The NFT bot revolution is coming, and it’s going to change the NFT market forever.
But let’s start with the basics, shall we ?
What are NFTs ?
NFTs, or Non-fungible tokens, are simply tokens that cannot be replaced wit one another.
For cryptocurrencies, you can think of money : one dollar is equivalent to another, you could swap one dollar from you wallet to another & it would not make any meaningful difference.
For NFTs, think more of trading cards. Each one is unique. Not a single one can be really considered equivalent to another.
What is the NFT Market like ?
A recent & sharp rise in interest in NFT has been fueled by recent multi-million dollar sales news.
- February 2021 : a Gif of Nyan Cat was sold for over $500,000.
- March 2021 : musician Grimes sold some of digital art for approximately $6m.
- Then Jack Dorsey, the CEO of twitter, sold an NFT of his first-ever tweet, for more than $2.5m..
But opportunities are thriving for individual traders too !
Called “NFT Flippers”, they buy and sell selected NFTs, expecting a profit. Many have been very successful at this new money-making scheme, with some Youtubers claiming to have made over 800 000$ with NFT flips.
What do bots change in this market ?
Bots that can automate actions for NFT traders can be game-changers.
Generally, NFT prices are very low during private launches, and rise very quickly afterwards. Bots able to buy NFT at these very low price can really benefit experienced traders who are able to identify the projects that will gain much value.
We only found one commercially available bot for this use :
Also, there are stories of bots that buy and sell NFTs that are erroneously under-priced.
For example, a person forgets a number in a price “Sell at 100$” instead of “Sell at 1000$”. Bots are able to monitor these abnormally low price, and instantly buy & put to sale the NFT. Even before the seller notices their error and try to retract their selling offer !
We looked hard online and did not find any bot for this use yet. But will update as soon as we find one !
Nowadays, trading bots represent 90% of orders in the Forex Market. We see the same trend in cryptocurrency trading, with bots representing a larger and larger proportion of orders in the market.
NFT trading is rather new : purchase & selling orders are still often done manually.
But 2022 is coming. And trading bots are coming for the NFT market too. It is reasonable to assume that as time passes, trading bots will also represent a larger share of orders in NFT markets. Due to their unreasonable speed, they will probably profit traders that use them, at the expense of manual traders.
Disclaimer : This is not financial advice. Only invest capital you can afford to lose. Be very careful of keeping your wallets safe. Any bot could be a scam to steal your wallet. Make bots you buy is trustworthy. We recommend you use a dedicated wallet when using bots & keep your primary wallet safe. We carefully select products & websites we show in our articles, but cannot guarantee 100% safety. Stay safe folks.