If you've heard the incredible stories about people making millions from their NFT flips and want to understand how to create results for yourself, you need to start with strategy. The people succeeding in trading NFT's aren't doing so by random luck but many are employing carefully thought out strategies to ensure success. This is not financial advice so be sure to do your own research and make sensible choices, there is risk and you could lose your money.
I've linked below key resources to help you develop the knowledge you need to select the best strategies for you.
Rarity is Key
Good doesn't just mean you like them or someone notable has one. Rarity plays a large part in selecting a good NFT. Rarity.tools is a great place to start to see top projects and the most rare NFT's within them. Rarity is defined by the unique traits featured in an NFT. In a PFP (profile pic) collection you can think of this as the specific feature like hair, skin, accessories, facial expressions, backgrounds, anything that is more unusual and less common. Both Rarity tools and Open Sea will show you which qualities your NFT has that might be rare. Obviously the rarer options are also the most pricey. You want to assess the rarity score of your NFT before buying and try to find the lowest priced and most rare you can to get the highest price when it's time to sell.
Minting to Flip
When an NFT project is new and is yet to launch on a marketplace, the owners give whitelisted contacts the opportunity to "Mint" an NFT.
What is Minting?
Minting is the process of creating an NFT on the blockchain. When you mint an NFT, you become the first owner of that particular digital asset (NFT), and the information is stored on the blockchain.
Consider it similar to the process of an Initial Public Offering (IPO) in the stock market. An NFT company or project releases their NFTs for the first time for the general public.
During the minting process, you do not get to choose your digital art. It is assigned to you randomly, and every piece of art has the same price. Naturally, the cost is much lower than buying it on the marketplace
Source: Start It Up Medium
Once you've been assigned your freshly minted NFT you can then put it up for sale on the market for your chosen price or auction and are likely to secure more for it than what you purchased. It is of course critical to do all of your research on the project to ensure you don't get scammed. Look out for Red Flags.