Petko AleksandrovFlipping NFTs on Solana, OpenSea and VeVe will help you to make money. However, you’ll get profits more quickly on Solana than when you’re flipping NFTs on OpenSea.
That’s because most of the NFTs that are traded on OpenSea are on the Ethereum blockchain. This means that most of the time, you’ll end up paying huge gas fees when you trade NFTs on OpenSea.
On Solana, we don’t have to worry about gas fees as much. You’ll make a bigger profit on Solana because you don’t always have to include gas fees in your costs. On Solana, the difference between the price that we paid and the price that we sell at is pure profit.
We only have to pay a small commission when we’re flipping NFTs and that’s reasonable. In this article, I’ll tell you what I look for when I’m flipping NFTs on Solana.
What do I look for when I’m flipping NFTs on Solana?
The first thing that I look for is a collection that matches how much I want to spend. For example, if you want to spend $160 which is about 1 Solana, you can search for collections that match this floor price.
In this article, I’ll look at collections that are in the middle. So, I’ll look for collections that are about 2 or 3 Solana.
First, I’ll click on Stats on the Solana platform. This will give me information about different collections.
The Bold Badger Squad, Frakt and Grim Syndicate are all in the price range that I have in mind. They all cost about 2 Solana. That’s equal to $320.
So, that’s an example of what you’ll see when you’re flipping NFTs on Solana. I’m not recommending any of these collections. You should always do your own due diligence before you buy a collection on Solana.
When I find a collection that interests me, I look for two positive columns. The first column is the average price.
I check to make sure the average price is increasing for the last full day. The volume should also be increasing for the last 24 hours.
Buy Projects In Collections That Are Traded Frequently
Ideally, I want to make a purchase in a collection where NFTs are being traded every few minutes. While flipping NFTs on Solana, I also look at market capitalization.
I want collections with a market cap of at least $1,000,000. I’ll add five to separate columns. These five satisfy all three of my criteria for average price, increasing volume and market cap.
After that, I want to see how many people are involved in buying and trading these collections. So, I’ll check social media. I’ll look at the Twitter pages for all of these collections.
The Grim Syndicate has 7,000 followers. Frakt has 29,200 followers, which is even better. The Bold Badger Squad has the largest number of followers, at 36,900. If you invest in a collection that has a large number of followers on social media, you can get buyers from within that community.
When you’re flipping NFTs on Solana, it’s a good idea to look for art that has a particular look or brand. You might not personally like that style but other buyers might appreciate it a lot. For example, Frakt combines math and fractals to produce 1,000 pieces of generative art on the blockchain. I don’t really like this type of art but it’s very popular.
The Bold Badger Squad is also generative art. So, each NFT in this collection has the same body but different attributes. For example, the backgrounds are different. The wearables such as sunglasses and cigarettes are also different.
Find Affordable Projects On Solana
Now, I want you to notice that for the Bold Badger Squad, the cheapest one starts at 1.99. However, the prices go up a lot from that. For example, you can find NFTs in the collection that are five or six times that price.
Flipping NFTs on Origin Story
Origin Story is a white-label marketplace platform, meaning only verified collections are supported on the marketplace. While it’s built on Ethereum, users can get around gas fees by using Polygon on Origin Story.
Some major collections that Origin Story supports are Pudgy Penguins, 0N1 Force, The Doge Pound, Lil Pudgies, and OnChainMonkey.
Origin Story helps investors flip NFTs by providing a bespoke analytics dashboard. The dashboard shows notable holders, trading volumes, holder distribution, and more data to better inform your NFT purchases. Moreover, the platform aggregates liquidity from leading marketplaces, giving you a birds-eye view of the best prices on the market.
My Strategy for Flipping NFTs On Solana
While flipping NFTs on Solana, the strategy is to buy the cheapest ones at a low price and then sell those at a higher price to make a profit. This is the way that I like to make quick profits with NFTs.
This is a common strategy on OpenSea. It’s easy to profit this way on Solana because we don’t have to pay any gas fees. In fact, if I buy an NFT for 0.99 and sell it at 2.00, I’ll still make a profit.
If I buy an NFT at 1.99 SOL and flip it at 2 SOL, I’ll still make a profit of 0.01 SOL. When I check Frakt, the cheapest one is at 2.5 and the next one after that is at 2.99. That’s an easy profit that I could make.
You could buy the next NFT in the collection for 3 SOL. So, even if I sold the NFT that I bought for 2.9, it would still be the cheapest one.
My profit would be equal to about $64 at the current price for SOL.The next three NFTs in the collection are priced at 3.5 SOL each.
I Always Check These Criteria
So, you see that my general strategy for flipping NFTs is to look for NFTs with a high trading volume. The collection should also have positive trading on price over the last 24 hours and a market cap of at least $1,000,000.
I also checked the size of the community that’s interested in the collection. The last thing that I look for is a project with a floor price that’s a lot lower than the others in the collection.
That way, I’ll have space to flip it. I didn’t purchase the Frakt NFT because I don’t like that type of art but that’s my personal choice.
When You’re Flipping NFTs on Any Marketplace, Supply Exceeds Demand
So, the question of how to make money flipping NFTs on OpenSea is a huge one. This question is becoming more and more difficult to answer. That’s because many more people are listing NFTs for sale on OpenSea. So, supply exceeds demand.
The number of buyers who are interested in NFTs is smaller than the number of people who are selling NFTs. That’s because some buyers are scared of putting money into NFTs. They don’t want to buy something and hold it for months or even years. They prefer to buy it and flip it.
When they flip an NFT, they buy it today and resell it tomorrow. At a maximum, they’ll resell it within 48 hours.
Flipping NFTs On OpenSea
Earlier in this article I showed you how to make money flipping NFTs on Solana. There are several other marketplaces and now I’ll show you how to flip NFTs on OpenSea.
I mentioned fees before and I’ll go into more detail on fees and commissions in this section of the article. You’ll easily get information on fees and commissions on most marketplaces. It’s important to know how much you’ll be charged before choosing a marketplace because this will affect your profits.
What type of NFT would you like to flip on OpenSea?
NFT is an abbreviation for non-fungible token. An NFT is a virtual piece of art. When you buy it you’ll own the rights to that NFT.
Some people like to flip NFTs that are wearables. Other NFTs in the Metaverse include land that you’re renting or have purchased. You can even trade video games in the Metaverse as NFTs.
Several individuals will buy NFTs from you as an investment. So, they’ll hold the NFTs for weeks, months or even years. When NFTs are held for this length of time, they’re considered an investment.
Some people may buy NFTs from you in order to flip them, just like you’re doing. So they’ll buy the NFTs and quickly sell them at a higher price.
First Steps for Flipping NFTs on OpenSea
When you’re flipping NFTs on OpenSea, the first thing that you need to do is look at the collections with the highest volumes over the last seven days and the previous 24 hours. You should also check the rankings. You can find the top collections by doing that.
The most popular collections that people invest in are Sandbox, Bored Ape Yacht Club and CryptoPunks. Each CryptoPunk is part of a set of 10,000 NFTs. The Bored Ape Yacht Club is very popular, partly because it’s been invested in by celebrities such as Steph Curry and Jimmy Fallon.
Sandbox is a Metaverse, where you can buy land. You can build on your parcel in Sandbox. You can also trade in-game items as NFTs on Sandbox.
For example, you can trade characters or avatars from games as NFTs. Game-based NFTs are usually very expensive. Keep this in mind as you arrange the collections by their floor price.
Always Check the Floor Price
When you’re flipping NFTs on Solana and OpenSea, remember that the floor price is the lowest price of an NFT in the collection. For example, for the Bored Ape Yacht Club, the floor price is 49 ETH. If I click on Buy Now, I’ll know which NFTs have a fixed price and aren’t on auction.
The Bored Ape Yacht Club has two NFTs that cost 49 ETH. The next one after that costs $50 ETH. So, if I buy one of the two at the floor price and resell it, I’ll make 1 ETH.
That’s the strategy that I like to use on OpenSea. I look for a collection where the cheapest or the two cheapest NFTs have a gap between them and the third or fourth NFT.
The person who is looking for the cheapest NFT will find your NFT. There’s a lot of potential for you to resell it and make a profit of 1 ETH. It’s equal to $4,000, which is enough to cover gas fees and commissions.
Sometimes, when you click on a collection, you’ll see that the gap between the lowest-priced NFT and the next one isn’t that big. It might only be 0.01. That’s not enough to cover your gas fees. You won’t make a profit.
Always look at all the NFTs in the marketplace. You can find good opportunities in that way. For example, you can look at the filter that lets you select the Polygon blockchain.
The Polygon blockchain doesn’t have gas fees. So, whatever you make from each sale of an NFT on this blockchain is almost pure profit. When you look at all the collections on this blockchain, you can use the filters to select the minimum and the maximum sum that you’re willing to spend.
How much capital should beginners start with?
If you’re a beginner, it’s usually not a good idea to jump into the NFT market by purchasing the most expensive art. Instead, consider flipping NFTs in the range of $200 to $500.
If you also want to flip NFTs on the Ethereum blockchain, you’ll need to cover gas fees. So, you’ll need to budget for gas fees with every NFT you buy on that blockchain. A budget of $1,000 is reasonable if you want to flip NFTs on both blockchains.
There are also other fees to consider. For example, when you sign up on OpenSea, you’ll need to pay a one-time registration fee. You’ll synchronize your account with OpenSea at that point.
After you’ve registered, you can start looking at collections. I’ll click on TheGateKeepers collection to learn more about it. TheGateKeepers was the first project to have 10 properties and 527 traits on Polygon.
The NFTs are at a fixed price. An average of 20 of these NFTs were bought each week, so they’re popular. The next thing I always look for is a collection with a significant gap between the cheapest and the second NFT, third and so on.
After I checked, I found that there isn’t much of a gap between the cheapest NFT in TheGateKeepers and the one that’s next in price. They start at 0.0044 and the next that’s higher in price is at 0.0045. My profit would be 0.0001 ETH, which is almost nothing.
Flipping NFTs On Solana and OpenSea – Buy NFTs On the Minting Date
You can use another strategy to make a profit with NFTs. Try to buy NFTs as soon as they’re minted. For example, with the High Monkeys collection, you got the opportunity to buy NFTs from the collection at a low price during their pre-sale.
Always keep track of the minting date. Sometimes you can subscribe to the project’s newsletter so you’ll get information on the minting date that way.
Check the Size of the Project’s Audience
As I mentioned earlier in this article, you can also profit by flipping NFTs on Solana. In addition to avoiding gas fees, flipping NFTs on Solana also helps you because I think Solana is poised to increase in value just like Bitcoin.
If you look at the main page on Solanaart.io, you can find upcoming projects. You can also look at the number of followers these projects have on social media such as Twitter.
For example, ChimpFight.io that was recently minted, has 12,000 followers. CryptoPets has less than 10,000 followers but still more than 6,000. So, that’s pretty good.
It’s always a good idea to get to projects before the aftermarket. However, you should check whether their audience is increasing or decreasing. If their community is increasing, that means there’s a lot of interest in that project.
There’s also a lot of potential to profit from a pre-sale. If you get one of those NFTs on the minting date, you can flip it at a profit quickly. Some people who missed the pre-sale will be willing to spend more money on aftermarket NFTs.
Flipping NFTs On the VeVe App
The VeVe App is another marketplace where you can flip NFTs. However, it’s really becoming difficult to find NFTs on their launch date by using this app.
As soon as you get the VeVe app, you can start collecting. They have new comics, collectibles and drops coming in almost every day. These come in at a specific hour. From my students in the United States, I’ve learned that it’s easy to get these NFTs there.
In Europe, especially in Bulgaria, where I live, it can be difficult to get these NFTs. They’re making contracts with large brands such as Spiderman, Hulk, X-Men and Dreamworks. So, you’ll find a lot of NFTs on VeVe that are associated with big brands.
When you’re flipping NFTs on Solana and OpenSea, you’re more likely to find original artwork from individual artists. Some of these artists might be well-known while others are upcoming.
VeVe Collections Are In Demand
Since VeVe has branded collections that have a large following, whenever they drop a collection, they immediately get lots of buyers. Thousands of people are willing to buy, so the Buy button just blocks.
In Bulgaria we don’t have super-fast internet. So, it’s almost impossible to buy one of those NFTs. They have cool rarities, such as Ultra-Rare, Uncommon and Secret Rare. Also, they sometimes present the option of purchasing from a blind box, where you won’t know what collectible you’re getting until after payment.
To get ready for a launch on VeVe, you’ll fund your account before. You can use the on-screen tracker to monitor how many seconds are left before the launch. When the Buy button comes on, you can click it. However, thousands of other people are also clicking it at that time.
Demand exceeds supply. So, the price goes up immediately. For example, an NFT that’s listed for $50 can go up by 10 times. If you manage to grab an NFT like that, you would make a huge profit.
Final Thoughts On Flipping NFTs On Solana and Other Marketplaces
In this article I’ve shown you the three marketplaces that I like to use for flipping NFTs. Flipping NFTs on Solana is my favorite but you should always do your own research and make your choices. If you have other suggestions about flipping NFTs for profits, please leave them in the comments below. Thank you for reading!
