In this lecture, I will give you useful tips and I will share my experience with you on how to start making money with NFTs, if you want to buy NFTs and resell them or the so-called flipping or if you want to create your own pieces of art and become an NFT artist, I will share it all with you. So if you’re ready let’s do it.
Table of Contents:
How to start making money with NFTs
I’m really happy to have you onboard on our blog where I share my experience about crypto trading, NFTs, anything that we can make money with, and if you’re wondering how to start making money with NFTs, I will tell you that.
There are a few different ways and for all of them, you really don’t need to have any experience, just like me about a year ago. I really had no idea about the NFTs but I have put some effort into it and during this time there were not many videos about NFT, so I decided to start recording about NFTs because it is an exciting new niche and I wanted to put some useful content on my YouTube channel. So thank you guys for following me and if you haven’t yet subscribed to my YouTube channel make sure to do it now so you will get more tips on how to make money with NFTs in 2022.
Investing in NFTs
So usually everyone starts making money with NFTs by investing into any of them and nowadays we have so many different collections, so many different artists that are really hard to follow which are the top NFTs out there.
For example, if you look at the rankings on OpenSea, you will see which are the collections with the highest volume in the last 24 hours, was actually the collection increasing or decreasing and if you’re brand new to that, you will notice that some of the top collections such as the Crypto Punks or the Bored Yacht Club monkeys that have a floor price of above 48 Ethereum by the time I’m writing this lecture.
It sounds really impossible to start making money with NFTs if you have to spend 48 ETH on one NFT. If you look at the other collections you will notice that there are some cheaper ones below 1 Ethereum or even below that. I would strongly suggest you if you’re just starting out and you still don’t know how to start making money with NFTs not to invest more than a few hundred dollars, just to experiment, see how it works, fund MetaMask wallet for example so you will be able to purchase and invest in some of the NFTs because keep in mind that there is always a risk.
Whenever we buy an NFT, there is no guarantee that the NFT will be sold, this is because there is no liquidity such as the crypto market. For example, if we buy 1 Ethereum on Binance or any other exchange, we can always send that because the exchange is on the other side and they are ready to buy the Ethereum from us right, but with the NFTs, that’s not really the case because when you buy one piece there is no one on the other side ready to buy it at any moment.
This is why when you purchase an NFT or you decide to invest in NFTs you always have to bear in mind that there is a huge possibility once purchasing an NFT you might never sell it or at least you will not be able to sell it at a price you pay. This is why if you want to invest in NFTs, it is good to look exactly at the volume in the rankings because you will see which are the collections that are being traded a lot.
In other words, there are transactions basically happening within the same collection and people are buying and selling the NFTs inside, so investing in such a collection would be really useful because you will know that there is some movement and the people are actually buying and selling the NFTs.
The other thing is, make sure to join their community on Discord, Twitter and see a happy audience, if the community is satisfied with the project there is a huge chance that your NFT will be bought from someone else from the community.
Flipping NFTs
One of the easiest ways to start making money with NFTs in 2022 is by flipping NFTs and we say flipping when we purchase an NFT and we sell it in the next few days to someone else at a higher price and this is where the profits come really quickly but you really have to be careful with that.
I will give you a few tips about OpenSea which is a decent place where you can flip NFTs but you have to go through the different projects and look for the lowest floor price. If you purchase an NFT at the lowest price and you notice that the next NFTs are at a high price you have a good chance of reselling that NFT or flipping that NFT quite quickly,
If the lowest price is 0.95 for example and the next NFT sits at 1.1 Ethereum, this means that if you purchase the NFT at 0.95 you will have a good chance at flipping it above 1 Ethereum and profit this 0.05 of Ethereum. But if you’re looking to flip NFTs you better be the first one purchasing that NFT. In other words, if you start from the beginning when it’s minting, you have a great chance of reselling it at a high price.
Finding NFT Projects early
There is a website called rarity.tools where you can follow all the projects that are just about to launch. In other words, all the NFTs in these upcoming collections are not yet on the marketplace because once the NFT is on the marketplace it’s really hard to resell it quickly at a more expensive price.
On rarity.tools you can follow all the projects that will be launched in the next few days, weeks make sure to join again their communities to see where the interest is and I have a separate lecture about finding NFT projects which have potential.
So if you succeed to mint an NFT or in other words to be the first one to purchase an NFT and if that project becomes popular and there is a huge demand you will be able to grab a good price for your NFT.
Flipping NFTs on Veve app
Another great app to use is Veve which allows you to buy NFTs from Destiny, Batman, or Spiderman. All brands that you already know about and if you succeed to buy some of the rare NFTs you will most likely resell it a few times higher than the price you paid.
Flipping NFTs on Solana marketplace
The third marketplace I want you to have a look at if you want to flip NFTs is Solana. We are all new to Solana because it became popular in 2021 and still, there are not a lot of projects listed but this gives a great opportunity for everyone to join because you can be one of the first to grab some of the NFTs out there.
You will notice that there are some projects imitating Crypto Punks or the Bored Ape Yacht Club monkeys on OpenSea but still those projects are very successful on Solana and some of the projects actually exploded in value and in trading volume and I’m pretty sure that Solana will become more and more popular. Personally, I started trading Solana tokens way before the NFT marketplace became popular but I will talk about the tokens at the end of this lecture.
So flipping NFTs is quite exciting if you actually succeed to mint the NFT and be the first one who owns it.
Creating and Selling NFTs
Now if you decide to create your own NFTs and sell them this is really cool, this will be a great experience for you but there are a few things you have to consider before jumping into this journey.
First, it is good to have a community that is ready to buy your NFTs, because if you have no followers on any social media even you create an outstanding NFT piece of art that people should usually love and you upload it on the marketplace you might end up disappointed because nobody knows you as a person of influence. Usually, the successful NFT artists are those that had communities before they switched to NFTs.
So if you are working on your first NFTs make sure to work at the same time on your community, build it, give them the expectation for the upcoming NFTs, tell them what you are working on, don’t give them the whole idea, just build the expectation of the upcoming NFTs. This way when you launch them there will be people ready to buy your NFT work.
The next thing you have to bear in mind is that when you open an account on OpenSea for example, which is one of the biggest marketplaces by the time I’m writing this lecture, you will need to verify your account by paying Gas fees and these Gas fees are not small. When I verified my account a few months ago it was about $80 in Ethereum and now it is above $100. So if you are just planning to play around you should keep in mind that you will have to pay this one-time Gas fee and I have dedicated a video about the guest fees, I will drop it in here so you can learn all the details before actually jumping
into it.
If you want to skip those Gas fees, you can select the Polygon Blockchain, it is still on the OpenSea marketplace, but when you verify your account you will have to pay just a few dollars instead of a few hundred dollars.
Of course, the demand is still on the Ethereum but having NFTs on Polygon is still worthy and I will tell you why. A few weeks ago I listed my first 10000 NFT collection that I created for demonstrational purposes in my lectures. I wanted to show the whole process of how you can design, generate and upload 10000 NFTs on OpenSea. I selected the lowest price possible of $2 and I selected the Polygon Blockchain because I didn’t want anybody who decides to buy my NFTs to pay Gas fees.
Guess what, in the first night after launching my first NFTs, I had over 20 sales which brought me $40, but having in mind that I didn’t mention this collection on my social media and I didn’t show it on any of my videos, I just did some money out of the air.
My point of view is that even you select the Polygon Blockchain and you select a cheap price for your first NFTs you have a huge chance of selling them. Actually, I have explained the whole method of creating, designing and uploading 10000 NFTs in one of my recent lectures where you will see how exactly you can build and sell your first 10000 NFT collection.
You might wonder why 10000. Well, this is a proven method back from 2017 when the Crypto Punks were given for free and nowadays they are trading above 40 Ethereum, just like the Bored Ape Yacht Club monkeys which are so popular nowadays.
So a collection of 10000 is kind of a tested method that works well and if you market it well you might make a decent amount of money. So if you are still wondering how to start making money with NFTs, I would suggest giving it a try with a 10000 collection.
Invest in NFT tokens
And how to start making money with NFTs if you want to invest in the tokens? You can visit a website called CoinGecko.com and if you click on NFT Related Coins, you will see all the coins that are currently with the highest market cap. I personally invested in MANA, Sandbox, Alien World, and AXIE infinity which is on the top by the time I’m writing this lecture. You can track my recent investments on my crypto spreadsheet.
However, if you look at the NFT tokens that are in the top 10 by market cap and at the same time they are in the top 100 from all the coins according to the market cap, you will most probably hit on a decent coin that already has a huge market.
The people are interested, probably behind is a game that brings rewards to many people playing. I mean people are spending millions on virtual land. Who would imagine that 10 years ago? But it’s a fact and if you like any of the NFT tokens and you want to buy in order to make money out of them, but you see that the price is record high and everyone says it’s expensive, what I would suggest you do is to wait for a drop and such drops always happen.
I usually wait for at least 50 to 60% of a retracement on the NFT tokens before I buy any of them. This way when the market recovers I’ll be already on a profit with 100% and if the token makes a new record high and they always do, I will have hundreds of percent in growth.
So these are the 5 different ways you can start making money with NFTs. If you have any questions I’ll be super happy to see them in the comments below. Don’t forget that I love you and I will see you soon.