Survey: NFT Flipping Not That Profitable for Over 50% of Buyers

Most market players resorted to the flipping trading strategy as non-fungible tokens (NFTs) enjoyed surging popularity. A recent survey revealed about 64% of individuals bought NFTs with the primary goal of earning.

DEXterlab, a blockchain monitory firm, surveyed over 1,300 Twitter on their NFT purchases in May and June. Though many targeted profits from non-fungible token trading, the results show that 42% have earned returns.

Meanwhile, about 15% of the respondents purchased BFTs to flex and join the community. DEXterlab wrote that individuals are social creatures in nature. Thus the move to join the NFT community isn’t a surprise.

The team commented on Bored Ape Yacht Club’s success, which boasts celebrities and exclusive perks such as access to new NFT drops and holder-only events. Though renowned NFT collections, like NAYC, may often record thousands in floor prices, almost 50% of the surveyed said they are conformably acquiring an NFT at modest costs of between $50 and $500.

Astoundingly, the 2nd most popular response had a quarter of people revealing their readiness to spend on the poll’s upper limits, over $2K per NFT.

Leading blue-chip non-fungible tokens, including Mutant Ape Yacht Club, Moonbirds, BAYC, and CryptoPunks, had their market cap halved in the previous 30 days. Despite this, the collections topped charts as far as NFTs sales are concerned within the timeframe.

Though NFTs saw overall price declines, some decoupled from the current bear market. Recently, a collection without a roadmap or utility, Goblintown, topped the charts and has secured the 3rd spot over the last month, with its volume hovering at $70 million.

For now, the collection’s floor price is at 3 ETH ($4,000), whereas the costliest one sold amassed 77.7 ETH on 1 June, approximately $151K then.

Other signals suggest a healthy marketplace for those holding to benefit from NFT buyers. DappRadar report shows NFTs sales volume at $3.7B last month regardless of the market turmoil. It added that Solana NFTs registered their most-lucrative trading month, acquiring $335 million in all marketplaces, a 13% surge from April.

Non-fungible tokens continue to build a massive marketplace for themselves and seem to attract mainstream adoption. CoinGecko’s report suggests the NFTs market might transact over $800 billion in the coming two years, though holders may need to wait longer to accumulate profits.

Disclaimer: NFTs and Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by our authors (namely Business Voices content) and the views expressed in these types of posts do not reflect the views of this website. Please read our full disclaimer here.

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