The field of non-fungible tokens (NFTs) continues to thrive, and new projects appear daily.
Recently a trader shared his story of how he managed to turn $2k into nearly $500,000, from NFT trading.
Here is the full story:
Non-fungible NFT tokens are not always a get-rich-quick scheme:
Many of those who are taking their first steps into the world of non-fungible tokens (NFTs) are instantly stunned by the success stories of someone who bought Bored Ape NFT for as little as 1 Ethereum last year into tens of Ethereum today.
Which means more dollars.
The point here is the tendency of many people to think that the only way to profit in the world of NFT is to either be creative or start early.
But what if there was another way?
Well, according to the NFT trader the subject of our article who revealed his story as a thread on Twitter, he managed to turn 0.6 ETH (less than $2,000 at the time of writing) into over 150 ETH (around $500,000).
How I turned 0.6 eth into 150+ eth while sticking primarily to two projects.
No lucky mints, no whitelists, no bots, and no alpha groups. A thread diving into the strategy which worked for me that anyone can use to be profitable in the NFT space…
— Cirrus (@CirrusNFT) February 14, 2022
The first thing he pointed out was that at first, he was jumping blindly from one project to the next, risking the majority of his cryptocurrency.
Then he decided to start one solid and reliable project.
To create the well-known “Lazy Lions NFT” group.
He explained that the current land price of the project is about 2.5 times what it was last August, when he started it, to highlight that these projects do not necessarily need to move quickly to achieve success.
The Secret Combination: Consistency and Knowledge
Every NFT, regardless of its group, has certain traits that make them rare.
A trader known as “Cirrus” told Twitter that the first step to starting trading in non-fungible tokens is to spend enough time studying the attributes and making sure you know how to price them correctly.
Once you have enough confidence and discover a good deal based on the above information, start bidding.
In his tweet, he also shared some tips and tools that traders can use to make the process easier.
He also revealed that there are a large number of people who are not familiar with some of the basic market functions.
I’ve realized that a huge number of people don’t even know that the new listings page exists…You can view sales and listings in real time as they come in…This page is your textbook, study it nonstop.
Cirrus also revealed that he will look for quick sales at first and only buy if he thinks there is a 75% chance that he will be able to sell for a profit on the same day, commenting on this by saying:
Once I can multiply my winnings a bit I can buy several NFTs at the same time, and I realize that liquidity is the name of the game.
Each producer has its own community, and they are usually on Discord.
This is also where there is a sales channel where people can trade among themselves without having to go through a market like “OpenSea” which may charge exorbitant fees.
To make those trades without resorting to an intermediary platform, you need to build trust by posting regularly and contributing to the community.
This would save a lot of money on fees.
Here it is important to note that trading in the private sector is very risky and should only take place with counterparties who have a consistent and consistent reputation.
This story tells us that there are plenty of opportunities for everyone willing to put their time and effort into something and it will pay off after a while.
Of course, none of the above should be construed as financial advice.
Trading NFT, just like trading everything else, involves serious risk of losing capital, and you should never risk more than you can afford to lose which is what we are used to recommending at Bitcoin Arabs.
*This story is excerpted from SourceIt cannot in any way be considered investment advice or a catalyst for entering the volatile NFT market.
Smart Binance Blockchain and Regular Binance Blockchain Will Unite Under One Brand
Fidelity Launches Its First Bitcoin ETP in Europe…Details Here