Making money with non-fungible tokens has been possible from day one’ Being a successful trader will often require significant liquidity, although the current rankings indicate some exciting trends. It remains viable to keep an eye on NFTs, mainly if you are interested in flipping them.
NFTs Can Still Be Profitable
Even though it may seem as if the overall interest in NFTs is dropping off a bit, there is still plenty of excitement in the industry. Moreover, there are still ample money-making opportunities for those who can spare the Ether liquidity to take a few risks along the way. Profits in the NFT industry don’t come easy or quickly all that often, as it can be worthwhile to hold on to NFTs for many months.
The current NFT profit leaderboard by Nansen paints a very intriguing picture. Per the rankings, Epic NFT Collector has now secured the highest profit at over 3,650 ETH. That represents a profit percentage of 1,524%, which is very impressive for someone who spent “just” 248 ETH. Furthermore, net revenue of just under 3,900 ETH is an awe-inspiring return on investment, although it required buying 664 NFTs.
💸 NFT Profit Leaderboard
The new winner is an “Epic NFT Collector”, topping the chart with 3,651 ETH (~$10,530,000) in total profit.
— Nansen 🧭 (@nansen_ai) September 22, 2021
Those numbers are impressive, although it is not necessarily the top overall “performance’ for efficiency. Rare NFT Collector is ranked fourth on the Nansen leaderboard, buying just 93 NFTs. They spent more ETH – 300 – and obtained a revenue of 2,171 ETH in the process. It is a 624% profit and a total profit of 1,871 ETH. Finding the right NFTs – quality over quantity – can still be worthwhile in this space.
So far, there is only one person in the top leaderboard who has generated over 10,500 ETH in revenue. Even though it has yielded Pranksy “just” 3,541 ETH in total profit, that is an impressive feat. Buying and flipping nearly 16,000 NFTs is a very tedious job that was hopefully primarily automated. Pranksy also spent over 7,00 ETH on non-fungible tokens to date, making the profit percentage “just” 51%.
What Comes Next For NFTs?
That is the big question that doesn’t have an easy answer. The NFT industry still seems to be in a good place and continues to attract tremendous attention. However, the market is also dominated by those who want to flip assets for a profit. When greed and profits become the driving factor for collectibles and art-oriented industry, longevity comes into question.
Additionally, it becomes increasingly hard to find NFT projects with a long-term vision. Many ideas seem promising at first yet may never get fully developed. Additionally, the NFT industry has a dire need for long-term planning and utility, two aspects that are currently tough to come by. There are still many opportunities on the horizon, but the current approach may not be viable for much longer.
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