So, I recently got into this platform called Blur.io, and let me tell you, it’s pretty game-changing for us NFT traders. You know how sometimes you want to get into NFTs but you’re short on cash? Well, Blur.io has this cool feature where you can buy an NFT with just a fraction of the cost, borrowing the rest from them. It’s like they’re saying, “Hey, you don’t need to be a whale to dive into this pool.”
Now, there’s a bit of a catch – you’ve got to pay interest on that borrowed ETH, which is fair, I guess. Nothing’s free, right? But here’s where it gets interesting: listing your NFT on Blur.io costs you nothing. Yup, zero. So, you can put up your NFT for sale at full price without any extra fees nibbling away at your potential profit.
It’s like the typical NFT flipping, but on rocket booster.
I tried this out with an Azuki. Picked one up at the floor price of 2.85 ETH, but I only had to cough up like 0.4 ETH out of pocket. Borrowed the rest from Blur. Then, when the floor price went up, I sold it, paid back the ETH I borrowed plus the interest, and walked away with some sweet profit. It felt like hitting a mini-jackpot!
But, there’s a fee when you sell – Blur takes a 5% cut, which you’ve got to factor into your profit calculations. It’s not too bad, but you’ve got to keep an eye on it.
Now, here’s where it gets a bit dicey. NFTs are volatile; their prices can swing like a pendulum. I once thought I was going to make a killing, but then the price tanked. It’s a lesson in the unpredictability of the market.
And one more thing, you’ve got to be careful with how long you can borrow that ETH. If you can’t pay it back, Blur might take your NFTs. It’s kind of like borrowing money to buy a car, but if you can’t pay the loan, the bank takes it back. So, you need to have some liquidity or a plan to sell your NFT before you’re in over your head.
All in all, Blur.io has made NFT flipping a bit more accessible and exciting for me. Just remember, it’s not all easy money; you’ve got to play smart and keep an eye on the market. But when it works out, oh man, it’s like a little dance of joy in the digital world.
