10/08/2021 Here’s how a crypto fanatic turned $600 into $56,000 trading NFTs

  • A non-fungible token trader has earned over 6,500% returns on his trades on OpenSea.
  • The latest artwork added to the list of non-fungible tokens that sold for approximately $100,000 is a rare collectible, EtherRock.
  • NFT trade volume and popularity have increased in the past month.
  • Top fashion brands Louis Vuitton and Burberry are now diving into NFTs and online gaming.

Crypto enthusiasts and gamers from developing countries are now dedicated to non-fungible token (NFT) trading and gaming motivated by supplemental income generation. 

Nigeria-based NFT trader turned a profit of $55,400 within 47 days 

NFTs are digital assets that represent art, music, collectibles or in-game items. These crypto assets have been around since 2014, and they have become mainstream since traders and art collectors are using NFTs to buy and sell digital artwork. 

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Since Bitcoin’s 2017 bull run, a total of $174 million has been spent on NFTs. The “digital scarcity” of NFTs is driving up their prices. NFT collections are generally unique or have a limited run, and they are frequently traded online on peer-to-peer marketplaces like OpenSea. 

Most digital creations are nearly infinite in supply; however, cutting off the supply raises the value of NFTs, assuming there is demand on NFT marketplaces. Art collectors and traders have turned profits on OpenSea by exchanging digital art. 

@notEezzy, an NFT trader and art collector, turned 0.3 ETH (worth $600 then) to 20 ETH ($56,000 now) in less than 50 days. The crypto fanatic purchased NFTs with a short holding period with the intent of selling them for a quick profit, nearly 95 times his initial investment. 

The NFT trader has shared the details of the transactions that led to his high profitability in a Twitter thread. 

Most notable trades made by @notEezzy include the purchase of two Cool Cat NFTs worth 0.22 ETH that were sold for a profit of 445.5% at 1.2 ETH. Cool Cats are a collection of 10,000 programmatically, randomly generated NFTs on the Ethereum blockchain. 

Following a few more trades, the crypto enthusiast bought an NFT from the Bored Ape Yacht Club collection, a limited NFT collection where the token itself doubles as a membership to a digital swamp club for apes. @notEezzy traded in all the Ethereum he earned from the series of NFT trades for a Zombie Bored Ape and sold it for 20 ETH, a high-value transaction that ended his journey of making over a 6,500% return within 47 days. 

The trader admits to making a few losses in-between the NFT trades before arriving at 20 ETH. 

The key to most profits earned by @notEezzy was the demand for digital art from different NFT collections. The recent increase in NFT sales supports the narrative of high demand for NFTs. In the first two quarters of 2021, NFTs generated over $2.5 billion in sales. In July 2021, sales hit a peak of $1.2 billion, nearly half of the sales volume of the first two quarters or six months of 2021. 

Fashion, sports brands and online gaming applications are dropping NFTs of their latest collections, driving the exponential surge in demand. Luxury fashion houses Burberry and Louis Vuitton have turned to NFT gaming to promote their collections. Burberry is set to release an NFT game character called Sharky B, a limited edition covered in Burberry’s TB monogram. 

Louis Vuitton, a France-based fashion brand, launched a mobile video game where players can collect 30 free NFTs as they follow the brand’s mascot Vivienne to Paris. In-game NFTs are a source of supplemental income for traders in developing countries. NFT sales generate high profitability due to “digital scarcity,” and this offers additional income to several gamers and crypto fanatics like @notEezzy. 

NFT popularity and scarcity are likely to peak since a Rock NFT, a collectible, got auctioned for $100,000. The EtherRock number 33 sold for 33 ETH, and the rock is one of the first crypto collectible NFT-type projects on the Ethereum blockchain. The total supply is 100, and the project is sold out.

Replicating @notEezzy’s gains may not be as challenging with rare collectibles available for purchase at OpenSea, since an NFT’s value is based entirely on what another crypto trader or art collector is willing to pay for it. The demand drives the price rather than fundamental factors or indicators that influence stock prices. There is a possibility that the resale value of an NFT may be less than the purchase price if the demand drops. 

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Arts

https://www.fxstreet.com/cryptocurrencies/news/heres-how-a-crypto-fanatic-turned-600-into-56-000-trading-nfts-202108090813

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