How Mark Cuban, Soulja boy, and you make thousands selling NFTs
What does rapper Soulja boy and Billionaire Mark Cuban have in common?
They both sell NFTs on Mintable and have made thousands of USD in ETH. Within a week — one user bought a Mark Cuban NFT for 0.7 ETH and sold it for 5.5 ETH. Thats 4.8 ETH profit ($8,000+) in a few days.
Mark and Soulja
Both the rapper and the billionaire have released crypto-collectibles on Mintable in the past few weeks. Why? Because they have fans, they have content, and they love crypto.
Souljaboy put a video and artwork up on the zilliqa blockchain — made 10 copies and has sold them for $1,000 USD each.
Mark Cuban made 5 NFTs for his basketball team the Mavericks — a promo video of an upcoming game — and sold them for $750 each.
Both of them sold out — and now those NFTs are being resold for 5x+ their original price.
Within a week — one user bought a Mark Cuban NFT for 0.7 ETH and sold it for 5.5 ETH. Thats 4.8 ETH profit ($8,000+) in a few days. Lets talk about how you can do this
What are NFTs
Enter NFTs, or non-fungible tokens. NFTs are touted as being the basis for the emerging “digital collectible” market, and come in a few different flavors technically. Suffice it to say, each NFT is a unique “thing,” which is what makes it “non-fungible” — it can’t necessarily be exchanged 1:1 with another unit. It’s a little like a baseball card, though there may be multiple copies of a card or of an NFT.
A intro on how to spot opportunity & make money in NFTs
There are a 2 ways to make money with NFTs. Minting, and trading. Lets discuss each one in-depth.
Minting
Minting means to create an NFT, or another way to say it is “you mint a new item”. Minting is a great way to earn crypto with NFTs because there is little to no upfront cost at all when using the gasless minting on Mintable.
When you mint an NFT your taking some artwork, or content that you have, that your followers/fans/community would like, and turning it into an item on the blockchain — then hoping someone buys it.
It’s quite simple to get started, but it takes a bit of experience to get good at selling. Most artists don’t sell their first NFT right away because:
- No one knows them
- They haven’t marketed it so no one has seen it
- It’s overpriced
The key to success here is doing the opposite of these 3 things. In order for your NFT to sell after you’ve made it, you need to:
- Make sure everyone can see it and knows about it
- Market it from social media, youtube, any other community you have access to
- Price it accordingly. Soulja made a video NFT and unique artwork — it was only $1,000. Mark Cuban released a Mavs collectible, it was only $750. Don’t be like the rookie who makes a gif and lists it for $30,000.
Trading
Trading is the quickest way and most risky to make money with NFTs. When you trade an NFT you’re expecting the price to be higher at a later date, or to be able to find someone you can sell the NFT to for a higher price.
Let’s look at the Mark Cuban NFT again.
- When the NFT came out, there was only 5 (scarcity — check).
- The creator has a big following and could market this to millions (potential fans — check).
- They just came out (new — check).
This seems like a great buy — so when the first 5 people bought all the NFTs Mark created— it made sense. You can see above just 3 reasons why there is probably a good chance these can be resold for a profit.
And they did get resold for a profit — this is trading NFTs 101, look for a set of qualities in your collectible, and then start marketing it once you start selling it again.
Why do people buy NFT’s?
Each person has their own reasons for wanting to own an digital item, whether they are a fan of the creator, the item has some use and purpose, or they are investing in the item and will resell it later for a profit. Lets break each of these down:
Collecting
The easiest of the three to understand is collecting. Basically — if your a fan of the creator and you want to support them, why not buy a digital collectible instead of donating via patreon? Maybe your a baseball fan and want to collect a baseball type NFT, or your a fan of souljaboy and want his new collectible. If you are a creator and have a community of fans, or followers, you will probably have a buyer that falls into this category — by buying they are supporting your work.
Investing
The traders. They see the upside to buying this NFT now, and expect it to sell at a later date for more than what they paid. All they need to do is find a buyer who will pay more than what they paid.
Utility
The NFT has a purpose, such as a ticket, a backstage pass, access on a website, voting in a DAO (Mintable’s DAO). These are reasons people might buy an NFT not to resell it, and not to collect it, but instead to use it.
How to spot what’s hot
There are many NFTs out there. And people are finding their own ways to make money, whether its buying art, buying game items, buying utility NFTs like $MINT, or flipping items.
When looking at what is a potential buy — I run through this checklist:
- Does the creator have a following?
- Is the NFT high quality?
- Is the NFT scarce or very common?
- Does this NFT have a purpose?
- Does this creator know how to build hype and market themselves?
- Is there a base of people for this creator/NFT I can market it to?
- Is this innovative (first to do something never before done)?
- Do I like this (if its art)?
There is no set number required — but this is a good example of what you need to consider when thinking about buying an NFT. If some of those are a “yes” then it might be worth buying/bidding on. And if some of them are “no” that’s okay — it still might be worth the risk.
Investing/trading NFTs is like investing in startups as a Venture Capital fund 99 out of 100 may lose money, but that 1 out of 100 will do 100x. So cast your net wide and build a base of collectibles that you own.
Strategy — Buy in Bulk & Sell Individually
Some buyers have offered flat prices on entire Ethereum Wallets — basically saying — “I like every NFT you own, I’ll buy them all from you!” — while this isn’t common at all, it shows what a good collection can do for you.
Buy in bulk
If you have 1 ETH to spend, instead of buying 1 NFT that is 1 ETH — try to buy 20 NFTs that are 0.05 each, or 10 NFTs that are 0.1 ETH.
If you can cut a deal with a seller to buy even more for a discount — try to do that. Mintable has a DM feature so you can talk directly to the seller or buyer and discuss the trade. This could easily make you thousands by getting a discount on bulk orders.
List them all for sale
List them all for sale and keep them up for sale — then promote your portfolio of items for sale on social media. People can browse your store/collection and you don’t have to do anything, over time you’ll wake up one day and have ETH in your wallet from sales happening overnight.
How to get started
Minting and listing items for sale
Start minting using our gasless minting so you don’t need to worry about gas fees or transaction costs.
Trading
Go to our browse page and start sorting things by your categories or price filters. Pick how much you want the NFT to be priced under, and the category and start looking around for items to pick up.
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