My name is Slimjimmy420k, and I’ve been collecting primarily Fantom (FTM) NFTs since the fall of 2021. In this Substack, I will go over how I buy NFTs at more than a 60% discount to the floor and some of my favorite recent mints & updates in the FTM community.
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Latest Mints & Updates:
Phantom Wave’s Wave City Banner mint is live now on AVAX & FTM. An AI-generated banner mint highlighting the different scenes of Wave City. Supply is low at 999, and they are very affordable at .07 AVAX or 5 FTM. I am proudly on the Phantom Wave Team.
Visionarium Boy Adventure character & weapon mint is live now. There is no supply limit on the characters, and they are free. After minting a character, you can purchase a weapon with $Vision. Each weapon has a $Vision multiplier which will determine how much $Vision you will earn. After buying a weapon you can equip it to your character and start passively earning $Vision. Weapons can be bought & sold on Paintswap.
Tombheads NFT Auction House Presents The Fantom Underground Awards Night. Vote for your favorite projects now and receive NFTs for each vote! Winners of each category will be announced on October 2nd.
I recall Tombheads talking about this late last year and even doing a preliminary round of voting. Tombheads has since ran with it and has ensured it will be a special night for the entire FTM NFT community.
Potluck Protocol & Mazochist’s Paint Huffing Degenerates 2 (PHD2) mints 8/16 on AVAX & FTM. PHD2 will also mint on the Hedera Chain next and then IOTA. Upon completion Potluck will have minted on 6 chains total since their launch around the start of 2022. They also announced a nearly free mint on Hedera.
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How to Buy NFTs at a Discount
Using NFTKEY’s Global Bid, you can buy all of your favorite NFTs at a steep discount to the floor on five different chains. This is my primary way of buying NFTs I’m looking to accumulate, and I often have multiple global bids active across projects. If I can buy an NFT and instantly turn around and sell it for 50%, why would I not? That is why I use global bids. Below I will tell you what a global bid is, how to make one, and tips I’ve learned using it myself.
What is NFTKEY?
NFTKEY is a decentralized NFT marketplace that supports FTM, BSC, MATIC, ONE, and AVAX NFT projects.
What is a Global Bid?
NFTKEY. APP's Global Bid allows you to buy NFTs on five different chains at a discount to the floor while providing instant liquidity to holders. A global bid is an offer you put on an entire NFT project that allows any holder to accept that offer in exchange for any NFT from that project. You can place a global bid on any project listed on NFTKEY, and as long as you maintain enough of the wrapped token in your wallet to cover that bid, it will stay active until the time limit you set ends.
NFTKEY will display any global bid that is not 60% below the floor. Any bid below 60% will be shown if a user clicks “show hidden offers”. That said, global bids are typically at a hefty discount to the floor, which is why NFTKEY started hiding “low bids” to encourage higher prices. Utilizing Global Bids is a great way to accumulate NFTs at a discount whether you then flip them for a profit or hold them for the long term.
How to place a Global Bid:
Go to the project
Click "Make Global Bid"
Place your offer. Enter the bid price you will pay for any NFT from that project. Then put how many you are willing to purchase at that price for this particular offer. I.e. below 60wFTM for 5 Netizens. I have to hold 300 FTM in my wallet to keep this active.
4. NFTKEY will prompt you to convert the appropriate wFTM if you don't have enough in your wallet. It will then ask you to approve their ability to access that much wFTM in your wallet when a holder accepts your offer. Finally, set the time limit for your offer from 3 days to 6 months.
5. Your Global Bid is active until the time limit expires or the bid is fulfilled. Bids can be canceled at any time.
Tips for Global Bids:
You can place multiple global bids as long as you have enough of the corresponding token in your wallet to cover your most expensive offer. Allowing you to place multiple offers on the same project or numerous different projects. Putting multiple bids on the same project will enable you to scale into a position with a lower cost point the more you accumulate.
In the above Netizen example, instead of offering 60wFTM for 5, I could have made one global bid to buy 1 for 60wFTM—then a 2nd global bid to buy two at 50wFTM. Then even a 3rd Global Bid to buy one at 20wFTM. Not all of your offers may be accepted when staggered, especially the less competitive ones, but if you don't need X number of netizens, it's a great way to get the best price for projects while still ensuring you at least get a few. This can be beneficial if you're limited on funds as well.
Patience - Others may outbid you, but their offer will eventually get filled, or they won't continue to hold enough of that cryptocurrency to cover the bid. They may also cancel or have it canceled due to the time limit. Therefore, don't get discouraged if someone outbids you just slightly. Global bids are a large amount of the sales on NFTKEY, so yours will likely become the top offer if it's already in the top 3. Unless the project is in a period of high demand, probably a top volume project on NFTKEY, the global bids may be highly competitive until volume comes down.
Look for opportunities - Global bid is a new concept; especially during lower volume times, you may find projects with very few competitive offers. Allowing you to place an offer significantly below the floor while still providing that instant liquidity for someone looking for it.
Giga Chad - 200FTM floor. Highest offer .025FTM - You could easily put a global bid in at 80ftm (a 60% discount) for 1 Giga Chad and then a 2nd Global Bid at 50FTM. Your multiple bids will help box other global bids out and allow you to get Giga Chads at huge discounts! NFTKEY will show the 80ftm bid for being within the 60% threshold, and your 50ftm bid will be there if someone is liquidating more than 1, regardless of whether it’s a good deal.
NFTKEY will hide any offer under 60% from the floor, but that doesn't mean they can't be viewed or accepted…OR the floor won't move closer to that offer with time.
People often liquidate more than one at a time - You will often see someone liquidate 3-5 of one project at a time. This results in filling top global bids, forcing sellers to accept lower bids as they liquidate. You may be shocked at the global bids they accept, depending on why they are liquidating that project.
NFTKEY's Global Bid is still new, and NFTKEY's volume is still tiny compared to more significant marketplaces like OpenSea. As the global bid function is used more, there will be fewer opportunities for substantial discounts.
That does mean there would be more competitive Global Bids for you to accept. Maybe to liquidate some of the NFTs you've accumulated at a discount using the guide above...
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This article is not meant as financial advice and is meant to share an overview of a project. This overview strives for accuracy, but may be inaccurate at times or incomplete. Please do your own research anon. Thank you.