Late last year we saw a huge rush to purchase and flip NFT’s hoping for a quick buck. Most were disappointed as they purchased high and then saw a huge drop in price and interest as this year is being played out. However is it possible to hold them and make money? Here we will discuss a few examples of four transactions hitting it big.
Non-fungible tokens have tremendous flipping and speculation potential. Although most collections lose traction after a while, it can be worthwhile to invest in for the long run. The following four NFT flips show the potential of investing in the correct collections and being patient for a profit
Mutant Ape Yacht Club (MAYC #8532)
The flip by ShrewdCharlie is a very interesting example of how holding NFTs long-term can be viable. Although Mutant Ape Yacht Club is a potent collection and one that doesn’t come around that often, ignoring the early strong price trend remains tricky. ShrewdCharlie flipped MAYC $8532 for 18.99 ETH, despite buying it for 0.08 ETH. That is a $48,210 profit – or +18,568% – although they had to hold it for over six months.
Mutant Ape Yacht Club (MAYC #22678)
Large NFT collections rarely lend themselves to flipping from a long-term perspective. Mutant Ape Yacht Club has that potential and allowed Rhayo to pocked a profit of almost $53,000 after just over five months. One can argue that flipping MAYC now – following the Yuga Labs – Larva Labs news – might not be the smartest approach, but a profit of nearly 19,000% is significant either way.
Bored Ape Yacht Club (BAYC #9171)
Similar to Mutant Ape Yacht Club. Bored Ape Yacht Club remains a trendy NFT collection today. The holder of BAYC #9171 pocketed a profit of over 81.5 ETH – +15.011% or nearly $207,000 – by holding their asset for ten months and eight days. However, collections like BAYC are very difficult to acquire in the current landscape, making this an impressive flip. One must wonder if the new owner will be able to pocket a profit from selling it in the future.
Meebits (MEEBIT #9554)
The Meebits collection has intriguing Metaverse potential, as avatars remain in high demand. The MEEBIT #9554 NFT was sold today for 6.34 ETH after being bought for 0.08 ETH over ten months ago. A profit of over $15,700 – or 6,767% – may seem small compared to MAYC and BAYC flips, but it is still a good example of holding NFTs for the long term. It will be interesting to see how the collection’s price floor evolves following the IP acquisition by Yuga Labs.
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