Essential NFT Tools to Improve Your Decision-Making Process
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Introduction
What we’ve been noticing
An NFT or Non-Fungible Token is a digital asset based on blockchain technology and it can be represented by any type of art, music, in-game items, videos, and more. NFTs might be one of the most effective ways to onboard new crypto users, due to its easy understanding and clear utility. There has been no sphere where the NFTs did not have an impact. From entertainment, games, art, collectables, and real estate, it has found its way to the average consumer. NFTs do not have a fixed value, rather their value is determined by their demand.
Just like cryptocurrencies and stocks, NFTs can be purchased at cheap prices to be sold at a higher rate in the future. There are various NFT trading and analytics tools that can aid you in this process to protect your digital assets and mitigate the risk of losing your investment. Let’s dive deeper into this.
Key Topics this Article will Cover:
What are NFT tools?
Why are NFT tools so crucial?
What are the leading NFT trading and analytics tools?
Conclusion
What are NFT tools?
NFT analytics tools are tools that enable NFT traders, creators, sellers, buyers, collectors, and enthusiasts to analyse data about NFTs and NFT collections. NFT analytics software and tools give insight into an NFT's:
Popularity
Pricing
Trends
Trading information
Portfolio management
And much more
NFT analytics tools are a must-have for any NFT trader, creator, seller, or collector. With the help of these tools, you can determine what NFTs you should hunt down next and where to most efficiently sell them.
Why are NFT tools so crucial?
One should avoid following the crowd and falling into the FOMO pit. Instead, use data tools to make informed decisions based on what data tells you, not market hype. This allows you to remain ahead of the competition and make sound judgments. Using the right tools will help you find those elusive bits of NFT gold.
You'll receive assistance with NFT rarity detection, NFT media sources, and NFT marketplaces. These materials are a valuable addition to your toolkit while you conduct your due diligence. Wrong or misleading data may make or destroy an investment, or even land you in the middle of fraud. Having access to various tools and a full understanding of the data that is incorporated into monetizing NFTs could mean the difference between simply being a collector and becoming a successful trader.
What are the leading NFT trading and analytics tools?
There are a number of top-rated NFT trading and analytical platforms that you can choose from to help you grow your NFT portfolio. Here are a few of the most essential NFT tools that you’ll need to be successful in your NFT investing and trading journey.
NFT Inspect
NFT Inspect is a web3 aggregation and social analytics tool that enables NFT creators and collectors to access real-time data from Twitter via profile pictures. It has a web-based platform and a chrome extension to offer you different mediums to access critical social information that could help in trading decisions.
This tool measures NFT communities’ reach and engagement levels, allowing users to assess the current state of projects in an automated way. Moreover, NFT Inspect can generate crucial information such as collection rankings based on public perception, the total volume traded, tweet engagements, and more.
Dune Analytics
Dune Analytics is a data platform that crypto-asset analysts and investors use to research specific projects such as NFTs, DeFi platforms, or blockchain ecosystems. Anyone can query the data and create visualisations using Dune. It allows anyone to publish and gain access to crypto trends in real time. It is a community-based open-source data provider, and it is freely available, so anyone can access and publish data without registering or paying.
The platform currently supports data from Ethereum including layer-2 solutions such as Polygon, Binance Smart Chain, and Gnosis Chain.
Conclusion
Having the right NFT research tools will put you in the driver’s seat when it comes to safeguarding and extending your NFT tools collection. This is whether it’s a portfolio tracker, market options, or getting the latest news. Some of these programs feature premium options that provide you with a competitive advantage over other traders or provide a high-quality inventory that allows you to precisely monitor your digital assets.
Watch the video below for a step-by-step guide on how to use these tools and which info you need to keep an eye on to be successful in your trades.
Got a question for our author regarding this article? Contact him at:
Giovanni Populo | Associate Consultant
E: Giovanni.P@EconomicsDesign.com | W: EconomicsDesign.com