Five Tips to Make You a Better NFT Trader
Have you ever dreamed of finding that next Crypto Punk or Bored Ape? Then you will want to learn the tips and tricks that most full-time NFT traders use to get an edge. Here, we will take a look at five helpful tips that will make you a better NFT trader.
1). Get on an NFT Whitelist
The first thing that you will want to do is get on an NFT whitelist. Most projects will create this whitelist as a “waiting line” to mint NFTs as soon as they become available. NFT project creators will usually require you to sign up for their Discord and do a little project promotion to get on the whitelist. This will be well worth your time and give you an edge when it comes time to purchase an NFT at its lowest price.
2). Mint NFTs As Soon As They Are Available
When you get on a whitelist for an NFT project, you will want to make sure that you mint the NFT as soon as they become available. Getting on a whitelist does not reserve your NFT, it reserves your opportunity to purchase the NFT. Therefore, you do not want to delay your purchase. Be sure to show up at the mint address about fifteen minutes before minting starts. The most popular NFT projects will sell out in a matter of minutes.
3). Take Advantage of the Secondary Market
Perhaps the biggest way NFT traders make their money is through the secondary NFT market such as Open Sea. On the secondary market, you can buy and sell NFTs from just about any collection. Be sure to understand some terms that you will find on Open Sea which will help you identify good NFT trading opportunities:
- Floor price – This is the lowest price that an NFT has sold for in a collection
- Volume – This will tell you, in ETH, how much a project has been traded. The volume data is available in various time frames from 24 hours to all-time.
- Number in Collection – This will tell you how many NFTs are in a collection
- Number of Owners – This will tell you the number of owners in a collection. The more owners, the better.
4). Use NFT Trading Tools
Here’s the secret weapon of full-time NFT collectors – they use NFT trading tools to help them find the next big NFT opportunities. Some of these tools are free while others require a monthly fee. However, you will want to use at least a couple of these tools if you are serious about NFT collecting. Here are some of the top NFT trading tools that you should use:
- Supersea – A chrome extension that helps find the best values on Open Sea.
- XYZ – Provides real-time market data on ETH-based NTFs.
Whatsminting.Live – Gives you up-to-date information on all projects that are being minted.
- Go – Provides a snapshot of the entire NFT market
With these tools, you can quickly find undervalued NFTs, projects that have big whale interest or projects that are starting to mint.
5). Follow Top NFT Traders on Twitter
Finally, you will want to follow the top NFT traders on Twitter. They will usually tell you what NFTs they are trading or provide helpful tips about the NFT trading market. This gives you free insights of how top traders are thinking. Here are some top NFT Twitter accounts that you should follow:
- Gary Vanyerchuck – The biggest NFT collector is always active on Twitter.
- 6529 – Crypto Punk owner shares insights on overall NFT market
- with – The CEO of Goodlife Media is a big NFT player
- Beanie – Get NFt advice from a Wall Street investor
Becoming a Top NFT Trader
You can become a pro NFT trader by moving fast and having the right information. Be sure to try some of these tips. Who knows? With the right strategy, trading NFTs may become your full-time profession!