How To Flip NFTs on OpenSea Marketplace - 3 Strategies

This article will cover 3 separate strategies to help you find undervalued NFTs and quickly make profit by reselling them on OpenSea, a peer-to-peer NFT marketplace. It is an excellent way to make money online. Flipping NFTs is currently one of the most popular terms in both YouTube and Google so you can find information on which NFTs to buy from various sources.

We will not be covering the classical long-term buy and hold strategy, but scalping things that are far under the floor price and almost instantly flipping them under 48 hours to earn back almost twice as much as you initially paid.

Profitability with gas fees

Whenever someone creates a collection of NFTs, they have the choice of putting them on the Ethereum or Polygon blockchain. The differences between the two can be small but are considerably large when it comes to gas fees. Minting these on either chain will put them on OpenSea for everyone to purchase, trade and transfer. The difference comes from the gas fees.

What to take into consideration depending on the budget?

An NFT that is minted on Ethereum will incur a gas fee whenever you interact with it, for example buy or sell. Therefore, if you are someone that has a very limited budget it is recommended to start on the Polygon network. This eliminates the risk of paying $50 to $100 every time you want to make a small adjustment, purchase or a sale.

Always remember that just to initiate your account to be able to sell Ethereum NFTs, you have to pay yet another gas fee to purchase the NFT you would like to flip. This will unlock your wallet to sell Ethereum NFTs on OpenSea. You will have to pay another gas fee to actually list your NFT.

For example, imagine you buy an NFT with $100 potential profit. That is quickly going to be getting eaten up as those 3 gas fees could be up to $250 just to flip.

As on the flip side, on the Polygon network, the only gas fee you are ever going to incur is about $1 to $2 to unlock your wallet to be able to sell on the network.

The upside to Ethereum regardless of their gas fees, is that they have many more verified contracts or verified NFT projects than the Polygon network. Ethereum NFTs have a higher demand. If you find the right Polygon NFT the demand is going to be there regardless. But with the gas fees and the popularity of the Ethereum contract NFTs it is something to consider. It really revolves around your budget.

How to look for drastically underpriced NFTs?

Floor Price Flipping

To clarify, we are not going to look for projects that have four or five different NFTs. We are looking for someone who is in need of quick liquidity or is wanting to sell out really quick, and therefore, have listed it well under the floor price. We are looking for something that was recently listed for even a bit less. For example, if the price has dropped by 0.1 Ethereum, it means the price is $282 lower (as of today). If you list it afterwards you will still make profit because people are constantly looking for the floor prices like you.

Start by sorting the NFTs by recently listed. You do not have to filter whether it’s Polygon or Ethereum, but you might want to, considering your budget. Look for verified projects to avoid getting scammed. Verified projects have been submitted to OpenSea developers after reaching a total volume of 100 Ethereum traded. Even though a project is not yet verified, it can easily become one. Then click on the name of the collection at the very top of the page and toggle to buy now to get rid of the auctions which you can not buy instantly. Find out what is the floor price but remember that it does not update all the time.

Rare Trait Flipping

When it comes to flipping it is not only about the lowest floor price. It is also about heavily underpriced traits. There are people who are willing to pay more than the floor price due to several reasons. One of them revolves around the fact that each NFT project has rarity traits - anything under 1% could be very rare compared to the size of the collection. If you click on the trait you can see the floor price of all of the traits and make assumptions on how high to list your NFT.

Initial Mint Flipping

You can directly mint an NFT for a cheap price and compete with the floor price to double your money outside of gas fees. In the description of many projects you can find their website link and see if they are currently minting. The process involves minting, listing, and then selling.