NFTs are gearing up to revolutionise various industries by allowing true digital ownership. With the increasing number of NFT traders and investors, new NFT collections are popping up every other day.
However, not all NFT projects are legitimate. Newbies especially should take caution and learn how to spot and avoid scam projects. Just like the popular crypto parlance – ‘Do Your Own Research(DYOR).
This is where the power of research using NFT analytical tools comes in.
How to spot and analyze NFTs
NFT analytical tools make it easy for traders to make good NFT investments by providing key performance metrics of different NFT projects. They can be used to track an NFT project and apply filters to the collection to find profitable bargains.
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.
Nansen gives insights about NFT marketplaces and makes it easy for traders to spot any emerging NFT trends. It also lists the NFT’s rarity across different collections.
Additionally, it gives detailed wallet address insights, especially those owned by crypto whales. That way, traders can track any smart money and see where market movers 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.
Dune Analytics is among the most popular NFT tools currently available. It allows users 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. It can be used 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 Analytics also allows users to create custom dashboards, for them to do deeper research before making NFT investments.
CryptoSlam is a high-end portfolio management and NFT tracking tool that gives transparent information about the NFT market. The platform 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.
Icy Tools is a platform that offers amazing functionality for cheap weekly passes. It tracks the entire NFT ecosystem in real time and lists down changes in price, volume data, listings, and others.
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.
The bottomline 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.
All NFT analytics tools come 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.