The NFT landscape is booming, with new users trying to flip NFTs for thousands. If you are wondering how to get started in the NFT industry and flip NFTs, this post is for you.

What is Flipping an NFT?

Flipping is a term loosely used for minting NFTs at a very low price and selling them after a short period to make profits. It had existed since the dawn of NFTs and way before then when people used to flip toys, trading cards, and comics to make a profit.

Reason to Flip NFTs

Remember, you can only flip stuff that is valuable, and NFTs have acquired the status to be valuable to all sorts of investors. Apart from holding big value cryptocoins like Bitcoin, it is a great idea to get in on some high-volume action in NFT projects. This will guarantee quick returns.

Although flipping NFTs comes with its own set of risks, it is still a relatively quick way to boost your investment portfolio.

Spotting Hot NFTs

Just like any other financial domain, making profits in NFTs requires metrics analysis so you can make better possible decisions. Generally, investors always target assets that are currently low in value or an NFT that has a forecast to increase in value at some point.

With NFTs, you will need to research your niche. However, the most common niches are:

• Abstract paintings>
• Animal-themed art
• Collectible items
• Domain names
• Virtual landmarks or pieces of land

Key Metrics to Know Which NFTs Will Do Well

Besides finding a project with the right utility and community, the three metrics you can primarily use to determine how well an NFT will do are:

• Number of Items

Scarcity is the catalyst to drive the NFTs’ demand upward. An NFT project with a limited number of items is more likely to earn you profit.

• Least Price

The least price, also known as "Floor Price," means the minimum price you can pay to get an item. You must look for NFTs with lower floor prices as well as minimal supply.

• Volume Traded

Making profits in NFTs firmly depends on liquidity. Therefore, you must invest in platforms experiencing high trading volumes. This will increase your chances of seeing more collectors willing to purchase your NFTs.

Platforms to Spot NFTs

Here are 2 of the main platforms where you can spot promising NFT projects.

• NFT Platforms – Special Sections

An NFT platform is a great place to guide users into buying potentially hot NFTs. For instance, you can check AirNFTs’“Top Artists” or “Exclusive Drops” sections. This is a good place to start flipping NFTs.

• Social Media Platforms

Social media is another leading platform to learn and identify known and profitable NFTs. NFT influencers announce new projects on various social media accounts such as Instagram, Twitter, Discord, and Reddit.

The Process

Flipping NFTs is a simple process. All you need is a Web3 compatible crypto-wallet such as Trust Waller or Metamask. Once you add funds to your account, you can start accessing various NFT platforms via an in-app browser.

Buy NFTs ridiculously cheap and make significant profits by selling at a higher price. It is critically important to monitor the NFTs volume of your NFT project and the recognition it is getting to make a move and flip it at the right time.

The Takeaway

Always remember that an NFT is not as liquid as its fungible counterparts. This means you will only make profits when you have buyers willing to purchase the NFT. Therefore, take care of your investments and only buy what you can afford to lose.