What is NFTs? How to Flip NFTs for Profit? Secret NFT Tools — RC-Educate

Today’s the day. Yes, we’re going there. NFTs.

Can bots be used to bid for NFTs? What even are NFTs and what’re the best marketplaces to buy them? What tools can help you flip faster?

If I sparked your curiosity with any of those questions, buckle up. This is going to be an interesting ride.

Ok, let’s take a step back for a little bit. What’s an NFT and how does it work?

The reason NFTs can exist is because of a technology called blockchain.

Blockchain is a system of recording information in a way that makes that record very difficult to change or hack. So in the NFT space a blockchain acts as this secure digital record of transactions made in cryptocurrency to buy or sell NFTs.

What is NFTs?

NFT stands for Non-Fungible Token. Meaning that these tokens are unique or irreplaceable.

NFT’s function is to represent ownership of a digital or real-life good. That good could be a photo, video, gif, piece of music, tickets to a concert, even legal documents, and many MANY more things.

So contrary to popular belief the buzz is not only about digital art.

An NFT can only have one owner at a time.

But what does it mean to own an NFT?

Let’s say you see a piece of art that you really like on an NFT marketplace. You have enough crypto in your wallet so you buy the NFT.

What you get is a digital certificate of ownership. That certificate proves that you’re the original owner of that piece of art.

Does this mean that by purchasing an NFT you get all the rights of the artwork as well? Absolutely not. The copyrights remain to the creator of the NFT.

What you do get is the right to sell the NFT.

This way you can earn money, the buyer can get the NFT they desire and the creator of the NFT can get money through royalties. That’s a win win win situation if you ask me.

Ok, I think that’s enough theory. Let’s get to trading. The largest NFT marketplace is called OpenSea. This is where the big players with valuable collections reside.

The platform is beginner-friendly since it has helpful tutorials on how to get started.

However, if your budget is very tight you might not want to trade here. Or rather not with Ethereum.

See, Ethereum is a blockchain that OpenSea supports. It’s the most popular out of three. The other two are Polygon and Klaytn.

Ethereum’s tokens used for trading NFTs are called ETHs. While opting for Ethereum blockchain ensures security the transactions are slow and the gas prices are very high.

The truth is, since the fees are so high, I would suggest Ethereum for the traders with bigger starting budgets.

But even if you don’t have a fortune you can still flip on the platform.

Remember the Polygon blockchain I’ve mentioned before?

Polygon is actually an ecosystem scaling solution for Ethereum. This is the option with lower gas fees and speedier transactions.

Another popular marketplace that supports both Ethereum and Polygon blockchains is Rarible. Rarible puts a lot of emphasis on getting to know the creator behind the NFTs.

To start selling on Rarible an artist has to tell their story and show the backstage of every piece of work that they mint.

Due to this, compared to OpenSea, Rarible hosts fewer NFT’s of let’s say… Questionable value.

When it comes to fees, flipping on Rarible does not come cheap. This is because you have to pay every time you buy and sell. In comparison on OpenSea the seller’s fee is a thing that only new users have to pay. Also on Rarible you pay for every bid received for your NFT. Ouch.

In terms of user experience, Rarible is friendlier for experienced NFT traders since it doesn’t offer much beginner support.

The third marketplace worth checking out is Solanart. Especially if you want to experiment in the market without spending hundreds or thousands of dollars on gas fees. The blockchain used in Solanart is Solana. Solana offers impressively fast transaction speed. The gas fees are also ridiculously low.

Although there aren’t as many big players as on OpenSea,

Solanart does have some gems and even NFTs that go for as little as $0.25. The thing to be aware of is that Solanart is still in beta testing so it isn’t as stable as OpenSea or Rarible.

And so these are some of the NFT marketplaces we suggest checking out. Have you tried any of them?

Or maybe I didn’t mention your current favourite? Let me know in the comments!

Now you know some spots where you can buy NFTs.

Flipping NFTs

But how do you leave with more than what you came with?

There are a lot of strategies for flipping NFTs. Like: buying NFTs under the floor price and quickly reselling them, searching for the next Bored Ape Yacht Club, or trying to be the first to mint a hyped-up release.

Needless to say, all of these strategies require hours of hard work.

But what if there’s a less laborious way?

You guessed it. Automating the process. Various bots and tools are floating around that make flipping NFTs easier.

I’m excited to tell you about a few of them. Though I must make one thing clear. This video isn’t about me giving financial advice.

The market is still raw and there’s no guarantee these tools will bring you profit.

With that out of the way let me introduce the first category of tools that caught our eye.

Rarity snipers/Rare NFT sniping tools

The way they work is the tool scans all the NFTs from your chosen new collection, reads the Metadata to see the traits, and then creates a rarity chart based on how often certain traits appeared in all minted NFTs.

This allows the person using the tools to buy rare NFTs before the official rarity chart is released and before others realize how rare these new NFTs actually are.

This is a promising category since the rarity of an NFT plays a huge role in determining its value.

So where can you get something like this? We found a few repositories for similar tools on Github.

You can also try digging around Twitter or Discord to see if anyone is currently selling.

If these methods lead to a dead end I highly recommend going to Rarity.tools, Howrare.is or Freshdrops.io. By letting you know which NFTs are the rarest, these sites can help you to determine how valuable is the NFT you’re holding. Though it’s important to mention that these sites might not have the rarity ranking of lesser-known collections.

Another interesting tool we found is NFThelperbot.

This might be of use for those who are looking for a no-code tool for OpenSea.

According to the website, this tool will let you make up to 2,000 offers per hour or 30 offers per minute. You’ll be able to hide your interest and avoid emotional price escalation by you and other bidders. There will also be a function to raise a bid automatically by parameters you choose guaranteeing to get you the NFT at the cheapest price possible.

Sounds promising, right? The site offers two pricing plans: basic and professional.

The professional plan is yet to be released and the basic version of the bot is currently in beta.

The price to try it is 0.1ETH. Joining the waiting list for the professional will cost you 0.5ETH.

But what if you want a very specific no-code bot?

Then try listing your offer on Upwork. As the NFT market blew up, more and more listings for various bots have seen the light of day there.

For someone who wants a bot without coding it themselves, Upwork is definitely worth exploring.

Originally published at https://www.rc-educate.com on December 8, 2021.

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8+ years of experience in web development, blogging and SEO.

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Gautam Menariya

Gautam Menariya

8+ years of experience in web development, blogging and SEO.

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