quick fantasies.
So, as dismal as this sounds, the best projects out there are those who don't give a darn about who buys their NFTs - good, bad, flippers, etc. Just build it and they will come, give it 3 days or 3 years, they'll come. A good project has feet and wings. A bad project is just a hollow projectile from the hollow, greedy imagination of online entrepreneurs.
- Rugpullers - projects that are scams are flourishing without KYC
I won't even give a detailed write up for this headline, it speaks for itself. More marketplaces need KYC (identification of brands for fraud prevention and theft prevention) for new brands. People should not be allowed to steal $$$$$$$$ in 10 minutes and get away with it by deleting a twitter account, discord account and leaving behind devastated minters who believed in the project.
- Nothing Makes Sense
You think the NFT you minted will hold value? Hold on to your hat. You think that NFT you saw selling at 10 cents will not be worth 10 houses? Hold on to your hat. Enough said.
Conclusion: 2021 is a Wild West for NFTs
Anyway, that's all for this rant. Hope you got something out of it! There's experience here, but mostly angst with the culture's immaturity. Comment below with your insights!