Recently, one blockchain developer and NFT addict explained how he “turned 0.6 eth into 150+ eth while sticking primarily to two projects.”
According to a recent and lengthy Twitter thread, one NFT trader shared their experience of making a small fortune by leveraging the current excitement and massive capital flooding the NFT market.
Twitter user Cirrus claims they were able to generate a profit of nearly $500K without relying upon whitelists, bots or “lucky mints.” The trader claimed to primarily focus on two projects in the NFT space, and recommended others do the same by finding a proven project, rather than jumping around at random.
How I turned 0.6 eth into 150+ eth while sticking primarily to two projects.
No lucky mints, no whitelists, no bots, and no alpha groups. A thread diving into the strategy which worked for me that anyone can use to be profitable in the NFT space…
Cirrus settled on the Lazy Lions NFT collection, which is up about 2.5x the price it was in August 2021. According to the trader, the project’s relatively modest price gain indicates that smart traders can make big money without the project necessarily turning parabolic.
The trader said investors should study the traits and premiums of their chosen project, which could take hours, but is “by far the most important piece to this puzzle.” He “watched the Mutants listing page for a month straight” before feeling confident enough to make my his purchase on something that seemed like a good deal.
I watched the Mutants listing page for a month straight before being confident enough to make my first purchase on something that I felt was a deal. Once you've learned the market well enough to be able to spot a deal as soon as its listed, you're ready to start sniping/bidding.
Cirrus gave a number of other useful tips to new traders, including focusing on liquidity rather than going all in on a single trade.
I get excited when I see the floor dropping bc at this point I have the luxury of always being liquid enough to make a few buys. Periods of Panic and FUD on solid collections have proven time and time again to be the best opportunities to get the best buys. Buy fear, sell hype.
He recommended traders to get involved in their projects’ Discord marketplace channel in order to build trust with the community, which can often lead to private deals.
One of the biggest advantages I have from earning a good reputation within the communities I'm involved in is that people trust me for private deals and are willing to send first. I pretty much only do private deals now, which saves me the 6.5% fees on OS. The savings add up FAST
Near the end of the thread, he listed the key takeaways:
This thread will probably cost me a few snipes/buys, but I really don't care. I've already changed my life with this shit so I don't mind sharing with ya'll. I look forward to cursing some of your names when you beat me to a buy 🤝
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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