If you are keeping up with the latest trends in the crypto world, you might have already heard about NFTs. Or, the chances are that you already know quite a lot about this and are just looking for ways to make your NFT flipping experience smoother. Either way, we are ready to answer some questions about this hot topic and offer easy solutions you could try.
What Is an NFT?
An NFT (non-fungible token) is a data unit stored on a blockchain acting as a contract and representing real objects, mostly digital artwork. Each NFT is encoded, making its transaction history and ownership trackable.
It is completely different when comparing non-fungible tokens – it is impossible to replace one NFT with another since they are both incomparable art units. You cannot compare Mona Lisa with some street art.
What Is the Purpose of NFT?
The initial NFT idea was to help digital creators to monetize their work while preventing duplicates and making it easier to transfer ownership rights.
NFT leaves copyrights to the digital creators and provides the opportunity for anyone to buy, own, and freely trade NFTs in the secondary market. NFTs ensure that only the original art works will participate in the market.
Key Things To Have In Mind While Flipping NTFS
NFT trading volumes have increased significantly over the past few years. Opportunities to flip NFTs are growing, and many tips and tricks are floating around. Here are some core concepts to help build your flipping strategy:
Know the Risks
Everyone knows that investing in general always comes along with some risks. The NFT industry is not an exception.
The NFT market still lacks regulation, and some people take advantage of this by creating fake buzz around some tokens. Brand-new investors should be alert to the so-called wash trading, which is about artificially manipulating some projects to increase their activity and price.
Also, there is still a chance of buying NFT duplicates, which can catch less-attentive investors off-guard. The great news is that you can identify duplicates through web scraping. You can do it by scraping the contract address or attributes of NFT and later checking if the NFT is the original one or if it was replicated.
Another point that you must consider before flipping NFTs is the market illiquidity. There is no guarantee that you can resell your NFT after some time. So, keep in mind that the risk is high while trading NFTs, and do your research before taking action.
Pick Legit Platforms and the Right Tools
The safest way to avoid NFT replicas is to choose official marketplaces. SuperRare, OpenSea, Rarible, and Mintable are probably the most used NFT platforms.
You can also focus on more specific marketplaces if you are interested in niche NFTs. If you are interested in tweets, better check Valuables by Cent while if you are passionate about trading card games, Myth Market is your place to go.
However, NFTs types are not the only difference between all the marketplaces. While their core principle is similar, their features are different. Some offer advanced security, and others low gas fees because, for instance, they run on the Solana blockchain.
The platforms also have separate wallet compatibility and different cryptocurrencies on which they work. Of course, the verification process of NFTs listed also differs, so double-check how it works to avoid buying the stolen ones.
Be in the Right Place at the Right Time
NFTs are a fast-moving market, and it is becoming more difficult to find the best projects, especially if you are not a full-time trader. However, there is a possibility to level up in the game by putting in less effort with bots.
Every NFT investors’ main aim is to find a potentially successful project early on. If you have been around the NFT market for some time, you have probably noticed that it is hard to purchase a potentially successful NFT very early since many investors are hunting for them actively.
You can implement different NFT trading strategies, but if you are not a full-time trader, it may be complicated to check everything at once.
Bots can help you in this case. You can build one by yourself or ask someone to build it for you. A bot can constantly track various NFT marketplaces and tools and buy or sell NFTs according to pre-made algorithms.
Basically, you can participate in the NFT market while you are sleeping. So, if you are willing to make bids for NFT without missing any significant market movement, using bots are your sure way to success.
Using bots for buying and selling NFTs will increase your chances of spotting the best possible project. However, it is possible that bots will be detected and blocked by your official marketplace, leaving your precious plan ruined. Bots usually act differently from human users – they are super-fast and can take many actions in a short amount of time.
If the bots come from the same IP address, your official marketplace will see them as a red flag that you are using a robot.
So, it is walking a fine line between being fast in finding potential good projects and making good bids but being human enough not to be detected and blocked. If you are sweating while trying your best not to cross the line, residential proxies are the smart solution for you.
Automate the NFT Flipping With Residential Proxies
Your bot is cool but simply too fast and keeps getting blocked? Pair your bot with our residential proxies to unlock the full potential of the NFT market. Proxies are your go-to solution to level up your automatic token flipping.
Residential proxies are your best bet if you want to humanize your bots. Since residential proxy IPs come from real devices, you can make many buying or selling orders simultaneously without getting blocked.
You can also choose which type of session – rotating or sticking – is better to experience the NFT game to the fullest. Try rotating sessions if changing the IP address location each time your bot takes action is more relevant. Try sticky sessions if you want to stick around with the same IP for up to 30 minutes.
If you are looking for something that will never run around and desert you in the NFT game, pair your bot with residential proxies. This combination can spare you any troubles and allow your bot to run smoothly.
If you really want to get this right, residential proxies are a must. Especially if you are eager to save time and energy and still have the best bids. When investing a dime, you do not want your bot to fail in the most critical moment.
Even the most capable NFT bots can be stopped by CAPTCHAs, which won’t be favorable to your business. Therefore, you need to choose a fast bot and proxies as your precious investment tools.