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NFTs (non-fungible tokens) are gearing up to revolutionize various industries by allowing true digital ownership. Since blockchain data is immutable, NFTs can be used to verify ownership of both physical and digital assets. Hence, NFT technology can greatly impact industries such as metaverse, gaming, entertainment, real estate, automotive, luxury goods, and more!
The NFT industry is rapidly expanding, and businesses worldwide are beginning to realize the vast potential of smart contracts. Today, the top NFT collections are more than just wacky profile pictures and offer real utility to investors.
It is estimated that the global market cap of the NFT industry can reach 130.35 Billion by 2030. With the increasing number of NFT traders and investors, new NFT collections are popping up every other day.
However, not all NFT projects are legit. New traders should learn how to spot and avoid scam projects. This is where the power of research comes in, as you may have heard the phrase, “do your own research” (DYOR).
NFT analytics tools make it easy for traders to make good NFT investments by providing key performance metrics of different NFT projects. You can use them to track an NFT project and apply filters to the collection to find amazing bargains. They also come with an NFT calendar that tracks upcoming drops. Using an NFT drops calendar, you can set notifications and reminders to avoid missing out on the mints.
NFT collectors use analytics tools to check different metrics of an NFT project, such as trading volume, past sales, buying pressure, resistance levels, floor prices, hype in the NFT community, and much more. However, not all NFT analytics tools are free. Some premium tools hide most of their functionalities behind a paywall. Fortunately, beginner NFT collectors can still benefit from free analytics tools.
Tracking any upcoming NFT drops and preparing yourself beforehand is another profitable strategy. Generally, the most hyped and popular NFT drops surge in price after minting. However, this is not a hard rule because the price action of upcoming NFT drops is always speculative.
NFT tracking tools allow you to spot upcoming NFT collections before their release. So, you can prepare and buy early into NFT projects with high potential.
Trends in the NFT market change rapidly. Some experts say that NFT sales heavily depend on speculation, and that is true to some extent. Whether or not upcoming NFT collections will do well depends on the overall sentiment of traders in the NFT market.
Smart NFT investors stay ahead of the game and generate profits by basing their investment decisions around real-time market data. This is where NFT analytics tools can help you! You may also try out Bitcode method to help kickstart your trading journey.
We have curated a list of the best NFT analytics tools to help you maximize your profits while trading NFTs.
Dune Analytics is among the most popular NFT tools currently available. It allows you to organize historical collection data and visualize them as graphs.
It is a top NFT tool because its basic functionalities are free, and there are no paywalls. You can use it to monitor floor prices of NFT collections, NFTs listed for sale, and more. All of the functionality is accessible through a user-friendly dashboard.
Dune also allows users to create custom dashboards, so you can do deeper research before making NFT investments. However, you might need some technical knowledge to create your own dashboard. But it also has many useable dashboards made by existing members.
Nansen is among the most popular and premium NFT tracking tools. It gives insights about NFT marketplaces and makes it easy for you to spot any emerging NFT trends. It also lists the NFT’s rarity across different collections.
It also gives detailed wallet address insights, especially those owned by crypto whales. This way, you can track any smart money and see where the whales invest before a boom.
The only downside of Nansen is that it is a paid analytics platform. However, it is a must-have for any serious NFT trader.
Icy Tools is considered second to Nansen. It offers amazing functionality for cheap weekly passes and has a robust interface. It tracks the entire NFT ecosystem in real time and lists down changes in price, volume data, listings, and more!
The biggest upside of Icy Tools is that it is suitable for both beginners and experienced NFT investors. For permanent access to the tool, you can buy the Icy Founders Club NFT from an NFT marketplace such as OpenSea.
It also lets you see a detailed transaction history by tracking your wallet. So, if you are planning to expand your NFT portfolio for cheap, Icy Tools is a great choice.
CryptoSlam is high-end portfolio management and NFT tracking tool that Mark Cuban endorses. It gives transparent information about the NFT market. Cryptoslam features a project database that tracks trending NFT projects and updates in real-time.
You can track any changes in the prices and NFT sales over 24 hours, 7 days, and months. It also has an NFT calendar that tracks all upcoming NFT projects. If you are an NFT investor who wants to stay ahead of the game, you can also set a timer on your NFT drops calendar on CryptoSlam.
NFSea Tools is among the strongest sniping tools and an all-rounder NFT tracking tool. NFT minting can be difficult because of high gas prices. NFSea Tools helps you determine whether upcoming NFT drops are worth it, making NFT investing easier.
You can also use its ranking/rarity checker to snipe tokens listed near the floor price. Overall, it gives amazing NFT stats with a watchlist that gets updated in real-time.
All NFT analytics tool comes with certain strengths and weaknesses. On the basic level, many free and premium tools offer similar functionalities. So, free tools can still be valuable if you have just started with NFT trading.
The significant difference between a free and a premium tool is how quickly the data updates. Premium tools usually have no delays and update real-time data on the go, allowing NFT traders to snag big bargains before others. They also come with some advanced functionalities that free tools lack.
The bottom line is that NFT analytics tools are essential if you want to stay ahead as an NFT trader. The best traders regularly use these tools to stay profitable and to track new trends in the NFT space. The future of money is only beginning. If crypto is currency, NFT is its biggest e-commerce store. What do you think?
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