The Game Of NFT Flipping
Do you think that in the next bull run people are going to make crazy money in NFTs as they did in 2021? In 2021 a lot of people were making lots of money from flipping NFTs, both on the Ethereum chain and the Solana chain. This is a dream I have been hoping I could achieve, flipping NFT for crazy profits. I decided to enter the NFT flipping game this year, but unfortunately I have not been able to flip any NFT into life changing money. I was lucky to have gotten whitelisted into an NFT project collection called the seekers of paragon, I minted two for free but had to pay a $15 gas fees. While this was okay, I checked few days ago to see that the price of 1 NFT was worth $80 and I have 2, this means that technically if I sell my NFT I would have successfully flipped my $15 gas fees to $160.
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Sounds great right? But imagine selling it at that price when you could have just waited for someone few days where each NFT pumped to $160 making having 2 cost $320. Now I was more glad I didn’t sell for $80 each and started wishing each will pump to 1 ETH, so I decided to wait. Unfortunately it didn’t pump to 1 ETH, its all time high pump was 0.08 ETH, then it started dumping and dumped to 0.029 ETH. This was so scary because that is how bad NFTs can pump and dump. It was really annoying to see lots of people list their NFTs at that low price, some people bought their NFTs at a higher price and listed them at a lower floor price. It just didn’t make sense to me.
While waiting for the floor price to increase, I couldn’t help but just conclude that it’s better I move on and forget about the NFT and stop having high hopes for the NFT, as anything can happen, it could pump later in the future, at the same it could dump, depending on the actions of the community and the dev team. The DEV team claim to releasing a native token for the NFT later in the future, but still the floor price is low. Well, I won’t give up, I just have to learn and keep grinding for NFT whitelist, hopefully in the future during the bull market I would be able to flip for life changing money.
Posted Using InLeo Alpha