NFT Tools can change your Flipping Game. In this article, we have covered the Top 7 tools which can help you to make a profitable NFT trader.
Since the beginning of the year, the crypto markets have been in a correction mode, showing a strong correlation with the global equity markets. Due to macro uncertainties and rising inflation, the prices of top cryptocurrencies like Bitcoin and Ethereum took a big hit of up to 30%. And the rest of the pack (altcoins) are down anywhere between 50 and 75%.
So things are not looking great for the crypto markets, irrespective of the incredible growth we see in the industry in all directions. This brings us to the question: which market is currently positioned to succeed and overcome high correlation? We believe it is the NFT market.
The parabolic growth of NFTs, from 74 million to 41 billion in trading volume since August last year, shows us that NFTs have become much more than art and digital collectibles. They now represent a market-expanding technology that can provide so much utility and economic upside to the investor. But times have changed, for the better or worse.
In early 2021, there were very few projects compared to what we’re seeing now in the NFT market. So, it was relatively simple to assess a project and decide to invest or not. But we can’t say that now. The market conditions have changed so much that we see dozens of projects launching every day, with unique artworks, skilled teams, and promising roadmaps.
So it’s exponentially harder to track a project, find a rare NFT, and enter at the right floor price. The solution? NFT tools. Similar to how equity traders use indicator and screener tools to increase their probability of success, you can leverage NFT tools to value a collection purely based on data.
You are at an advantage when you have access to real-time data and rare traits of an NFT collection. You can snipe undervalued NFTs based on rarity and make wise buy/sell decisions when the volume is starting to go up. Now, the question becomes: which NFT tool should I choose? Don’t worry; we’ve got you covered!
In this article, we will be listing the top 7 NFT tools you should check out to get ahead in the NFT market and improve your returns with every trade. Let’s get started.
Most of the tools we see emerging right now take only raw statistics. But we all know when it comes to NFTs, data is not enough to catch an impulse move in the markets. We also need to calculate human sentiment, meaning how the NFT community feels about a particular collection or trait.
To fill that gap, the team at Wall St Fam NFT collection developed VibeRater. It is a one-of-a-kind NFT tool that considers trait weighting and element combinations aka “vibes” of a collection to accurately determine whether it’s undervalued or overvalued. VibeRater also compellingly showcases the data with a Master View that shows the deviation from the expected price based on rankings.
For a nuanced analysis, VibeRater adds “creator-specific” traits into its algorithm. They include vibe boost and confidence score. If an NFT has a vibe score and a high base score, it will likely sell for higher prices. Along with algorithmic factors, the tool also has a deal notification feature, which allows you to set alerts and get in early on deals. You can customize them based on rankings, price, and deviation from expected price.
Outside of technical aspects, there is something more that makes VibeRater the go-to NFT platform for making educated purchases. It is the community-first approach and first-hand experience of the team building an actual NFT collection. Wall St Fam is a noteworthy NFT project that continues to add value to its holders. The team is soon going to launch their next collection with Classic Moms which are required to access VibeRater’s premium features. You can register for the whitelist here.
Icy Tools is one of the most advanced and reliable NFT analytics platforms in the market. It provides real-time data of secondary markets and live minting NFT collections. Icy Tools managed to scale quickly because they collect as much data as possible directly from the underlying blockchain. It uses QuickNode to help process large amounts of transaction data.
Along with its ability to scale, Icy Tools brings a plethora of trading features that makes buying NFTs a blissful experience. They include wallet analysis, token breakdown, custom alerts, smart labels, and curated feeds. Further, it allows you to track the wallets of large collectors, making your job easier to find the right entries and exits. If you wish to make the most of these features but don’t know where to start, you can check out the demo video below.
To access the platform, you can do two things: buy a lifetime membership NFT to Icy Founders Club or a monthly plan at $75. There will be no auto-renewals or lock-ins. You can simply pay with your metamask account or debit/credit card.
Another OG in the NFT analytics department is Trait Sniper. It is regarded as one of the most complete trading platforms, with advanced features and a full-fledged ecosystem for NFT holders.
Trait Sniper has a proven track record of improving one’s profitability. So far, it helped over 100K NFTs get sniped and saw over 65K in ETH volume. And over a million users leverage Trait Sniper to get the best NFT deals every month.
Some of the notable features of Traity Sniper are custom listing alerts, reveal calendar, wallet watcher, chrome extension, customizable gas settings, and whitelists from ecosystem partners. It is also important to note that features vary based on the type of NFT. Traity Sniper launched two NFT collections: Genesis and Alpha. Genesis holders get extra features, such as auto-buy, mass bid mode, instant rarity upon reveals, and access to the genesis group.
Trait Sniper also has a social feeds feature to update you on the most trending NFT collections. And it features a sniper dashboard, showcasing skilled NFT traders. You can check their wallet history to learn how they do it.
Overall, Trait Sniper is an excellent NFT analytics tool. And the thing that makes it so valuable is its connections with communities like Neo Tokyo and Metroverse. Those partnerships can likely give you pre-mint access to future NFT drops.
The most common problem faced by NFT investors and traders is asset valuation. NFTs are subjective, so it is hard to value them accurately according to the actual market price. So you need a tool that factors in different components that go into price tracking and real-time valuation. And among the ones available, NFT Bank is the go-to platform for portfolio management and price discovery.
Tracking portfolios is not limited to only understanding the real-time valuations of your NFTs. It’s so much more. NFT Bank provides you with customized emails and signals indicating changes in your portfolio. If that’s not enough, it also added a tax-filing feature to make it easier to gather all transactions across chains and calculate the estimated profit and loss.
Nansen is arguably the best on-chain tracker for crypto and NFT markets. It may not have a few out-of-the-box features like some of the aforementioned tools, but it is slowly building one of the most robust NFT analytics platform. It has recently added many things to the NFT platform, including a wash-trade filter, NFT indexes, and ERC155 support.
Source- Nansen’s New Wash-trade Filter
Integrating NFT indexes is another smart move by Nansen, as indexes help investors deploy capital to track a particular segment of an asset class. Nansen releases six main indexes, covering gaming, metaverse, and social NFTs.
Timing is crucial in the NFT space. When a new collection launches, many holders will try to sell their NFTs without gaining any knowledge of their rankings. This is where you can take advantage by immediately buying their underpriced NFTs. But to do that, you need to be fast because thousands of other NFT traders are looking at the same collection. To help you with the fast execution of trades, NFT Nerds introduces live NFT sales and listings.
With the help of Firehouse, buyers can create custom alerts with traits and a pricing range. When the buy alert is triggered, NFT Nerds automatically approves your transaction in under four seconds. If you want to use these features with real-time data, you need to buy premium plans, costing anywhere between 0.15 ETH and 0.5 ETH.
WMGI.io is a portfolio tracker and account valuation tool created by NFTommo, a member of the Proof Collective community. WMGI has many sophisticated data points like floor gaps and the number of listings to snipe effectively and find projects ready for a supply squeeze, respectively.
To access the premium features of WMGI, you need to either buy an NFT card or pay for a subscription. The membership NFT costs roughly 0.15 ETH for a lifetime, whereas an annual premium+ plan costs $1000.
It is true and proven that NFT tools can upgrade your trading experience. But at the same time, it’s important to remember that NFTs can go upside down at any time. So it would help if you tried to use these tools to identify price gaps and take advantage of them in the short term. You can make a quick flip or find rare NFTs, but it’s still early to use on-chain data to make long-term NFT investments. All in all, you should still check out different NFT tools, be it free or paid, and see if you can find some alpha.
Born and brought up in India, Karthikeya Gutta is a crypto journalist and freelance contributor for ItsBlockchain. He covers various aspects of the industry with in-depth analysis and research. His passion towards blockchain and crypto ecosystem is mainly because he believes it can really change the world and help millions of people.
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