[Guide] How to make money with reddit NFTs

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by COINS NEWS 13 Views

Sorry for the clickbait title, but I’ve been digging around Opensea and the Reddit NFTs and I thought I’d share my findings. This is not financial advise.

As you may know, the Reddit NFTs are currently on the Polygon network. Which means they can be traded in places like Opensea. There are other articles explaining how to access your current NFTs for trading etc. so I won’t go into much detail for those, but in essence is: 1. Get a new browser (i.e. brave, firefox) so it doesn’t interfere with your “normal” browser and normal metamask. 2. Install metamask on this new browser. 3. Save your seed phrase from your reddit phone app (go to your profile and vault). 4. On the new metamask installation, select import seed phrase. 5. Go to a polygon website like polygon bridge and “import polygon network” into metamask.

You don’t need to go through all that if you want to start trading Reddit NFTs straight away. You will only need metamask, and some matic and eth in polygon in your “normal” wallet. If you don’t have polygon in your metamask, again google polygon bridge, and add the network then send some eth (and swap some eth for matic for gas fees).

Right, so now we head to opensea, and you can search for “reddit collective avatars” etc. Then you can “sort by” recently sold (to see what’s popular) or “price low to high”, which is what I think most people are doing. But here’s what I found, some people are buying for example “Big city bear” for 11$ on opensea while they are still available for purchase directly from Reddit for 10$!

So the first thing you need to do is, go on reddit, click on your username on the top right corner, then “style avatar”, then “shop” and have a look at the NFTs available (with a price tag). Scroll down a bit till you reach the ones with “sold out” like Eric Hagan (shill moment) and for example Rojom (the famous ones that are selling for 5K). So these sold out items are the ones you should buy in Opensea, otherwise just buy directly from Reddit at a cheaper price.

Next I did some digging and I looked at what the “Pros” are doing (i.e. the guys who bought the 5K NFTs before they mooned), to see what sort of NFTs they are purchasing. Find some of those collections that are sold out, click on the collection name, and then sort out by last sale. You’ll see some collections with very recent purchases, those may be the more popular right now. Click on the usernames of some of those buyers and you’ll see the ones who are “pros” (have something like 30-40 NFTs) and pay attention to what they are buying. You may want to mirror their recent purchases.

After you have decided what collection you want to buy, head to that collection in Opensea and sort by price. Some other thing to mention is that inside those collections, some NFTs were released in a group of 1000, others as 600, others as 100. So you obviously want to get the more rare ones if of similar prices.

Chose the one that you would like to buy and pay attention to the “offers” section. Do they have a lot of offers? Are the offers getting close to the sell price? That sounds like a good purchase. Another way to look for gems is to sort by “ending soon”. Someone may have listed the item a month ago before the prices started to shoot up, and hasn’t realised the current prices.

After you make your purchase, you can either hodl and wait for offers, or set a list price and forget about it.

Remember that most avatars may not be available for purchase as the owner needs to go to opensea, connect with his wallet and list the item for sale. For those who are not listed you can just click on make an offer. The owner may not even know about his offers if he never logged in to opensea.

Only recently I managed to import my reddit wallet into metamask and I was surprised to see that my NFT is getting an ever increasing amount of offers every day, either from pros or bots. In any case I'm hodling as things seem to start heating up. In fact, I bought an extra NFT from one of those sold out collections.

Happy hunting!

submitted by /u/erpetao
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