Want to make money with NFTs?
A complete, beginner's guide ππ»
A complete, beginner's guide ππ»
I bought & sold over $5,000 worth of NFTs in the past 30 days.
I didn't know ANYTHING.
But I dove in and now I GET IT π€―
This thread is LONG but worth reading if you're serious about making money with NFTs.
It includes everything I wish I knew when I started.
I didn't know ANYTHING.
But I dove in and now I GET IT π€―
This thread is LONG but worth reading if you're serious about making money with NFTs.
It includes everything I wish I knew when I started.
Quick PSA π¨
I'm going to do more than just show you how to get started....
I will be giving away FREE NFTs to start your collections.
Make sure to retweet the first tweet and I will randomly pick a few people to send them to in the next 24 hours π°
πNow let's dive in:
I'm going to do more than just show you how to get started....
I will be giving away FREE NFTs to start your collections.
Make sure to retweet the first tweet and I will randomly pick a few people to send them to in the next 24 hours π°
πNow let's dive in:
First, what is an NFT?
The internet will throw tons of definitions at you...
But simply put:
NFTs are digital assets that increase and decrease in value similar to their physical counterparts.
π₯Art, sports cards, horses, etc are all assets that exist in the virtual world
The internet will throw tons of definitions at you...
But simply put:
NFTs are digital assets that increase and decrease in value similar to their physical counterparts.
π₯Art, sports cards, horses, etc are all assets that exist in the virtual world
Second, what makes them valuable?
Supply and Demand β
Most transactions happen on OpenSea- basically eBay for NFTs.
Buyers can place bids on items they want.
More popular collection ππ»higher price.
π₯Your goal is to find popular collections BEFORE they become popular.
Supply and Demand β
Most transactions happen on OpenSea- basically eBay for NFTs.
Buyers can place bids on items they want.
More popular collection ππ»higher price.
π₯Your goal is to find popular collections BEFORE they become popular.
Now, how do you make money? π°
There are two verticals you can focus on:
πMinting: the creation of brand new NFTs
πSecondary: buying/selling NFTs that have already been created
Similar to all investing making money is simple (not easy):
Buy low ππ» Sell high
There are two verticals you can focus on:
πMinting: the creation of brand new NFTs
πSecondary: buying/selling NFTs that have already been created
Similar to all investing making money is simple (not easy):
Buy low ππ» Sell high
Let's start with MINTING π¦
Minting new NFTs is riskier because there's no secondary market data to help you predict each item's value.
π₯ But you get the lowest price on NFTs before they become popular.
You just have to find the best projects.
Here's how to find them π
Minting new NFTs is riskier because there's no secondary market data to help you predict each item's value.
π₯ But you get the lowest price on NFTs before they become popular.
You just have to find the best projects.
Here's how to find them π
Start by checking out new projects on rarity.tools
Look at these 3 metrics for each project:
Twitter Followers
Discord Community Size
# of Items Available
π Remember: Supply vs Demand
Find projects with way more followers/members than items available.
Look at these 3 metrics for each project:
Twitter Followers
Discord Community Size
# of Items Available
π Remember: Supply vs Demand
Find projects with way more followers/members than items available.
Once you rule out the weak projects you want to focus on long term value.
I focus on 2 pieces of each project:
πΊοΈ Roadmap: what are the founder planning post-launch?
πͺUtility: is this NFT more than just a jpeg? Is it part of a game, virtual world, etc?
Hyped Launch β $$$
I focus on 2 pieces of each project:
πΊοΈ Roadmap: what are the founder planning post-launch?
πͺUtility: is this NFT more than just a jpeg? Is it part of a game, virtual world, etc?
Hyped Launch β $$$
π₯Pro Tip
NFT collections with money based utility reduce your risk and help you earn money in the process.
Examples:
@zed_run ππ» make money by racing horses & breeding fees
@CryptoDadsNFT ππ»start a family (free new NFTs)
@BoredApePixelCl ππ»free minting of new collections
NFT collections with money based utility reduce your risk and help you earn money in the process.
Examples:
@zed_run ππ» make money by racing horses & breeding fees
@CryptoDadsNFT ππ»start a family (free new NFTs)
@BoredApePixelCl ππ»free minting of new collections
Minting can be like buying a lottery ticket but these 2 rules will save you money:
β Rule 1:
Find high community:item ratios (5,000:100 > 100 :1,000) by looking at Twitter & Discord
β Rule 2:
Look for project roadmaps & NFT utility
Examples ππ»
@CryptoDadsNFT
@broadcastersNFT
β Rule 1:
Find high community:item ratios (5,000:100 > 100 :1,000) by looking at Twitter & Discord
β Rule 2:
Look for project roadmaps & NFT utility
Examples ππ»
@CryptoDadsNFT
@broadcastersNFT
Minting can be super profitable, but riskier.
There is a "safer" way to get started.
π₯SECONDARY MARKETS π₯
This means buying/selling NFTs after they have been minted.
It's generally less risky because you have more data to understand the value.
Here's the strategy ππ»πΈ
There is a "safer" way to get started.
π₯SECONDARY MARKETS π₯
This means buying/selling NFTs after they have been minted.
It's generally less risky because you have more data to understand the value.
Here's the strategy ππ»πΈ
Explore OpenSea.io and pay attention to these 3 metrics:
ππ» Number Of Items
ππ» Floor Price (lowest item price)
ππ» Volume Traded
Floor price is the #1 indicator of collection value.
π₯ 0.1 Ξ-1 Ξ is the "hot zone" for max upside & minimal risk
ππ» Number Of Items
ππ» Floor Price (lowest item price)
ππ» Volume Traded
Floor price is the #1 indicator of collection value.
π₯ 0.1 Ξ-1 Ξ is the "hot zone" for max upside & minimal risk
Next, you want to look at SUPPLY & DEMAND π°
Determine the ratio between Floor Price and Volume Traded.
Find projects with HIGH VOLUME (see pic) and LOW FLOOR.
You can be more confident that the demand for these collections will move the floor price up.
β AVOID LOW VOLUME β
Determine the ratio between Floor Price and Volume Traded.
Find projects with HIGH VOLUME (see pic) and LOW FLOOR.
You can be more confident that the demand for these collections will move the floor price up.
β AVOID LOW VOLUME β
Third, look at AVAILABLE ITEMS π
It's harder to move the floor price on collections with over 10,000 items.
Purchases on limited supply collections raise the floor faster..
πRaising the floor is where YOU MAKE MONEY.
Find balance between floor price, volume and # of items.
It's harder to move the floor price on collections with over 10,000 items.
Purchases on limited supply collections raise the floor faster..
πRaising the floor is where YOU MAKE MONEY.
Find balance between floor price, volume and # of items.
Example: @BoredApePixelCl
Only 417 Items (limited supply)
Low Floor Price (0.08)
High Volume (44.2)
This means there is demand (lots of buying/selling) with limited supply.
π₯ Floor price has gone up 40% in the last 10 days.
Which means YOU MAKE MONEY.
Only 417 Items (limited supply)
Low Floor Price (0.08)
High Volume (44.2)
This means there is demand (lots of buying/selling) with limited supply.
π₯ Floor price has gone up 40% in the last 10 days.
Which means YOU MAKE MONEY.
NFTs can make you A LOT of money when you understand them π»
AND...
NFTs are changing the internet and it's awesome to be a part of the journey.
And remember:
2οΈβ£ The art is cool, appreciate it.
3οΈβ£ The community is real, participate in it.
At the end of the day: EXPLORE.
AND...
NFTs are changing the internet and it's awesome to be a part of the journey.
And remember:
2οΈβ£ The art is cool, appreciate it.
3οΈβ£ The community is real, participate in it.
At the end of the day: EXPLORE.
Interested in learning more about NFTs?
Here are some of the best people I followed to learn fromππ»
@NFTViking
@DegenApeLife
@0x_fxnction
@elvtdeth
@raritytools
@Schlomo
@john_scianna
They know much more than me and are worth a follow β
Here are some of the best people I followed to learn fromππ»
@NFTViking
@DegenApeLife
@0x_fxnction
@elvtdeth
@raritytools
@Schlomo
@john_scianna
They know much more than me and are worth a follow β
Want to chat or ask questions in the DMs? π²
DM me ππ» @ImSamThompson
OH DON'T FORGET
π₯Retweet the FIRST TWEET of this thread if you want FREE NFTs.
Now stop reading and go make money π€π»
DM me ππ» @ImSamThompson
OH DON'T FORGET
π₯Retweet the FIRST TWEET of this thread if you want FREE NFTs.
Now stop reading and go make money π€π»
Also my lawyer wouldn't be happy if I forgot to say that this isn't investment advice π
NFTs are risky but hopefully I saved you and your wallet from crucial mistakes I made when I started.
I will share more as I buy/sell more NFTs πΈ
Follow along ππ»@ImSamThompson
NFTs are risky but hopefully I saved you and your wallet from crucial mistakes I made when I started.
I will share more as I buy/sell more NFTs πΈ
Follow along ππ»@ImSamThompson
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