How to flip NFTs series? — Strategy 1 — Quick flips on OpenSea homepage featured art updates
The long story, short (summary):
A simple strategy to make a quick flip on OpenSea when featured listings update on the homepage.
An important disclaimer before reading anything else. It’s kind of a must for crypto investment stories nowadays. This article is not financial advice, as I am not “paper qualified” to give away such advice. These ramblings are simply the humble adventures of an NFT enthusiast.
The full story, long :)
OpenSea occasionally updates the featured artwork on their homepage based on image tags they get from their socials. I was watching a featured listing item on the OpenSea homepage change a few days ago and noticed interesting trading activity around that feature.
The trading movements were rapidly increasing after the listing went live on the homepage till it reached an almost 1 ETH pricepoint. I also noticed that the other items listed by the same artist went up in price and were being heavily traded.
This was a good high-risk high reward play to scoop up at floor price and sell high in a short time. Let me share first the rewards I made and the calculations of profitability:
Purchase of companion piece in artist’s collection: 0.06 ETH
Gas fees at the time of purchase: 0.025 ETH
Total purchase price: 0.085 ETH
My Listing Ask/Sell price: 0.12 ETH
Commissions (artist and OpenSea): 0.01
Profit: 0.03 ETH ($100 approx.)
Time between buy and sell and take profit: 2 minutes
A few things should be noted in such flips though
There is no particular time or pattern that OpenSea updates their featured homepage listing so there is a lot of luck and constant monitoring of the homepage that you’ll have to do beforehand to know when the featured listing is updated
Timing is very important and if you are late from the time of the feature update by about an hour, you usually do not stand a chance to buy from the creator at the floor price
Also, note that the gas prices are slightly high around this time so be sure your wallet is loaded and make sure to include your gas cost when reselling
If you are late to the party, look at the floor price of the artist’s collection and then look at the other art items listed by the artist still at list price or at floor price and buy them. I have seen that all art that is part of the artist’s collection sells like hotcakes when their art has been featured. This is also where I made the above-mentioned profit.
Please note, this particular strategy comes with a high risk for a high reward, especially if you time it bad or you price it wrong, so please DYOR and make sure you are up for the risk before trying.
DISCLOSURE:
None of these articles constitute financial advice. Articles are highly summarised to make it easy for the reader and save your time, so please DYOR further before putting your hard earned money into any product mentioned.
Please note that the tech industry evolves rapidly and the info in this article is correct at the time of publishing. As Heraclitus said, “Change is the only constant”, so if anything sounds old or off please holler on the socials or comment here so everyone stays peeled.
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