We’ve talked about NFTs several times, but the topic is here again because the market has exploded, being reported to have broken 27B in 2021, in just this segment of the crypto market- according to a new report from Chainanalysis.
As a quick review, NFTs are a family of crypto assets that hold ownership of unique data linked to a blockchain — most often on the Ethereum network. They can be packaged as digital collectibles, works of art, music, video game items, or basically anything else that you could think of.
This has created a true phenomenon, possibly the largest transfer of wealth that humans have and will ever see. In this Web3 space, it’s no longer the large corporations making all the money and holding all of the power. In fact, the community is largely known for rejecting corporate money from infiltrating this space. There have been some exceptions like Adidas’ NFT, or Nike acquiring RTFKT, but for the most part, this community is run by the people without any central governance.
What’s incredible is the amount of ways to make profit. There are thousands of NFT projects with artists making millions of dollars where their art may have never been seen in the real world. There are developers creating revolutionary Web3 projects that wouldn’t have stood a chance in Web2. There are even regular people making millions by flipping NFTs which is actually what we want to talk about today!
We sat down “Crypto Casz“, formerly a hedge fund quant, and now NFT and Crypto expert. He’s most known on twitter with over 100,000 followers on Twitter alone, found @CryptoCasz (https://twitter.com/CryptoCasz) . He is not only an ultra-successful crypto and NFT trader, but he is very influential on Twitter- helping the community spot projects early & creating life changing opportunities for tens of thousands of people. CryptoCasz has been called the modern-day Robin Hood. Not in the sense of taking from the rich, but in creating opportunity & redistributing money to those without.
CryptoCasz broke down making money in NFTs for the average person into a couple categories. He says the easiest way, is by first just identifying potential projects. He advises that you do your due diligence by reading their white paper, ensuring the owners are doxed (not anonymous), reviewing their roadmap, researching the team, and getting to know their community. If everything checks out, then you’ll want to get on the project’s “whitelist”.
For those of you who do not know what a whitelist is, CryptoCasz basically says that it’s a group of people who are allowed to buy before the masses, typically for a lower price, and due to the reduced network volume, you also pay far less in gas fees. To get on this whitelist, you’ll have to read the steps for that individual project. Sometimes you get access by simply being active in their discord, by inviting friends to checkout the project, or even in giveaways which CryptoCasz often partners with big projects & posts on his own Twitter account.
So now you’re on the whitelist, you have your MetaMask wallet loaded up, you were able to mint an NFT, and have now secured the piece. You now have two options; you can instantly list it on OpenSea (the largest NFT marketplace), flip it, and take a nice profit which can range from hundreds to tens of thousands. Or, if you really believe in the project, then you can hold it until the value multiplies even more. Or maybe the project holds great utility, and you want to just keep it and reap the benefits offered. That much is your choice, and significantly varies per project, but the goal is always to get into the project early to reduce your risk, just like any other investment.
But let’s say that you missed the whitelist or found it after it has already launched. You’re not out of luck just yet. There are other ways to make your profit, though you should be much more careful at this stage. The NFT market, just like crypto or even traditional stocks, is highly volatile. An NFT could have a set floor price, and drastically change in a matter of minutes. But a simple strategy here is, find a piece that you’re interested in, and make an offer on it for less than it is advertised at. Many times, people purchase several NFTs so they may be willing to let one go for cheaper. Or they may have bought it cheap, so even selling to you for a discount, gives them a sizeable profit. It’s sort of like that old saying, you can’t get if you don’t ask. If you make an offer that’s rejected, then you simply move on to the next.
The most important part of the process is simply being able to find the projects early, which can in itself be extremely time consuming. But that’s why CryptoCasz and a few others like him are so valuable. You can simply follow him on Twitter or even subscribe to his free newsletter listed on the top his twitter (https://twitter.com/CryptoCasz) and let him do all of the work for you!
Regardless of how you see this major technological transformation that’s taking place right now, this is nothing that you should watch go by. It has the potential to completely change your life and make sums of money that would not even be thought of as possible before. You owe it to yourself to at least look more into this and give yourself a chance to achieve your wildest dreams. So, what are you waiting for?