Cutting Edge of the Metaverse.
As I explained the NFT flipping strategy last week, the ideal thing would be to mint NFTs at the time of drop and sell at a profit shortly. The same can be said for blockchain gaming.
During the early stages, teams offer gaming NFT drops or use DeFi mechanics like staking and farming to bootstrap initial demand. This helps some of them generate substantial hype because the asset prices soar during that period, which induces fear of missing out.
However, most of the blockchain-based games right now aren’t going to be released until next year, which means that the initial hype around them will likely die off soon after the launch.
Still, there’s an opportunity to profit by getting early in the new games and staging an exit as soon as the crowd comes. The problem is in finding new projects early enough.
Today, I will share how to easily track new project launches on Immutable X, one of Ethereum scaling solutions.
Immutable X launched only a few weeks ago, and games are just starting to pop up. One of them is Influence, which is gaining popularity among space fans. The team plans to emulate Eve Online-style gameplay; it has over 150,000 daily active users.
The team released Asteroid NFTs in April and September for 0.1 ETH (~$400) that included special crew members, which will boost earnings in the game. Importantly, crew members are separate NFTs, which means that you could’ve gotten several NFTs for 0.1 ETH if you were early.
The peak average price of NFTs on OpenSea reached 2.4 ETH (~$9,100) for Asteroids and 3.1 (~$11,700) ETH for crew members. That means that you could’ve made around 5 ETH (~$20,000) off each 0.1 ETH (~$400) invested. That would be 50x.At this point, you may have FOMO building up. Good, because I’m about to tell you how to find those early opportunities.
How to Earn from New Projects on Immutable X?
If you’re looking for actionable alpha on Twitter, you’re probably too late already. The real gems lie in Discord and Telegram communities.
New projects don’t necessarily have big marketing teams and connections with Twitter shills for spreading awareness about their projects. They often rely on the power of the grapevine by offering good deals for early supporters. This type of activity generally happens in Discord.
This month, immutable X’s Discord community created a new channel, #ecosystem-launches, to help find new projects early. By tracking this page a few times a week, you can know about the upcoming projects and NFT sales.
Turn on the notifications for this channel to stay updated.
You can also funnel the channel’s messages into your Discord server. This way, you can also create a filter for multiple channels and direct the updates to your server. If you don’t know how to create your own server, follow these steps here.
To direct the messages from #ecosystem-launch to your server, go to the channel on Immutable X and click on Follow at the top of the page.
Then select your server where you want to direct the messages and click on Follow.
But I don’t urge you to ape in every NFT project mentioned in the channel. Additional research about the project’s development team, the total supply of NFTs, and the token release schedule are essential for gauging the initial demand and planning a profitable exit strategy.
For instance, a recently announced game MetaOps has brought profit for early investors in its battle pass NFTs for the upcoming game. MetaOps passes on Immutable X marketplace sells between 0.09 ETH and 10 ETH; originally, the team dropped them for 0.05 ETH.
One of the reasons MetaOps yielded a profit was its low supply in only 2,000 battle passes. Look for these markers or track projects by popular teams. It may not be worth jumping in if you can’t see how the project will generate that initial demand.
So by using this simple Discord tool, now you have a way to generate a concise list of new projects on Immutable X to help you flip NFTs profitably. Good luck.