5 Ways To Be Filthy Rich With NFTs
Top NFT secrets revealed to you by this NFT expert!
Many financial experts I talk to on a daily basis tell me that they don’t trust in NFTs. And they further justify by telling me that its because the NFT market is highly volatile.
They are not wrong!
High volatility simply means HIGH Risk, High Reward!
Bigger stakes simply means larger profits, or huge loss ( if you don’t know what you are doing)
Here I am going to tell you what are the 5 ways you could get yourself familiar with NFTs and dabble in it like a pro!
Set a goal
Before doing anything about anything, planning is ultimately necessary.
Think like a millionaire if you want to be one, think like a billionaire if you want to be one.
And this mindset is crucial when you are dealing with NFTs.
Without sounding too much like Gary Vee or Tony Robbins, let me tell you why?
DYOR ( Do your own research), buy, HODL, and cut losses if necessary!
If you know an NFT project that you believed in is not going anywhere, or showing major red flags, don’t lose hope and just keep it in your wallet.
Sell it at the price you can sell it for, just cut your losses and move on to the next one!
No billionaire or millionaire ever amassed much funds without losing some, its the rule. YOU WIN SOME, YOU LEARN SOME!
There is no point trying to put lipstick on a pig!
Do not buy at mint price!
This will probably go against every Youtube video you’ve watched and every NFT ‘guru’ telling you otherwise!
Now that you have the mindset geared to 6, let’s get down to the action plans!
Buying an NFT is easy, finding an NFT is stupid easy.
30-seconds on Twitter will get you heaps of Opensea links to various projects.
But you are not looking for just a NFT, you are looking for the NFT that could potentially make you money.
The way to do this is to think like an investor! By buying at mint price, you are essentially just gambling. You are taking the word of a bunch of people and trusting that they keep to that promise, without proof and without guarantee!
Would you do that in real life?
Imagine 2 teenagers approaching you and telling you that they are collecting funds to do charity for people who are blind , organize events all around the globe and also build a game. They have never done this before and all they have to offer you is a membership card.
Unless you have money to throw away, you wouldn’t give them anything above $50. Maybe $10 just for the sake of the effort and your sympathy towards people who are blind.
The same goes for NFT projects!
If you feel like you want to get in at the mint price, or you got whitelisted and you want to mint,
Watch out for their roadmap and ask yourself:
1. Have they done it before?
2. What are their background?
3. Will they do it?
4. Is their financial planning feasible?
Let me elaborate on that last one. Today, almost all NFT projects have a charity element, a merch element and a events element.
Now do you think their fund allocation would suffice for charity, merchandising and organizing events? If so, what percentage is going to charity? What percentage is going to merch and what percentage is going to events?
Without these information, you should not invest into a NFT project, looking to make profits. Because this would be a huge gamble!
And when it comes to gambling, THE HOUSE ALWAYS WINS!
Do your own research (DYOR)
You may ask. “ If I shouldn’t buy NFTs are their lowest price, how am I going to make profits?”
Well the answer is simple, next to a clear mindset, what you need to do in order to WIN in the NFT space is research, research, research!
Now imagine you bought an NFT at 0.08ETH ( ~ $156) and the project reaches its peak floor price at 0.1 ETH (~$195) and continues to drop way below the initial mint price. Selling it at peak only made you 125% ROI ( return of investment).
Let’s just say that there is a different project minted at 0.08 ETH (~$156) and the floor price steadily rises to 0.1ETH ( ~$195) and then to 0.5 ETH ( ~$978). Analyzing this rise in growth in floor price will instantly attract whales and serious collector who knows what they are doing. It will create a sense of regret among those who didn’t mint in the earlier stages. This demand will further drive up the prices. You can now buy the NFT with undeniable proof that the price will go up! Your ROI will be much higher!
This is what happened with Bored Ape Yacht Club, Okay Bears and so on!
But how do you know if a project will drop or rise after minting?
That is the function of the roadmap!
The roadmap serves as a guideline for holders and the project’s team about what to do next.
After minting is completed, early buyers are now waiting to see if the team is going to deliver on their promise. If they don’t or it takes too long, FUD (fear, uncertainty and doubt) will arise, causing many to lose faith and lose hope on the project. Now the floor price will drop, and initial holders will either hold the NFT hoping for a better future or cut their losses and sell it below the mint price.
As someone who wants to make huge profits in the NFT space, either of those isn’t a good option!
Check the Noise!
If you have been following through, you will soon realize that these are secrets that many don’t share!
Either they don’t want to, or they simply want you to be their guinea pig before they go in for a big profits!
Next clue you can get is to measure the noise a project makes in social media.
Check their Twitter, check their Discord!
See how are people engaging with the team, what are they talking about, what topics they are talking about.
Are they talking about the team being a rug?
Are they talking about the team being a scam?
Are they heavily invested in the project?
These pointers should give you a rough measure of opinions about a project.
Its almost similar to public opinion surveys about a corporation,
or an election/poll about a politician.
Their opinions should be highly valued and taken as gospel before investing!
WHEN TO HODL?
Hold on to dear life!
When do you do this?
If your goal is to make money flipping NFTs, why would you keep it?
Unless it can make you more money in the future, right?
HODL-ing is essentially a long-term investing, unlike what we have discussed previously, which is called flipping.
If you truly believe in a project and its roadmap and wish to HODL, you are welcome to do that!
But if your goal is to make 5x, 10x, 30x or even 100x profit in less than a week, HODL-ing is not for you.
It requires a massive amount of self-control, attention to detail, and up-keep to HODL.
“Just buying an NFT and keeping it in your wallet is HODL and you are done.” No, no, no!
HODL-ing NFTs are even more work than flipping them.
With all these information provided to you, I hope that you are will be making much better decisions when dealing with NFTs.
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