Crypto markets' bloodbath didn't affect the NFT market at all. Volumes are touching the sky every day. Sometimes I don't understand and wonder why all of the hype. This Indonesian student made over a million-dollars selling his selfies as NFTs. Crypto is making people rich overnight and providing them with a life-changing experience. I can only hope and imagine such people changing millions of other lives through the power of Crypto.
Coming back to the business, I flipped my first NFT on OpenSea. Slowly getting back into the game ;) NFT Flipping is buying at a lower price and quickly selling it at a higher price. In my case, I took 8 days to flip it. Not so quick, right? Just after minting, Ape Invader Genesis NFTs were listed on Opensea to trade. I got #3685 for 0.06 ETH. After the transaction I was left with 0.24 ETH I had in my wallet.
Ape Invaders is an NFT GameFi platform where you can stake your Apes to invade galaxies and earn rewards in the form of $STARDUST Token. P2E NFTs are hot right now because you don't just own a piece of art but you can earn passive income.
I quickly staked my Purple Ape wearing 3D Goggles. In about 8 days I earned 28 $STARDUST Tokens (~$91) which is quite cool.
I noticed that the floor price of the whole collection reached 0.35 ETH which is the lowest buying price in that collection. That meant I could sell my piece for a good profit. In order to place the sell order, I had to unstake it. You can only imagine how much ETH I paid just for fees in the process first staking and unstaking. The first-time listing fee on Opensea was also quite high. After selling the NFT within a few hours of listing, I was left with 0.5 ETH in my wallet. So, I made a net profit of 0.12 ETH. Not so bad, right? 0.43 ETH was the ATH floor price for this collection and now it is around 0.37 ETH. Could've made more but I am flipping not holding so don't expect 100x profits.
I have a checklist that I follow before deciding to invest in any particular NFT project. There are literally tens of projects that get launched every day and you can only flip a few ones. I have promised myself to enter into those projects where I see some use case of the particular asset I own and also the art. So if by any chance that project goes to zero, I can at least own a good piece of art that I admire.
Now I will research and find some good upcoming projects and try to be on the whitelist. If you collect the NFT during minting then you won't have to spend thousands of dollars. Once the collection is live on Opensea, it's hard to catch the good ones on time and at a lower price. Also, the profit margin gets reduced. Did you ever flip or trade NFTs for profit on Opensea or any other secondary markets? Please comment below!