Anybody who is into collectibles knows what flipping is. Flipping has been done with art, trading cards, and even sneakers more recently! Although the assets and collectibles being traded vary, the basic premise remains the same… And that is buying it at one price and selling it for a higher one.
NFT flipping follows the same concept. One can flip an NFT by buying or even minting an NFT and selling it for a profit in a secondary NFT marketplace for digital collectibles. As easy as it sounds in theory, there is a lot that needs to be considered. Consider this a starting point…
How you can start flipping NFTs
There are 2 ways in which you can flip an NFT – one by minting it at a drop and then flipping it down the line, and another is to simply buy it in an NFT marketplace and retrade it. While the former is often more profitable, it can be quite a bit of a hassle. The latter is easier, although you may not get quite the return. All you need to do is to create an NFT wallet, add some crypto to it, and start browsing potential collections.
You can own a collectible that you think might have some value, and then list it on the marketplace for a higher price. However, before you carry out any transactions, be sure to DYOR (do your own research). Check out the profiles of the founders and key team members in addition to making sure that the community itself is positive, engaged, and active. Another thing to consider is, of course, the utility that an NFT can offer you. This is one of the main reasons for people to invest in NFTs, so do give due regard to how useful an NFT could be!
Closing Thoughts
Although flipping NFTs can be lucrative, easy, and extremely interesting, it requires you to first invest time and effort into choosing the right project. So be ready to be meticulous in your research and leave no stone unturned. Stay updated on the market conditions and then make your decision. It’s also an idea to first participate in the NFT community which is quite active on Twitter and Discord to gain more exposure and knowledge. Once all this is done, you may just be in the perfect position to flip an NFT and make your profit!
