Leveraging Live – From $1 to $1000
It’s a tale as old as time – or at least, as old as the internet. Can someone take $1 and turn it into a significantly larger amount of money. That’s the concept this series will explore, if I start with $1 worth of WAX, what can that grow into?
So far, the answer is about $1000 worth of WAX. This series will explore how I got there and general concepts that were used.
Well, there aren’t really going to be any ‘rules’, let’s call them guidelines. The main goal is to take $1 and see what we can do with it, the primary method for increasing that amount will be buying and selling WAX NFTs, more specifically Atomic Assets.
However, we don’t necessarily need to sell everything. This is the WAX ecosystem, we can do more with an NFT than just sell it. We’ll dive a little deeper into this later. Keep in mind though, selling an NFT is not the only way to gain WAX from an NFT.
Generally, we’re going to avoid free WAX NFTs. NFT drops are fair game though.
One more thing. The price of WAX regularly fluctuates, I suppose that’s the nature of cryptocurrency. For the purposes of this series all progress is going to be measured strictly in WAX. While I don’t remember exactly what the value of WAX was when I began, let’s just pretend I started with 5 WAX.
WAX Marketplace – Chain Champs
The most difficult part of hunting for deals can sometimes be beating other users to the punch. Chain Champs offers a variety of tools to help solve this problem. There are two in particular that will help with our current goal.
Live WAX NFT Marketplace
First is our Live NFT Marketplace. Unlike other markets, users can select collections they want a real-time feed from, and they can attach filters to the data they see coming in. This means no refreshing, you’ll always see sales as soon as they’re listed.
As you can see, we can even select more than one collection. For example, we’ve selected Farmers World and Farming Tales as collections we want to see. Every time an NFT from either collection is listed, it will be displayed to our users. Chain Champs also provides a colour-coded Estimated Value to help identify good deals.
How does Chain Champs calculate EV? That’s a story for another day, but we use AI and machine learning algorithms to try to understand factors that drive an NFTs price.
From this point you can also set up pricing filters that only show you items priced below our EV, or you can set up a threshold – only show items that are $10 under the EV, as an example.
Next, we have the deals marketplace. The purpose of this section is to monitor ALL WAX collections for items that are below our Estimated Value.
For this series, we’ll be finding the majority of NFTs to buy and sell from this page. It’s also worth noting that just because something is marked as a deal, does not mean we should buy it – assuming we went crazy and picked up every deal, we’d probably never achieve our goals.
Which NFTs Should I Buy?
There are a few key factors to understand. Not all collections are equal, and not all mints are equal. The EV (estimated value) that you see on Chain Champs takes a lot of factors into consideration – including the mint number of an NFT. You may encounter listings that seem like they’re 2x or 3x the value you’d normally expect to see for an NFT, this is likely because it’s a Mint #1 or another significant mint.
We want to avoid these. While the estimates may be accurate, low mints aren’t as liquid as other NFTs may be. It may take weeks to sell a #1 mint at its EV. We’re going to focus primarily on high liquidity assets.
This is true of collections as well. Some WAX NFT collections may not be as liquid as other collections. We can generally see which collections are more liquid than others through the Chain Champs Stats page.
At the time of writing, a variety of collections are prime targets.
- Farming Tales
- Farmers World
- NFT Panda World of Fantasy
- Ancient Realms
- Colonize Mars
- NFT Battle Miners
- Alien Worlds
Using the stats page to understand which WAX NFT collections will likely sell faster is important. They’re all great targets – however, not all collections may be targetable with our initial budget. As much as I’d like to, we probably can’t pick up a deal on a $45k USD Mining Excavator NFT from Farmers World.
Initial NFT Collection Targets
Starting at $1 worth of WAX, what do we do? Honestly, we look for deals wherever we can get them, but we trend towards high liquidity collections that also have low price NFTs associated with them.
If we use the list above, Alien Worlds jumps out as a collection with NFTs that range from 0.02 WAX to 25,000+ WAX. At this early point, volume matters. I started by picking up large amounts of items that I’d be able to sell for a $0.10 profit. This was tedious, and horrible, and not a whole lot of fun.
Eventually, it led to having more WAX in my wallet, which opened up significantly more opportunities.
These were the introductory concepts on how I went from $1-$1000 in WAX using the Chain Champs marketplace. This is barely the tip of the iceberg, and we’ll touch on new concepts for the next couple of weeks, and explore different methods I used to increase the WAX in my wallet.
Well, earlier I mentioned that selling NFTs we buy isn’t always what we want to do. Next week we’ll explore how we can leverage NFTs we buy to play a variety of WAX based NFT games and some new features Chain Champs will be releasing to help users understand the value NFTs provide in NFT games before they buy them.
That’s all for now! If you enjoyed this post and want to see more, check back weekly, take a look at Chain Champs, and feel free to share this post. We really want to help introduce the WAX community to all of the great tools available on the Chain Champs marketplace.