NFT Flipping Not So Profitable For More Than Half Of Buyers

With the increasing popularity of nonfungible tokens (NFTs), many traders have adopted “flipping” these assets as a trading method.

iexclusivenews reports that according to a recent survey, the main motivation for purchasing an NFT was “to generate money.”

This online news outlet understands that DEXterlab, a blockchain monitoring software business. Queried over 1,300 people on Twitter about their NFT purchasing habits from late May to early June.

Even though the majority of people want to earn from NFT trading, the findings show that only about 42% have generated a profit thus far.

How does your NFT journey going?

— DexterLab 📊 (@DexterLabData) June 2, 2022

The second most common reason for purchasing an NFT was to be a part of a community and “to flex,” which received roughly 15% of responses.

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“People are highly sociable beings, so it’s not strange that they want to be a part of a community and show off,” DEXterlab noted.

The success of the Bored Ape Yacht Club (BAYC), which includes celebrities and offers special advantages like admission to holder-only events or new popular NFT drops, was highlighted by the team.

Even though certain NFT collections, such as the BAYCs, have floor values in the tens or hundreds of thousands of dollars. Over half of respondents claimed they were only willing to pay $50 to $500 for an NFT.

Surprisingly, a fifth of respondents said they were willing to spend more than $2,000 per NFT in response to the second most popular answer.

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What You Need To Know

iexclusivenews Nigeria reports that CryptoPunks, Mutant Ape Yacht Club (MAYC), BAYC, and Moonbirds. Among the largest “blue chip” NFT collections, have seen their floor prices or market values drop in the last 30 days.

Despite this, these collections have remained at the top of the top NFT sales charts for the same period.

Even though NFT prices have decreased across the board, there are still certain NFTs that have defied the bear market.

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Goblin-town, a free-to-mint collection with no utility or roadmap, recently topped the rankings. And has since remained in third place with approximately $70 million in volume over the last 30 days.

The collection now has a floor price of 3 Ether (ETH), which is almost $4,000 at the time of writing.

While the most expensive one sold on June 1 netted 77.7 ETH, which was approximately $151,000 at the time.

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Related: Snoop Dogg To Open Bored Ape NFT-Themed Dessert Restaurant

Other indicators indicate a solid market for individuals hoping to profit from their NFT investments.

According to a recent DappRadar report, despite the market difficulties, NFT sales totaled $3.7 billion last month.

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According to the report, Solana NFTs had their highest trading month in the network’s history. Generating $335 million in volume across all marketplaces, up 13% from April.

Meanwhile, iexclusivenews Nigeria reports that NFTs are continuing to build a strong market for themselves. And widespread mainstream adoption is on the horizon.

The NFT market is expected to transact more than $800 billion over the next two years, according to CoinGecko research. Though holders will have to wait a bit longer to reap their rewards.