Business

How to participate in NFT minting and profit from it

The NFT industry is rapidly growing day after day. The main reason is the massive returns that a single NFT can give to the initial buyer. But to succeed in the industry, you will have to know how to be the first person to own a piece of art to sell it later for the best price and the highest profit. 

Finding a high-quality NFT project
Before investing your money into the NFT project you have to find the one project that will give you the most return. There’s no better place for finding NFTs than Twitter. Currently, numerous accounts provide promotional services for the projects. Since the price of each NFT is mostly fueled by speculative interest, only the biggest projects out there will give a significant return.


Smaller projects with higher quality art, unfortunately, don’t show returns even similar to relatively low-effort, generative arts like CryptoPunks or Squids that invest more in marketing rather than art quality. 


After you find the right project on the promotional page, take a look at the community: how active it is, how many admins and community managers it has, etc. Good projects usually consist of an active, caring community that is willing to support and protect them. Projects that mostly market with giveaways and free NFTs have a lot of inactive users that won’t likely to buy or mint the NFTs. 

Minting phase
If the project that you choose is already in the minting phase and hasn’t yet sold out, make sure to avoid getting into it. Projects that have a sluggish minting phase and don’t sell out in terms of day or even a couple of hours are usually left behind with low selling numbers and almost no returns for early adopters. 


A different scenario is a case when minting is almost over and there are limited numbers of NFTs left. You should indeed participate in that kind of NFT to later potentially sell it with a high return. 


Post-minting 
After the minting phase is over, users place their sell order on the markets like OpenSea. You have two ways from here: selling your minted NFT right away or waiting until the floor price stabilizes and some form of liquidity appearing on the market. 


At the same time, you should keep in mind that holding your NFTs for too long might not end up well. Most projects receive a strong boost in the minting and post-mining phase, while the project’s marketing is still active. After a week or two, the community moves away from one project to another hence the market might be interested in buying your tokens. 

Click here to the further information

Prajakta Amrutsagar

Prajakta writes about a range of topics including politics, sports, music, books, films and feminism. When she’s not writing, Prajakta loves riding her bike and exploring new bakeries.

Recent Posts

Planes, Trains, and Automobiles: The Best Routes for Each

Have you ever wrestled with deciding which mode of transport to take from your current…

1 hour ago

4 Dog Grooming Tools for Your Newly Adopted Puppy

Are you a doggo person who loves to spoil your little canine pets with the…

1 hour ago

Could Fundraising Platforms be a Solution for Independent Artists?

Independent musicians have always faced an uphill battle when it comes to propelling their careers.…

2 hours ago

9 Cyber Security Tips for 2022

The Internet can be a dangerous place, especially for companies that fall prey to a…

15 hours ago

The Best Grass Solution for Residential and Commercial Properties is Sir Walter Buffalo Grass

There are many different varieties of natural grass turfs on the market these days, but…

20 hours ago

What to look for when finding high-quality office space for rent in Kuala Lumpur

There are plenty of options, especially with the recent influx of businesses looking to set…

1 day ago