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Best Tools For Analyzing NFT Market


Leonhard Brunnhofer

NFTs are more than just jpegs stored on the blockchain. Over time Non-fungible tokens are a great opportunity to onboard a new group of people to the crypto world. Even JP Morgan bought virtual land in the Decentraland metaverse. They opened a virtual JPM branch where you can purchase digital products with your cryptocurrency. Nike includes a digital copy of your new sneakers that you can upload to your virtual locker. Those are just two examples of how very well-known brands are adopting. This is just the beginning.

You may have heard about the crazy returns NFT investors and traders regularly make. Do not be fooled by that news. Profitable NFT traders are putting a lot of effort into making profits, and many use various tools to stay on top of the fast-moving market and do their research.

This article gives an overview of some of the best NFT Tools.

Nansen

Nansen is the industry standard of Defi and NFT Analytics Tools. You have tons of features available. You can check the leaderboard of NFT wallets and see in detail what smart money is doing in this space. Nansen is tracking 90 million wallets and preparing the data for your research. Recently, Nansen introduced NFT indexes to track market activity and trends more abstractly.

The pricing is not cheap and starts at $149 monthly and goes up to $1490 for one month of use. If you want to test the tool, you can sign up for $9.

There is no defined research process, like in most areas of the fast-paced crypto space. The NFT leaderboard is a good starting point to see what profitable wallets are doing. You can start your research there and go down the rabbit hole. Be careful; it's a deep one.

Rarity Tools

Rarity tools is an excellent tool for calculating a unique rarity score for each NFT. Rarity plays a vital role in NFTs defining the uniqueness and price of a non-fungible token.

Rarity tools also has an up-to-date NFT Calendar showing upcoming mints.

The tool is easy to use, has great filtering options, and is free. Rarity Tools is probably not the right choice if you are trying to find out about the rarity of freshly minted NFT collection; there are better tools for that. New collections can take weeks until they are available on the platform. Maybe this is also related to the 2 ETH listing fee for brands.

Dune Analytics

Dune is one of the best free tools available to build your own personal dashboards, visualizations, and queries, or just go through the thousands of community-created dashboards and queries available. The community is just stunning.

If you want to create your own (complex) queries, you should know SQL or be willing to learn about it.

Data is available from Ethereum, Polygon, Binance Smart Chain, Optimism, and the Gnosis blockchain. In the detailed documentation, you see how the database is structured and how you can query it to get the needed information.

OpenSea

Opensea is the biggest NFT Marketplace at the moment. You can buy and sell NFT on Polygon, Ethereum, and Clayton Blockchain.

Due to its great filtering options, Opensea is also a great resource if you want to research your favorite NFT collections. Data is also available in real-time, which can be essential for your research.

You can find NFTs in nine different categories: Art, Collectibles, Domain Names, Music, Photography, Sports, Trading Cards, Utility, and Virtual Worlds.

EtherScan

EtherScan is the free-to-use Blockchain Explorer for Ethereum. It is excellent for getting transaction information in real-time, fetching Metadata, reading smart contracts, or, if you are a professional, minting your favorite NFT directly from the project contract.

EtherScan does not have a super fancy user interface, but if you are getting serious and diving deeper into Cryptocurrencies and NFTs, you need to learn about this tool. Most of the mentioned tools are getting their data via EtherScan API.

I recommend learning how to use EtherScan, maybe this is not needed when you get started, but along the journey, you should add this to your tool belt.

Traitsniper

Traitsniper analyzes ongoing and upcoming projects and helps you find potentially mispriced NFTs. The tools are based on an NFTs rarity.

Traitsniper analyzes a new NFT collection within 2 minutes and all that with very high accuracy. If you are using the free version, you have access to most features. The data are updated with a 30 minutes delay. This is usually not a big issue. If you want the updates in real-time, you can take a subscription that comes for 0.2 ETH per week or 0.65 ETH per month.

The Traitsniper community on Discord is also great if you want to learn more.

NFT Bank

You buy an NFT here, a token there, and you end up in a mess, not even knowing what you have bought. That's where NFT Bank comes into play, you can connect your Web3 wallet like Metamask, and you have an overview of your purchases.

Besides that, you also will find a free ROI calculator and get support with filing your taxes—everything for free.

NFT Bank is an excellent tool if you want to understand your investments better.

Conclusion

The Crypto and NFT world can be very overwhelming. There is no concrete process that you can follow; you need to dive in and make step by step forward.

You can use different tools to accelerate this process to save tons of time. In this article, I gave an overview of some of the most important tools in the NFT world.

I hope you enjoyed the article. Have fun with NFTs.

Resources Links

Nansen

Rarity Tools

Dune Analytics

OpenSea

Etherscan

Traitsniper

NFT Bank

About the Author

Leonhard Brunnhofer is a Founder & CEO of Weirdo.rocks – Entrepreneur, Creator & Crypto Enthusiast.

Weirdo.rocks was created by people who believe that every human deserves the chance to develop their own lives as they like. They produce high-quality, educational content & reviews around cryptocurrencies and other areas to help people design their own lives after their needs.


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