Flipping NFTs for profit is a very common thing. But how do you find good NFT Projects to bet on? I have been researching a lot about different methods and created my own checklist which I have been following since my first NFT Flipping experience. I recently sold an Ape Invader Genesis NFT on Opensea for a $500 profit using the same strategy. Allow me to explain..
Project Discovery
This isn't hard if you are active in the NFT Space. There are at least 10 new projects that publish their collections every day. You can find various NFT calendars on google. Also, there are tons of Twitter accounts that promote these projects and publish the latest updates on the upcoming ones.
Instead of wasting time finding good projects on Twitter and other social media websites, you can do two things:
- Icy Tools - It's an NFT tracking tool (https://icy.tools/) that provides data of the sales happening on Opensea. You can easily find trending projects getting a decent number of sales in the past 1-2 hours. Just after minting, any project is likely to see a good number of sales and at that moment, the price will be lowest. If you pick a good project at that moment, chances of making profits are very high! And profits will be high too. Not so easy as it sounds! 😂
- Opensea Activity - On opensea, you can easily check the activity via this link - https://opensea.io/activity. You can see which project is selling the most in the last 1 or 2 hours and pick it up.
After discovering a good-looking project, Just check the Opensea page of the collection and try to find their social accounts or website.
What To Check
You can follow this checklist to grill down both upcoming and live projects.
- Social Media & Community: NFT space lives on Twitter and somewhat on Instagram. If the number of followers on Twitter is more than 10K and engagement is decent then that's great. Not Fake followers or bot comments.
- Discord: Check the discord server of the project and see the activity in the general channel. Check sections like links, announcements, and roadmap sections to get the rest of the details about the project.
- Website, Art & Design: If you are willing to put some $500 in a project then you must check if their website, art, and overall design are at least good looking and unique.
- Roadmap: Good looks is not everything. Going through the roadmap would give you an idea about the current state of the project development and its future plans. This is the most significant part of any crypto/nft project. Even if you don't make quick money, then you can HODL it for the long term to see substantial gains depending on the roadmap and its execution.
- Team: There is no point in having a roadmap without ace executioners. Check if the team behind the project is solid or if they have any prior experience in the space. Go through their past projects, LinkedIn profiles, Twitter profiles, and websites to know more. A well-qualified team with a great background will provide a solid base for the project.
Let's face it, not all NFTs you buy would make you profits. Sometimes when you enter, the price tanks and it keeps tanking for thousands of reasons. The above checklist helps you nail down good projects with long-term potential, so even if you don't manage to flip it quickly, you can HODL onto them until their price rises. That's why I try to bet on NFTs with use cases. P2E NFTs are my favorite for the same reason.
I hope this blog helped you in understanding my method to find cool NFT projects. Let me know in the comment section if you know any other tips or tricks.