Looking for those rare NFT finds? Here are some tools that can help!
With the non-fungible token (NFT) market growing to US$41 billion, 2021 turned out to be a great year for those within the space. The popularity of NFTs is evident in the fact that the use of the abbreviation has increased by 11,000% in the past year. As interest in NFTs increases, more and more people are looking to grab one of these digital collectibles for their collections.
Some NFTs (like Cryptopunks) are truly digital Mona Lisas and fetch equivalent returns on resale, but the same might not be the case for every NFT. That’s where NFT analysis tools come in. They help you sift through the hordes of NFTs being released these days and find the “rare” needle in the haystack! Here are some tools available at your fingertips:
Rarity.tools – to analyze rarity
One of the most important factors in determining an NFT’s value is its rarity or uniqueness within its collection. The rarer an NFT is, the higher its value would be, and, thus, it is important to get your hands on the rarity of an NFT before investing in it. Rarity.tools is a platform that analyzes the rarity of an NFT. The platform allows users to sort through NFTs based on their sales volumes in Ethereum (ETH) and contains detailed information about not just popular projects, like Cryptopunks and Bored Apes, but also any upcoming NFT projects. The tool is free for users, but creators need to pay a price of 2 ETH to list their products on it.
Using its own formula, rarity.tools gives a “rarity score” to each NFT based on the rarity of each of its characteristics. Hence, users of the platform get a clear picture of how much each characteristic of the NFT is worth. Additionally, the platform goes through discussions within the NFT collection’s community and factors hidden characteristics into its ranking.
Etherscan Token Tracker: to analyze historical data
An NFT’s metadata is also an important factor when looking for a prospective NFT to purchase. You can analyze the historical data of an NFT by using the platform, Etherscan Token Tracker.
The platform provides users with access to all ERC-721 token contracts (standard NFT contracts). It also allows them to search through wallets, transactions and tokens, giving users complete information on minting, distribution, transfer and prices of NFTs.
The platform not only works for NFTs but also for cryptocurrencies. It has a gas price tracker which provides you with an estimate of how much gas fee you would have to pay to make token transfers and transactions. The platform also has a feature that allows users to check for airdrop token availability. It would be a good pick for someone who wants to use the same platform for both their NFT and crypto research needs.
OpenSea: for quick real-time analysis and purchase
OpenSea is a well-known NFT marketplace with a record high of US$14 billion in earnings from its all-time sales. Besides being the hub for NFT purchases, the platform serves as a great NFT analysis tool. The advantage of using OpenSea is that you can analyze potential investments and buy them on the same platform, therefore streamlining the whole process.
OpenSea features statistics about the ranking of each NFT project and also their sale and purchase activity. The platform supports NFTs on the Ethereum, Polygon, and Klaytn blockchains and allows users to filter NFTs based on various categories such as art, music and sports.
While this list contains only three, there are other tools that provide similar services for NFT analysis. For instance, to check the rarity of NFTs, you can also use TraitSniper or RaritySniffer. Since Rarity.tools demands a listing fee, some creators might not choose to list their projects there. Hence, you can use other similar tools to give yourself a window into all of the NFTs out there. Similarly, you can use Nansen instead of Etherscan to provide you with detailed information on various NFT wallets and track their investments over time.
The point we are trying to reinforce is that you have a lot of tools at your disposal to make smart NFT investment decisions. Make sure you put in a lot of research before you decide on what to add to your collection.
Header image courtesy of Freepik.
