No matter how new or experienced you are to the NFT collecting game, it pays to have an arsenal of tools that can help you to manage and understand the value of your unique digital assets.
NFTs can be valuable things, but many of them might be duds, too. NFTs are used to represent everything from digital and real-world art to video game characters and items. For example, the popular play-to-earn game Axie Infinity uses NFTs to represent its playable characters, while Ticketland sells NFT-based tickets online. Other examples include Staynex, the next-generation online travel agency that sells NFTs giving travelers the rights to stay at high-end resorts for a certain number of days per year.
These digital assets can conceivably be a tokenized and blockchain-based representation of anything, enabling them to be freely traded in a decentralized marketplace, so it’s no wonder that many investors struggle to evaluate the true worth of their portfolios.
There are numerous NFT websites promising to deliver crucial insights for investors. Some of them can be fantastic resources, not only for ascertaining the value of individual tokens, but also for managing your collections. Here’s a few of our favorites that every investor should use to discover valuable data about their NFT’s, including their utility, rarity, value and other useful tidbits.
As one of the leading NFT portfolio managers and valuation tools, NFTBank tracks more than 5,000 well-known projects and claims that its insights are extremely accurate, with a 90%+ hit rate.
One of its most insightful tools is its estimated price APO, which gives users an extremely realistic estimation of the true worth of their collection of NFTs. Using this information, investors can make more informed decisions on whether or not to sell or hold their digital tokens.
The NFTBank dApp is widely regarded as one of the most reliable NFT valuation tools, with its fair market appraisals generated by machine learning algorithms that take into account dozens of factors including the NFT’s rarity and utility, sales volume, demand, liquidity and many other variables.
The platform is widely used by crypto investment funds to provide customized reports on the state of their portfolios, and it also boasts an extremely useful tool for exporting NFT transaction data for tax reporting purposes. It also offers a discovery tool for investors to search for NFTs currently listed for sale, and a useful Chrome extension that provides instant valuations for users as they browse through various third-party NFT marketplaces.
NFTBank is notably backed by Hashed, DCG, ik(x) and Sequoia Capital, and is building a comprehensive toolkit for NFT financialization, building a range of API-based services NFT loans, fractionalization, rentals and other financial services that leverage tokenized assets.
NFT Stats bills itself as the number one place to discover real-time statistics about popular NFT collections, offering users a range of useful data, charts, visualizations, insights and news updates.
The website has the not inconsiderable advantage of being user-friendly and simple to navigate, making it an especially practical tool for newer investors who may not understand what they need to look for in an NFT.
NFTs are ranked in a chart that takes into account the number of sales, trade volume and floor price, in order to help users quickly identify the most popular collections and try to spot tokens for sale at advantageous prices. One of NFT Stats’ best tools is its NFT Rarity Explorer, which can be used to ascertain how rare a specific NFT is within a collection.
This is important because rarity is a key consideration when attempting to estimate the value of any digital token. In most NFT collections, each one will have its own traits and properties, and some occur much more frequently than others. Those that are considered to be rare are often highly sought after.
One of the best NFT data aggregators in the business, CryptoSlam is backed by the well-known cryptocurrency investor and DeFi advocate Mark Cuban.
With CryptoSlam, users can explore the latest statistics and metrics about NFT projects from popular blockchain networks including Ethereum, ImmutableX, Polygon, Solana and others.
Similar to NFT Stats, CryptoSlam ranks NFTs based on factors such as their price, recent transactions and sales volume. These parameters can be tracked on a daily, monthly or annual basis, providing a good overview of how the market and demand for digital assets flows over time. Users can also set up CryptoSlam to monitor specific NFTs and provide alerts based on their price movements and other developments, such as their release dates in the case of upcoming collections.
Much more than just an NFT data platform, DappRadar is a one-stop shop for in-depth insights into the entire crypto space, and it offers extensive analytics tools and coverage of the NFT industry, including specific segments of the market such as blockchain gaming.
Its services include regular reports on the state of the NFT industry and trade volume, and it provides an up-to-the-minute ranking of NFTs based on their market capitalization, trading volume, liquidity, sales, floor prices, average selling prices and other essential data.
Similar to NFTBank’s portfolio capabilities, DappRadar allows users to link their Web3 wallet in order to track the performance of their tokenized assets and understand how their investments are paying off.
With its laser-targeted focus on NFT rarity, Rarity Tools provides in-depth analytics tools for users to gauge just how valuable their digital tokens are based on the specific attributes and traits it has. It’s features are easy to explore, and its layout is perfect for digital art collectors with its appearance being more akin to an NFT marketplace rather than a statistical platform.
From the homepage, users can find detailed data on the latest and most popular collections, and dig into the specific attributes that make them special. It provides detailed information on each specific NFT within a collection, giving users all of the detail they need to gauge its true, and potential valuation.
Stay On Top Of A Fast-Moving NFT Market
To sum things up, it’s fair to say that the NFT marketplace is one that’s moving rapidly, inextricably linked to the volatility of the wider crypto world. With new collections released on a daily basis, it’s essential for NFT investors to keep themselves up to date with what’s going on, and the only way they can do so is by obtaining reliable up-to-the-minute information from the most reliable data providers.
Although there are hundreds of NFT tracking tools available in the big wide web, the above applications have established themselves as linchpins of the NFT industry. Their main features are completely free, and the premium offerings within some of them may well be worth the investment for investors that want to squeeze the maximum potential out of their digital asset portfolios.