Hello, Gays Welcome to Dollarbhai.com today I’m about to talk you guys through the process of flip NFTs for a profit on OpenSea so let’s get started on the very first thing.
We have to do after connecting to the marketplace would be Connecting our cryptocurrency wallet is a mandatory step of the process.
So we cannot skip it, however it’s going to be a piece of cake. It only takes a few seconds and it is entirely worth it.
Because once you set it in place you’re good to go so let me walk you through.
The process that you have to do is go over to this section that allows you to see the options they accept and there are a bunch of them, most of them are based on the ethereum blockchain that includes metamask the queen bees wallet.
Wallet connect and so on and so forth. But there are a couple options based on Solana as well in case you want to pick those I’m talking about phantom and glow.
Now for the sake of simplicity let’s just pick metamask because it is the most popular option and it is really user friendly as well all you gotta do in order to install it would be connecting to metamask.io and once that is out of the way you want to install it to your browser if you’re operating on your personal computer all you gotta do is add the chrome extension and before
you know it you’re all set the great news here is that you do not have to be a cryptocurrency expert to make this happen and then try to make some profits by flipping NFTs.
All you gotta do is follow a series of clearly laid out instructions right. So, let’s move forward
i’m just going to connect my madame’s wallet. I’m not going to bore you with that process and I’ll be back in a second once that has been done.
Successfully, we want to head over to the explorer section because this is where the magic happens once you’re here.
You can start exploring all of these different collections. We’re talking about arts to collectibles
to domain names to music photography and so on and so forth anything can be an NFTs.
Now if you take a look at the top results theory these are basically the trending projects and the most popular ones right now. Let’s take a look at this one as you can spot this project has
currently has a floor price of 2.85 Ethereum. What does that mean if you wanted to purchase one of these identities right now you would have to pay at least 2.85 ethereum and that is quite significant.
Flip NFTs for Thousands of Dollars 2023
If you ask me even though Ethereum is quite low right now 2.85 it is still worth about well let’s see 3,000 US dollars again investing 3k into random NFTs may not be worth it so you really need to be careful about what projects.
You get involved with but let’s get back to opensea if we want to pull this off successfully. We need to equip ourselves with the proper tools and that is what i’m here for so let me help you out now if we start browsing through these different NFTs.
We’re gonna notice some pretty cool designs. But the thing is what really gives them their value is the rarity. As you guys probably know by now.
If you’re reading this article and you’re somewhat accustomed with the world of NFTs each and every single one of these non-fungible tokens is unique in other words. Each and every single one of them has got different properties.
We’re talking about a category, an environment , a sediment here and depending on these different traits. They will receive a certain rarity score and that basically determines their value right the higher the rarity score.
The more valuable that particular non-fungible token will be now we can also take a look at the stats and you can read the details such as the blockchain. That is based on the creator fees but most significantly.
You can take a look at the history of these NFTs because everything is public and it is 100% transparent as you can spot these NFTs. Right here was minted about two months ago and then it was transferred quite a few different times.
It went from an owner to another for quite some time before it was finally sold for a staggering 2.6 Ethereum now that is quite a lot if you ask me that happened two days ago and that just
goes to show that over a span of two months. and NFTs can grow in price quite significantly even in this period.
Guys here’s the thing, back in november 2021 NFTs were a huge thing everybody was talking about them everybody was interested in the world of NFTs and learning about it.
But right now the popularity of non-fungible tokens is not up there anymore as the cryptocurrency market is really taking a tumble the world of NFTs is slowly becoming less and less popular and in order to verify that.
we can head over to google trends. If you search for NFTs you’re gonna notice that the popularity of this search term is definitely not the size. It used to have a score of 18 as compared to 100.
Back in January 2022. That goes to show that people have lost some of their interest but that is not going to drag us down. That’s an obstacle we need to overcome so how can we get our hands on it?
Some really promising NFTs and then sell them for a profit. Do we need to be cryptocurrency experts? Do we need a lot of previous experience and some luck? Well let’s see as mentioned before first and foremost.
We need to equip ourselves with the right tools and one of them is called rarity.tools this is a website that’s going to help you out in a lot of different ways. We want to do right now is head over to the old collections tab.
And type in the name of a project. You want to explore and as you can see the one. We have just taken a look at is ranked number one by the seven day volume this is a really hot project but now.
It gets even better than that let’s just say that we want to get the rarity score according to rarity.tools of this particular NFTs that we have just taken a look at well what i can do is copy the id from here is this number right here.
On the top and then I can paste it right there. I can then click on lookup and there you go. According to this website the rarity score is about 4.67. Which is not that great that is pretty low actually.
So let’s keep exploring a few others as you can see opensea is going to have plenty of them
for sale. Well here’s another one and if i copy this id and paste it on to rarity.tools. I’m going to get a different result there.
You go 6.11 now this is not a huge improvement. But it is an improvement nonetheless. However the price has also grown significantly by about 200. But now guys do not even worry about it.
I’m not gonna ask you to purchase one of these NFTs for three thousand dollars or so and instead we’re going to take a look at upcoming projects. Because I personally think that that’s the only way you can genuinely make money with NFTs.
If you don’t have a lot of financial resources and if you’re not an expert in this field of activity the only real way that you can genuinely make money with NFTs. If you’re just starting out from scratch would be finding promising upcoming projects.
And getting involved early on in order to do that gravity is also going to help us. What you want to do is head over to the upcoming section and here’s the thing: this website is going to display all of the latest NFTs sales.
These are yesterday sales If we scroll down. We’re going to get today’s sales and so on and so forth. We can literally keep an eye on these and stay up to date with the latest releases now. Some of them are really interesting for instance.
This one that was launched. Just yesterday is generated by artificial intelligence as you can see each and every single one of these NFTs that are quite ugly to be honest have certain variations very slight ones.
But these were generated by artificial intelligence. Which means that they are completely random and that is what makes an NFTs unique.
But the truth of the matter is not all of these projects are genuine. If you’re watching this video there is a pretty solid chance. You might already be familiar with the term rock polling now.
Also Read: Top 5 Best NFT Marketplaces to Buy and Sell NFTs
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This is basically some sort of crypto scout. It occurs when a team pumps their project’s token before disappearing with the funds leaving their investors with a valueless asset in other words.
You buy into a project you purchase several NFTs and then all of a sudden the developers sell their assets and you’re left with an NFTs. That you cannot sell anymore.
Because there is no interest in it the discord channel and twitter page have been deleted and so there is no way you can reach out to other NFTs owners. You’re basically left off with a worthless jpeg.
That you can do nothing with and that is one risk that comes with NFTs projects. Let’s call it what it is, however , guys among the dirt. If you dig deep enough.
You’re gonna find some gold as well and there are a few different criteria that you need to keep an eye on. Let’s just pick a random project here. Let’s take a look at this one for instance.
There are a few different red flags that we can identify right off the bat if this NFTs project passes all of those tests and it doesn’t have any red flags.
It might be worth looking into it but otherwise. We can just leave it aside and move over to
the next one here’s what we can do first and foremost we can join their discord server.
Any NFTs project should have a discord server because they need to build a community otherwise how are they going to sell their NFTs right and there.
You have 12 000 members now, that is a pretty good following, guys there. You have it this is what the group looks like in there to gain access .
We will have to click on this emoji now that is a pretty good indicator that is a green flag. If you ask me because that is pretty much an inside bot system.
They want to make sure that you’re a real person and once you’ve verified your identity once you verify the fact that you’re a real person.
You will be able to see all of these different soft channels that you can check out information support and safety. But what you want to make sure is that there is actual engagement.
On this server you want to make sure that people are constantly asking questions not only but your questions are being answered by the moderators.
Because unless that is happening this discord server is basically that you want to make sure there is a lot of interest in these NFTs.
Because otherwise they will be launched at some point the NFTs collection will be launched and nobody is going to purchase them.
There needs to be liquidity. When it comes to an NFTs project that is a mandatory requirement but now here is an even more interesting aspect.
If you take a closer look on the right hand side you’re gonna notice the so-called white list now this is a key element.
That is what you wanna aim for being whitelisted for an NFTs project that means that you’ve been involved early on you’re an early investor you have been following the community for quite some time since.
Its early stages of development and for your early contribution the developers are gonna reward you what happens is that for most of these people that are whitelisted.
They will receive some additional prizes as the project becomes more and more popular and that is so you can make some significant money for free with NFTs projects.
But being whitelisted now. It is not always entirely free because you might have to purchase some NFTs.
But you can get some decent bonuses that way now once we have determined that their discord server is active and people are interacting. We want to do a set back over to rarity.tools.
And check their twitter page. As well when it comes to their twitter account. You want to make sure they do not have a huge following.
I know this may seem counterintuitive. But it makes sense if you think about it if they have a hundred thousand followers and no engagement.
What so ever that means they have probably got bodied followers and bots are not going to purchase those and NFTs unfortunately.
So you have to think that it is not ideal but when it comes to this project. It seems pretty good so that is not a red flag. Let’s move over to the website and this is where most NFTs projects fail.
We want to make sure is that a team has actual pictures of real people and not just some NFTs avatars. Let’s see well in this case.
It seems like it failed but let’s not judge too early perhaps they have some social media accounts linked.
Here you want to make sure that they are 100 transparent about their identity. Because otherwise they can just launch a project.
I’m not saying that this project does it if this is just a hypothetical situation. They can launch a project and they can rock pull.
Their users before you know it run away with the profits that happen far too often with NFTs projects.
So you have to make sure that you know what you’re getting involved in especially. When it comes to your money right and so for me.
This one is a pass I cannot see the real identity of these developers. So i’m not going to purchase any of these NFTs and guys trust me.
If you run this test for most of these communities. You’re going to find out that 95 of them fail it and then there is one more thing.
That I would take a look at, I would try to make sure that these NFTs designs are not just some cheap copy of some more popular NFTs projects such as the board ape yacht club.
They are unique. That’s the whole thing about NFTs: they have to bring in something new, something unique and unless.
They do want to move over to the next one and so guys at this point you’ve got all of the tools.
You need to make this work we want to do is look for promising projects that are still in their early stages of development.
Sso that you can buy into them for a very low price make sure they pass all of your tests and if they do you might be interested in getting involved.
I’m not saying that you should purchase an NFTs right away and throw money randomly out of the window instead.
You should do your own due diligence and make sure that you’re well informed before purchasing any of these items.
But all you got do right now is go out there and do the research that’s it for now and thanks for reading