How to Flip NFTs and Make Money Out of It?

Have you ever wondered how to flip NFTs and make a good profit out of them? Have you ever heard that such a thing is possible in the amazing world of NFT these days? And finally, why would he even think about how to flip NFTs, meaning what else could it provide to you as a collector and trader?

First, being involved in crypto and NFT is great if you have enough knowledge, experience, and time to do it more seriously because the opportunities for making money are great. In the last couple of years, the popularity of NFTs has been high because the demand for them is huge.

It seems that tech and crypto enthusiasts and the vast majority of those new to the world of NFTs have become almost obsessed with these non-fungible tokens. But before you know how to flip NFTs and if flipping NFTs is worth it since there are quite a few beginners among our readers, let’s clarify the very term “NFT,” shall we?

What is an NFT?

NFT is short for Non-Fungible Token, representing financial security that consists of digital data such as photos, videos, audio, etc. That data is stored in a distributed ledger, i.e., in a Blockchain. Owners are allowed to transfer NFTs to be traded and sold, while the ownership of an NFT is recorded in Blockchain technology.

Anybody can create their NFT since it isn’t hard to do so, nor does it require excellent coding skills. Non-Fungible Tokens are uniquely identifiable assets, which means that they are different from other cryptocurrencies such as Ethereum and Bitcoin, which are fungible.

The ownership of the NFT

There is a public certificate of authenticity and proof of ownership that NFTs do provide. However, legal rights that are conveyed by non-fungible tokens could be more than uncertain. Besides, there is no inherent legal meaning of the ownership of an NFT as defined by the blockchain.

It also doesn’t require intellectual property rights, legal rights, or copyright over its associated file. Remember that there is no prevention of the creation of NFTs that reference identical files.

The rapidly growing NFT market

During 2020 and 2021, the NFT grew dramatically. NFTs trading in 2021 only increased by 21,000%, more than $17 billion. That’s over 2020′ total of “only” $82 million.

Non-Fungible Tokens have also been considered and used as speculative investments. Thus, they have increased criticism for the carbon footprint and energy cost associated with validating Blockchain transactions and their use in art scams. In some cases, the NFT market was also compared to the Ponzi scheme and economic bubble.

So, what is about all that flipping of NFTs? Why is it so essential to know it and use it, ultimately? Let’s find out more!

Why and how to flip NFTs?

Since Non-Fungible tokens are extremely rare by nature, there is inherent demand, creating plenty of new opportunities for flipping them to profit on platforms such as OpenSea. If you are thinking about how to flip NFTs and why you should do it, you need to know what flipping NFTs means in the first place.

Flipping NFTs is a loose term for buying low and selling high. We can see that people are buying and flipping NFTs to make huge profits in the long run. According to the surging popularity of NFTs, numerous enthusiasts have taken to flipping NFTs as a trading strategy.

The CryptoPank Example

For instance, in October 2017, the famous NFT called “CryptoPunk #8348” was sold for $456. At the moment of writing, the same NFT is valued at an incredible amount of $171 million. According to this example, you can see why people are considering finding a good NFT flip strategy.

How to flip NFTs?

If you cannot wait to find out how to flip NFTs the best, here is a useful guide you should follow:

1. Pick your preferred NFT to flip – In the online space, thousands of NFTs are available for you to purchase from both primary and secondary marketplaces. So, the first step in this guide on flip NFTs is to identify an NFT you think is undervalued and ideal for flipping.
2. Visit NFT Marketplace – Once you have found the NFT you wish to flip, you’ll need to visit a marketplace where that token is listed.
3. Connect Wallet – If you want to purchase your preferred NFT, you need to connect your wallet to the respective marketplace. It’s advisable that platforms that support wBNB tokens via MetaMask, which is undoubtedly the best wallet to purchase and store NFTs.
4. Buy NFT – Confirm your purchase. While you confirm the purchase of your NFT, the wBNB tokens will be deducted from your MetaMask wallet, so you’ll receive the respective NFT.
5. Flip NFT – After buying your preferred NFT, it’s time for you to flip it to make a profit. It’s possible to do so by setting your listing price.

Successfully flipping your NFT.

Remember that once you have relisted your NFT, it is ready for someone else to purchase it at your chosen price. When someone buys it, you can say that you have successfully flipped your NFT for a profit.

In case you’re a complete beginner in NFT flipping, you must understand that you need to find suitable tokens first that will provide you with the best chances to earn profits. There surely is a lot of potential for making huge amounts of money.

However, before you even consider flipping NFTs, knowing what NFT project is valuable and, thus, worth your time, money, and energy is crucial.

What to consider while choosing a good NFT project?

Flipping NFTs successfully demands choosing the right NFT project to provide you with great profits. To choose the best one for you, it’s crucial to consider some of the following things:

1. Utility – It is good when an NFT project offers benefits and perks since they create buzz and generate demand for NFTs. That’s called Utility.
2. Community – If your project has a passionate community across social media platforms such as Twitter and Discord, it’s a good sign.
3. Art – Besides ensuring that the art that NFT represents is high quality, it is even more important to check its brand ability. Ask yourself, does that brand possess distinguishable features with great potential to become iconic, thus, very expensive one day?
4. Founding team – Make sure that the team behind your preferred NFT project is trustworthy and credible. Don’t get involved with projects led by anonymous people. Double-check all the team members that stand behind your favorite NFT project you wish to invest in.
5. Association – Being associated with the VIP names helps one NFT project stand out from the rest. Besides that, the association of a famous company or celebrity will have a massive impact on an NFT project’s success rate.

How to spot an NFT project with the potential to become worthy?

To make money out of flipping NFTs, it is crucial to spot a project with a great potential to become worthy and expensive one day. For example, the CryptoPunks artwork may look simple at first glance. However, it was the first of its kind to become a template for even more successful projects, such as Weird Whales.

That is because of its authentic pixelated style and “meme-ability.” Remember, the more unique the aesthetic of the NFT project is, the more value it will gain in the long term. It’s inevitable that from that kind of project you can earn lots of money in the future. And that is why many enthusiastic individuals are eager to know more about how to flip NFTs successfully.

What are the best NFTs to flip right now?

If you are still wondering what are worthy NFTs to flip, after learning about how to flip NFTs, we have provided you with the top three list of valuable NFT projects:

1. Battle Infinity is a metaverse project that incorporates several interesting crypto-gaming elements such as NFTs and play-to-earn mechanics. Besides, it has a built-in NFT marketplace where players can speculate on price movements and browse other in-game NFTs.
2. Lucky Block NFT: The Lucky Block ecosystem enables people to play decentralized lottery games backed by Blockchain and Smart Contract technology. There are 10,000 unique Lucky Block tokens, while 25 are marketed as rare.
3. Ballies Origins NFT: The unique collection of 9,999 tokens based on basketball players. Each token has its characteristics.
4. Lazy Ape Society NFT: This collection offers a great flipping opportunity to all those who have missed out on the successful Bored Apes Yacht Club, which consists of 10,000 tokens. Some of these unique tokens were sold for about $1 million.
5. Walruses NFT: It consists of artwork depicting various historical figures in the form of a Walrus, from Pope John Paul to Freddie Mercury.

What is a flip map NFT?

A Flip map NFT, or Flipmap, represents a specific derivative project developed under the terms of CC0. They aren’t affiliated with the official Blitmap collection.

Remember that the original Blitmap collection had 10,000 possible combinations, but only 1,700 were allowed to be minted.

What are the best platforms for NFT flipping?

Once you have mastered how to flip NFTs, found the perfect NFT flip strategy, and a worthy project, it is time to learn the best platforms for NFT flipping. We have provided you with the most useful NFT flipping platforms that will be more than beneficial to you:

1. NFT Launchpad
2. Crypto.com
3. Binance.