NFTs, Investing, Flipping

Does Lowballing NFTs Actually Work? An Experiment on OpenSea (Part 1)

I actually have no clue, but was just curious.

I don’t do a lot of flipping, but I do get numerous emails daily offering me roughly half of the floor value of (it seems) every single NFT I own. In fact, I’ve often thought that, if I ever wanted to know what the floor price is for a generative NFT set, there’s an easier way than checking OpenSea — just look at the offers rolling into my email and multiply by two.

As I am probably WAY older than you, dear reader — yes, I’m an elder of the NFT / web3 dev space . I remember seeing magazines with classified ads in the back offering all sorts of wonders for sale. I was always curious if those ads actually worked for people to bring in revenue. And one day I read a marketing book that said: Of course, they work. That’s why they’re always there.

Kind of makes sense. And so perhaps that’s also true for people continuingly offering me (and others) ultra-low values for my NFTs. I mean, sure, I get the rare above-floor offer. But 99% of the time, it’s low-ballers. (And personally, I never accept them.)

Anyway, as I just realized I have some wrapped ETH in my wallet, and as NFT values are tanking all over the map this week, it could be a good…