Now that we have the basics out of the way, let’s dive right into the meatier info about flipping NFTs.
Discover Your Niche
Anyone will tell you that to have the most success in anything, you have to pick your niche, and the same goes for flipping NFTs. Some of the best advice I’ve heard about NFTs is to research the stuff you genuinely believe will succeed; this means you pick your niche of NFTs, then study it. The more information you get about a particular NFT scene, the more profitable your investment findings will end up being. So it’s crucial to select a couple (or even just one) of NFT niches and dive into those communities.
Some great ways to quickly get into a niche’s communities:
- Subreddits and forums
- Talk to other people in that community
This measure requires time and effort but is the ideal way to make suitable investments.
Where Can You Go To Flip NFTs?
Depending on your budget and what you’re looking to trade, there are a few marketplaces you should check out.
The “Garage Sale” Sites
- Rarible and OpenSea
Similar to seeing a $100 beanie baby marked for $5 at a local garage sale, these two sites have a lot of potential for new traders.
If you’re unfamiliar with these names, consider them like the eBay and Amazon for NFTs. OpenSea and Rarible are wonderful sites to get comfortable in the NFT-flipping arena. These two sites market a broad spectrum of crypto-collectibles and hold some hidden gems due to their low-barrier entry point — numerous up-and-coming crypto-creators discover their foundation in these marketplaces.
Collectibles: Atomic Assets, NBA TopShot, Decentraland, Crypto Kitties
If you have experience flipping collectibles such as trading cards and want to do that digitally, the marketplace Atomic Hub is a superb starting point. This marketplace has become a great player in the collectibles world and performed terrifically in 2020 with substantial exchanges and creating space for itself to be an influential marketplace.
Another widely favored site for collectibles that bring the digital trading card experience is the marketplace TopShot, which holds a complete NFT collection worth over $600 million. With frequent fresh drops, a broad spectrum of prices, collectors and investors who understand sports memorabilia are wise to start here.
For people who possess knowledge in trading in-game cosmetics with games such as Fortnite, marketplaces exist for you as well.
Decentraland’s has exploding real estate and cosmetic markets! Trades for these commodities happen all the time.
Suppose you want to get into the NFT games specifically for NFT discoveries. In that case, CryptoKitties is an excellent spot to check out as it has a festive and entertaining marketplace with a few thousand active users (and it’s growing each day) and an abundance of terrific tokens that you can flip. Several CryptoKitties have been sold for thousands of dollars, such as CryptoKitty #2564, initially flipped for $143 and most recently flipped for $1,953.
Crypto-Art for VR and AR
- Art: Nifty Gateway, Known Origin
Flippers who have their ear to the ground of the crypto-art arena need to check out the Nifty Gateway and Known Origin marketplaces. These are significant marketplaces to scoop up original digital art that traders can flip for Augmented Reality and Virtual Reality spaces.
Lastly, you can earn hefty profits by skimming for works by on-the-rise artists or merely undervalued high-quality art.
- Exclusives: SuperRare, Christie’s
One clutch example of what goes on in these marketplaces was Beeple’s Everydays, which sold for $69 million in 2021; the high-end marketplace Christie’s is a spot where the big spenders can go to discover the greatest of NFTs, digital collectibles, and digital art. SuperRare is a comparable marketplace to Christie’s but is slightly less expensive; this space is where you’ll discover digital artworks from artists who are renowned in the NFT scene.
So, wherever you go for locating works, please don’t rush into it and make knee-jerk reactions. Research one or two niches and figure out what you want and will likely do well, per your research. One thing to remember with NFTs, and any investing, is only to spend what you can afford.