Importance of NFT analytics in India

Going by sources, Cryptomarkets and NFTs have a lot of uncertainties

Experts believe NFT Analytics Tools help you catch the NFT market trends and trading data
Experts believe NFT Analytics tools can help you to catch the NFT market trends and trading data

By Vijay Pravin Maharajan

NFTs have gained popularity in India over the past couple of years. With celebs and sports icons setting their sights on NFT investment, commoners are skipping no beat about capitalizing on these digital assets. However, traders and enthusiasts are swindled by scams as the awareness about NFTs and digital assets happens mostly on Social Media Messengers and Communities – Twitter, Telegram, and Discord, to name a few.

A couple of days ago, Elon Musk replaced Twitter’s distinctive bird logo with Doge. Soon after this announcement, the price of Dogecoin soared from $0.076 to $0.101. Despite having fluctuations throughout the day, Dogecoin experienced a 544% increase in trading volume. It is also observed that this meme coin is expected to overtake Polygon and Cardano with this momentum intact. While this trend prevails with cryptocurrencies, on the other hand, the Doge NFT has seen a 2.97% hike as of the same day. The price of the Doge NFT dipped to -7.32% 60 days ago. This is probably the first time, many NFT Traders are coming across Doge NFTs.

Cryptomarkets and NFTs have a lot of uncertainties, don’t they? Very often, NFTs are overhyped, and purchases are made in FOMO or to show off on Social Media without delving into the details of the collection. Such hasty decisions will result in a loss of investment, and this further accentuates the significance of NFT Analytics.

In burgeoning marketing for NFTs like India, as traders, you are bound to know the basics – the Floor Price, Average Sales Price, and Volume and Rarity of the collection. These factors shall help you determine that the NFTs are being priced correctly. Some pros recommend knowing the ETH price and Gas Fees before trading.

NFT Analytics Tools help you catch the NFT market trends and trading data around your favorite NFTs. But how to put these tools to good use?

There are quite a few NFT Analytics Tools in the market that can help you understand the transactional data, wallet address, and chain details. However, intelligent insights will help NFT traders and enthusiasts make better purchase decisions and stay away from NFT scams bursting the ambiguity around.

A comprehensive access to real-time NFT transactional data like the Market Cap of each NFT Collection, the Volume of NFTs Traded per collection, and the Washtraded Collection, is something that would benefit any NFT trader. The data can be diverse to multiple blockchains and also specific to transactions in the past 24 hours, from 7 days to 90 days time frame. Not only for washtrading but there are also analytical tools to identify the authenticity of NFTs and know their estimated price for trading.

NFT Analytics Tools are spot on about the data they display on their dashboard and are highly recommended for studious NFT Traders. Some of these tools also offer personalized data based on user behavior. Apart from getting notified about the transactions and washtraded data of the collection in interest, staying updated with these analytics will guide traders open avenues for new trading strategies.

The author is founder, CEO, bitsCrunch

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First published on: 09-04-2023 at 17:00 IST