What even is NFT flipping?
To put it simply: Your goal is to buy an NFT at an undervalued price and then sell later at a higher price and making profit.
There are many more steps to this. We breakdown the entire process in 7 Steps.
Table of Contents
The first step to flipping NFTs is to find a good NFT Project to get into.
The goal with NFT flipping is to get into a project as early as possible.
You want to search for NFT Projects that are about to launch.
You do not want to go on secondary markets like Opensea and search for Projects, because they have already launched.
So, Step 1 is to find a NFT Project that is about to launch.
NFTLaunches is the most popular page for finding NFT projects that are not yet launched.
It is a platform where the NFT Creator can list their project and where others can discover NFT projects to buy into.
But how can you know which project is going to be good? Here are some tips:
1. Make Sure The Website Is Good
If the creators have not put any effort into the Website, that's a red flag.
2. Make Sure They Have A Discord
Community is everything at NFTs. If there is no discord available for an NFT Launch, you should avoid it.
3. Is The Art Good?
Try to look from an objective standpoint. Is the NFT Art unique and is visually good.
4. Can You Get Into The Whitelist?
The further away the launch is the more likely you are going to have time to get into the whitelist.
After you find a NFT project that is about to launch in the near future, you should checkout the discord server after the website.
On Discord you are going to check for a few aspects:
- Is the community hyped for project?
- Are people actively talking in the Discord channels?
- Do they have a roadmap?
If the answer to all the questions above is yes, then you want to try to get into the whitelist.
The whitelist allows you to mint the NFT before everyone else. It also eliminates high gas fees which people experience during launch.
We already went over the benefits of getting into the Whitelist. No gas fees and you can get the NFT at the lowest price possible.
Every NFT Project is different and the requirements to get into the whitelist are not always the same for each project.
Most projects require to invite a certain amount of people into their discord to make it to the whitelist.
However, on most servers you get into the whitelist by simply being active in the server. Chatting in the general chat or answering questions. It is also a good way to get into the community.
If you made it to the whitelist, make sure you check the announcement for an Pre-Sale date which are for Whitelist members.
Make sure you have enough Cryptocurrency in your wallet to buy the NFT. You will be able to mint the NFT at their official website.
Most Projects give a clear instructions on how to mint their NFT right before their release, so do not worry if this sounds confusing.
After you have your NFT from the Pre-Sale for whitelist members, shorty after the public sale will start, where everyone can buy the NFT.
This is where you want to flip your NFT for a profit.
Now, I can’t tell you when exactly to sell your NFT, because every Project is different.
In some projects you can flip your NFT 1 day after the public launch. In other projects it is 3 days.
When the Project gets listed on Opensea during launch you want to watch the Floor Price.
The Floor price is the lowest price you can buy a NFT and it is set by NFT Holders.
If everyone who holds an NFT at a collection does not list their NFT under 1 ETH then the floor is 1 ETH.
If youre going for a quick flip you should ideally sell your NFT in the first few days or the week.
This is where the hype will be at its peak and many will buy into it.
After you flipped your NFT, it is rinse and repeat.
Just follow the steps again above.
With each flip you will gain more experience and your judgement on choosing the right Projects will become better.
Choosing the right Project is the most important part of the whole process. Make sure you take your time to really check if the Project has potential.
The checklist and questions from above will give you a good starting point.