How to Get Rich on NFTs

Jump to Section


TL;DR- Don’t just go ape into some JPEGs because there’s hype around NFTs. Know all the aspects of what makes and NFT collection valuable. There’s rarity, clout, following, roadmap, and distribution economics. There’s a heck of a lot more going on than what the artwork looks like.


None of this is financial advice- think long and hard before making any investment decision, and stay on the righteous path!


Making some money in the NFT space requires patience, lots of research, self-control, and most of all- luck. Often your lucky breaks/winning NFTs are more than enough to offset your losses.

Neo Tokyo NFTs

Despite the fact that the typical NFT trades for more than $2,000, a tiny number of ultra-high-priced deals distorts the average. CryptoPunks and Bored Apes make up only a small fraction of the loads of NFTs out there. In reality, most NFTs are priced between $10 to $500.


Grumpii, for example, creates charming illustrations of “anything unpleasant.” To put it another way, purchasers can obtain GIFs of cuddly dinosaurs doing their hardest to show everyone they’re upset. (It could be yours for less than $450 if you like it.) People buy these pieces to support their favorite artists, as they do with most art. If you have anyone you’d like to help, I strongly advise you to do the same.

Grumpii’s ‘Witchsaur’


How to get rich on NFTs


1. Put in more effort than others do. Most people aren’t interested in overcoming obstacles, learning Metamask, studying Art, gaming, or digging deep into discord. For those who take action, this is an opportunity. Hurdles are the universe’s method of separating the worthy from the unworthy (through effort). Be the early bird that spots a good collection before it blows up.


2. Distribute your wealth across a variety of investments. You’ll be able to learn as a result of this. I had no prior knowledge of art or collecting, but I pushed myself to learn by purchasing and evaluating items. I prefer to broaden my horizons, thus I’m studying about comics, gaming, art, virtual reality, and other topics. By writing this blog, I’ve discovered a number of coins and NFT projects that I’ve decided to participate in and some of them have done super well.


3. Get out there and make some deals. NFTs are virtually usually available for less than the quoted price. Some Opensea vendors have connections to their Twitter, Discord, and other social media accounts. Negotiate a lower purchase price. Do this enough times, and you’ll be able to amass a collection at a fraction of the cost. Like Buffett says- “whether it’s socks or stocks, I like to buy things on sale.”


4. Make your bids. Again, the quoted price does not have to be the amount you pay to purchase. Wait awhile and submit some bids. Let’s say a seller has set a sell point and you trigger it, and you end up with an NFT that you can sell for $ nearly instantly.


5. Avoid chasing influencers, fomo, or buzz. Most people expect chances delivered to them on a silver platter, so they follow influencers and youtubers to see what’s new, even if they’re simply just buying and selling to one another. (Some make money, but the majority don’t.) The same people hyping the project are the ones who are trying to get you to hold the bag. Keep an eye out for these speculative shitstorms.


6. Get some cash. Scared money doesn’t make money “I’m simply going to test with $100” – no, you’re simply going to erase your chance at making any real money. It’s better to get some steady cashflow. Play P2E games, be a discord admin, produce art-there are a lot of ways to make money here (if you need to).


7. Develop your instincts. There are some things that are only learned by spending years in this environment. Human behavior is cyclic, and it takes time for these cycles to play out. If you hang around long enough, you’ll pick up on everything, and together with project analysis, you’ll develop solid intuition.


8. Be inquisitive and critical about new projects. Some people are fortunate enough to become “wealthy,” but those who rely solely on luck are slackers. The majority of people who succeed in the NFT space are always curious, learning, experimenting, and exploring. Keep your mind open.


9. Have some of that cash money at the ready, always. Being NFT wealthy is great, but having a large sum of money on hand helps you to take advantage of opportunities when they arise. As a result, it’s critical to profit when it makes sense.


10. When no one is around, stay. It makes no difference to the innovators if there is twitter/mainstream enthusiasm regarding NFTs. Look at the crypto ‘fear and greed index’ on this page- when it’s in ‘fear’ everyone is dumping and running and when it’s in ‘greed’ it’s the opposite. Be cool with the sentiment changes.The innovators continue to expand and create, which propels the sector ahead. Keep your eyes peeled for them and you’ll be able to see them early.


11. The content of the project is important. If you’re simply in it for the money, you’ll find that most others are as well. When there is a majority of debate about flooring, pricing, sweeping, etc., 80 percent of the time it will just slow down and go on. Be weary if you’re not genuinely enjoying what the project has to offer. I’m personally a holder of a Lazy Lion NFT, because I love the community, the founders, and the project.



12. Keep an eye out for mints that are out of the ordinary. This is where the big bucks are made! Basically, what NFT investors did from 2017 to 2019 and why the vast majority of them are now tremendously wealthy. The blockchain was designed to cause disruption. Lots of these are easter egg hunts, like the Neo Tokyo collection release. The price floor on those is now in the tens of thousands.

Conclusion


Again- none of this is financial advice. Some people (like millionaires) are in a position to throw some money at something highly speculative and lose it, and it’s no biggie. Others may only make an average salary and be supporting a family of four. Somewhere in there, there’s a balance.


Another thing that I’d feel irresponsible if I didn’t mention it. Always practice good cybersecurity hygiene. Use two-factor authentication on all your crypto exchanges, and consider storing your NFTs on a hardware wallet. Browser wallets are easy to use Unfortunately, browser wallets are the least secure. Hardware wallets are a great place for your crypto, too. Platforms like BlockFi are fully licensed in the US and pay 4%-9% interest on crypto you store with them. This interest is a good way to offset at least a little of the risk that’s in crypto investing.


Be stoic, be patient, be smart, be open-minded, be teachable. This space is booming. It will bust at times, too. Stay cool!

Share this

The Fear & Greed Index

  • Today Extreme Fear 20
  • Yesterday Extreme Fear 24
  • One week ago Extreme Fear 20
  • One month ago Extreme Fear 23

Related articles:

Subscribe To Our Newsletter

Get the latest news and insights from the crypto world.