As we work to venture into the metaverse space for new product offerings, we recently attended an NFT Flipping webinar that provided a summarized overview of the essentials of flipping NFTs.
If you are not very familiar with what NFTs (Non-Fungible Tokens) are, very briefly, they are basically a way to verify that you are the actual owner of a digital asset. There can be one or many tokens, depending on how the owner plans to use their NFT. Most NFTs you hear about in the news are in the form of images, such as gifs, jpegs, animated characters, or videos. However, NFTs can essentially be anything if you are creative with them.
With the increasing popularity of NFTs, there have been a growing number of new entrepreneurs trying to discover new ways of making income from them.
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The Absolute Best Way to Make Money from NFTs is to create them yourself.
However, if you are not technically savvy, then another way to make a regular income from them is to start NFT flipping.
NFT flipping is very similar to flipping real estate, except for it is digital assets. In this case, it would be NFTs.
The best time to get into a profitable position to do an NFT flip, is if you are involved in the launch process behind an NFT project. There are 3 phases:
1. Presale
2. Public Launch
3. Character Reveal
1. Presale - This is just as it states, it is the presale of the NFT, before it launches to the public. In order to find out what NFTs are available for presale, it is best to follow large reputable NFT groups on Twitter and Discord, and to start vigorously participating in their chats and activities. By doing so, you can earn your way onto whitelists, which are what NFT owners use for presale offerings. If you get whitelisted, then your crypto wallet address will be able to mint NFTs during a pre-designated period of time on a particular date (i.e., 24-hr window).
Ways to Get Whitelisted:
Regularly participate in the general chats to gain access to levels and complete the requirements for the whitelist. A virtual assistant is highly recommended for this method as it can be time-consuming.
Do creative work for the project. Perfect for graphic designers and creatives.
Get into the NFT projects voice chat whenever one becomes available, and engaging with the community there. Voice chats are not available for all NFT offerings.
2. Public Launch - This is the phase where the NFT is made available to the public for purchase. There are usually a very limited number of NFTs available and they sell quickly for the most popular projects (think Crypto Kitty or BadBunnyNFT). Once an NFT has publicly launched, you can usually either buy or reserve the NFT. If you are able to buy it at this point, it is best to hold onto it until the third stage, which is the character reveal.
3. Character Reveal - This is when the full details are made available about the NFT. In the case of graphical images, just say a collection of horses, you would find out all what characters of the collection are available for purchase and how they look. The price of the NFT usually bumps up at this stage if the owner has a solid foundation and a strong road map & utilities for their NFT collection.
BIG HINT: The project should have a WOW factor.
If it lacks these things, the price will rapidly decline at this stage. If you have purchased, this stage is when it's time to immediately sell if there is no solid road map. If there is a solid road map and it is expected to sell out, you can either still sell, or you can hold onto the NFT until it sells out and offer it at an even higher price because it will be on high demand at that time.
BEST WAY TO FIND OUT ABOUT PROJECTS EARLY:
Follow big NFT influencers on Twitter and spend a lot of time on the Explore sections. A few big ones that we saw were @C_01_Project, @BoredBunnyNFT, @TheMetaStars
INITIAL INVESTMENT:
Affiliate ads:
You should plan to invest at least $1,000 into your first NFT flip.
Some newbies have reported making as much as $20,000 per week from flipping after their first month, but this is not common and requires a lot of hard work and hustle.
Stay away from DMs (direct messages). Owners and admins of legitimate NFTs will never DM you. They are too busy working on the NFT! If they ask to inbox you, this is a scam, DON'T DO IT...
If the Discord has under 25k members and not much engagement, then it is most likely NOT a good deal. Look for NFT Discords with at least 25k or more members. The best Discords will have 100k members or more. The more members, the better because the more popular the NFTs are and the higher the chance that they will sell quickly and be very profitable for flippers
Paid promotions for NFTs. Watch out for these, because just because you see it and hear about it does not mean that it is good to go for. Always check for lots of active engagement from other users. If you don't feel comfortable with the level of engagement, then move on to the next project.
Still unsure what NFTs are or how to use them? Don't worry, we will soon be offering webinars to help you become more familiar with metaverse digital assets based on the knowledge that we have accumulated on the topic from our own experience.
