Importance of NFT analysis in India
Of Vijay Pravin Maharajan
NFTs have gained popularity in India in the last couple of years. With celebrities and sports icons turning their eyes to NFT investments, ordinary people are skipping most of the leveraging of these digital assets. However, traders and enthusiasts are being duped by scams as the awareness of NFTs and digital assets mainly happens on social media messages and communities – Twitter, Telegram and Discord, to name a few.
A couple of days ago, Elon Musk replaced Twitter’s distinctive bird logo with the Doge. Immediately after this announcement, the price of Dogecoin rose from $0.076 to $0.101. Despite intraday fluctuations, 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, however, Doge NFT has seen an increase of 2.97% on the same day. The price of Doge NFT fell to -7.32% 60 days ago. This is probably the first time many NFT traders come across Doge NFTs.
Crypto markets and NFTs have a lot of uncertainty, don’t they? Very often, NFTs are overhyped and purchases are made out of FOMO or to show off on social media without delving into the details of the collection. Such hasty decisions will result in loss of investment, and this further emphasizes the importance of NFT Analytics.
In budding marketing for NFTs like India, as traders you need to know the basics – Floor Price, Average Selling Price and Volume and Rarity of the collection. These factors should 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 capture the NFT market trends and trade data around your favorite NFTs. But how to put these tools to good use?
There are quite a few NFT Analytics tools on the market that can help you understand transaction data, wallet address and chain details. However, intelligent insights will help NFT traders and enthusiasts make better buying decisions and stay away from NFT scams breaking the ambiguity around.
A comprehensive access to real-time NFT transaction data such as the market value of each NFT pool, the volume of NFTs traded per pool and the Washtrade pool is something that will benefit any NFT trader. The data can be different to multiple blockchains and also specific to transactions in the last 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 accurate in terms of the data they display on the dashboard and are highly recommended for avid NFT traders. Some of these tools also offer personalized data based on user behavior. Apart from being notified of transactions and washed data from the collection of interest, keeping up to date with these analytics will guide traders open avenues for new trading strategies.
The author is the founder, CEO, bitsCrunch
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