Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»NFTs»People are buying and flipping NFTs at huge profits. Here’s how they do it
    NFTs

    People are buying and flipping NFTs at huge profits. Here’s how they do it

    BY MAHNOOR KHAN
    February 19, 2022By Fortune Magazine5 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    The average monthly trading volumes of NFTs jumped from $64 million in the first half of 2021 to more than $750 million in the second half. 

    Now the NFT space is a $41 billion industry with thousands being traded on a daily basis. 

    Donate to RareHippo Now!

    NFT stands for non-fungible token, which basically means that it’s a unique digital asset that belongs to you and you alone. The most popular NFTs right now include artwork and music, but can also include videos and even tweets. 

    NFTs can be stand-alone, or they can be part of a collection, which can also allow their owners to feel as though they are joining an exclusive online community.

    Because NFTs are rare by nature, there is inherent demand, creating plenty of opportunities to flip them for profit on platforms like OpenSea. Flipping is a loose term for buying low and selling high.

    For example, in October 2017, NFT CryptoPunk #8348 was sold for $456. Currently, the very same NFT is valued at $171 million. 

    There’s a lot of potential making money, but before you start flipping NFTs, you must know which NFT project is worth your time.

    Here are 5 key factors to look for when searching for a promising NFT project:

    1. Utility

    What perks and benefits does the project offer to its buyers? 

    For example, Veefriends gives its NFT holders access to Veecon and a chance to meet Gary Vaynerchuk. 

    These perks create buzz and generate demand for NFTs.

    2. Founding team

    Ensure that the team behind the project is credible and trustworthy. Avoid projects by anonymous people and do your research on the team’s background. 

    For example, the artist behind the NFT collection, The Supreme Kong, is Hossein Diba. Having past experience working on various Activision Blizzard video game projects like Tomb Raider makes him highly credible and trustworthy.

    With NFT scams running rampant, checking on the credibility of creators is essential for your success and investment.

    3. Community

    How much are people talking about the project on social media? How much do they believe in it? Follow your project of interest on Twitter, Clubhouse, Reddit, Telegram, and Discord to gauge its popularity. Look at the engagement on posts rather than just follower count. 

    4. Association

    The association of a big-name celebrity or company greatly improves an NFT project’s success rate. Bored Ape Yacht Club, for example, is so popular because it has buyers like Stephen Curry, Jimmy Fallon, and Logan Paul. 

    Being associated with big names will help your project stand out.

    5. Art

    While the quality of the art may not be the most important factor in determining the success of a project, it is important to note its brand-ability. Does the artwork have distinguishable features that have the potential to become iconic?

    For example, the CryptoPunks artwork, though simple, was the first of its kind and became a template for more successful projects like Weird Whales because of its unique pixelated style and “meme-ability.” 

    The more unique the aesthetic of the project is, the more value it will have in the long term.

    Choosing how to buy

    Once you have identified a promising NFT project, there are two ways to buy:

    Crypto news & Views
    1. Mint an NFT when it “drops.”
    2. Buy an NFT on a secondary marketplace.

    Minting

    “Minting” means to buy the NFT upon its release before it hits the secondary market.

    This is ideal because most NFT projects release their collections at super low prices and sometimes even for free, which gives you maximum margin for profit. 

    But quality NFT projects are extremely hard to mint because of high demand and limited supply. That’s why most NFT projects release whitelists so early supporters get guaranteed access to minting when the collection goes live. 

    To get whitelisted, join the project’s Discord group to learn its criteria for eligibility, and the date and time the NFT collection will go live. (Links to Discord groups can usually be found on a project’s Twitter page.)

    Once you’ve minted the NFT, you can easily transfer it to secondary markets like OpenSea and list it for a higher price following the prompts on the website. 

    Buying on secondary markets

    Say you’re late to the show and don’t get a chance to mint. Don’t worry, you can still buy the NFT of your choice from a secondary market. Let’s take OpenSea as an example. Here’s what to do once you’re on the website:

    Step 1: Explore the top NFTs from the Trending tab or type in the name of the collection if you already have one in mind.

    Step 2: Once you’re on the project’s page, click Items, then click Buy Now, and set Price: Low to High. 

    This will show you all the NFTs that are available for sale. 

    Step 3: Look for NFTs that you think will increase in value and(or) are currently undervalued. 

    For example, if the first NFT you see after completing step 2 is priced at 0.03 ETH and the ones right after that are priced at 0.05 ETH, you can tell that one of them may be undervalued. That is your chance to buy at 0.03 and potentially flip for a higher price. 

    Step 4: Select the specific NFT you’re planning to flip and click on Properties. Here you can view the traits of your NFT and how rare they are. The rarer your NFT, the higher its value. 

    Step 5: Before you get too excited, make sure the project has enough liquidity. Click the Activity tab and select Listing and Sales’ to compare how many people are listing items and how many people are actually buying in comparison. Ideally, there should be transactions happening every few minutes. 

    A high trading volume means you’ll have an easier time finding a buyer for your NFT.

    Please note that this is not financial advice. You should always do your own research before going forward.

    Happy Flipping! 

    Read full story on Fortune Magazine

    Explainers NFTs
    Previous ArticleBitcoin Now Braced For A $100 Trillion Bombshell, Fundstrat Global Advisors Says
    Next Article SKALE sets sights on DeFi and NFTs with $100M ecosystem program

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Cryptocurrencies

    U.S. SEC taps MIT finance professor Haoxiang Zhu to lead unit overseeing trading and markets

    November 20, 20212 Mins Read

    The U.S. Securities and Exchange Commission (SEC) named Haoxiang Zhu as head of the agency’s…

    Monthly web traffic to crypto exchanges fell by 20% in February

    March 10, 2022

    South Korea’s sovereign wealth fund plots push into AI & metaverse

    February 11, 2022

    FTX exchange floats $1M prize for banks to accept stablecoins

    December 30, 2021

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.