How to Profit from the NFT Market: Be one of Galley’s LPs
The NFT market is booming, and many people are looking for ways to profit from it. But what happens during a bearish market condition? Is there any way to earn profits during such times? The answer is yes, and becoming a Liquidity Provider (LP) on Galley is the way to do it.
As an LP, you play a crucial role in ensuring the selling of NFTs on Galley’s platform. In return, you earn profits regardless of whether there are any buyers bidding on the item or not. It’s a win-win situation for both sellers and liquidity providers.
So, how does it work? It’s pretty simple! Firstly, you need to decide on a quote (in WETH) for each NFT that you provide liquidity for. This quote represents the value of the guarantee that the seller will receive for their NFT. Secondly, you need to decide on the upsell percentage that you will receive. This means that when the item is sold on the auction for more than the quote, you’ll profit from the difference.
Once you set the quote and upsell, the seller will accept them, and the auction will begin. If the auction is successful, you’ll receive your quote back and profit a lot from the upsell. Even if the auction doesn’t succeed, you’ll still be able to purchase the NFT at a lower price than the floor price and resell it later, most likely for the floor price. This way, you can still profit from the difference.
The best part is that you’ll be able to make profits even during bearish market conditions. Just make sure to set quotes and upsells that make sense for you in a scenario where you need to keep the NFT at the end. Galley is even working on a new feature that will sell the NFT automatically for the floor price for you. This way, you’ll be able to make money even faster while you sleep.
To stay up to date with the latest quotes and opportunities, all the new quotes will be displayed on Galley’s telegram channel or on the Liquidity providers channel of their Discord server.
In conclusion, if you’re interested in earning profits from the NFT market, becoming a Liquidity Provider on Galley is a great opportunity for you. Join Galley today and start profiting from the NFT market, even during bearish market conditions!