This article does not constitute any investment advice, but only helps readers how to use NFT GO to conduct data analysis on the NFT market to judge the status quo and trends.
Since April this year, the market has gradually entered a downward phase. The most representative signal is that since the Federal Reserve raised interest rates in April, the total market value of cryptocurrencies has gradually declined, and capital flight has accelerated. In the process, the super-bad event represented by UST unanchor triggered a series of reactions in the market (the bankruptcy of some leading encryption funds, and the run on some "wealthy" CeFi institutions), and the market turned bearish in an all-round way.
From the perspective of the NFT sector, the overall bearish turn of the market means that the overall NFT sector is facing an unprecedented liquidity crisis. Except for some top-level NFT collections such as BAYC, CRYPTOPUNKS, etc., most long-tail low-value NFT assets are almost lost. Without liquidity, traders and potential traders are losing activity. At present, the overall value of the NFT sector mainly comes from the premium brought by IP, which is full of speculation and FOMO. The composability of NFT is the source of its further imagination. Under the general situation of the overall capital fleeing in the market, NFT is due to The narrative direction is single and gradually loses value support, which is also the root cause of the liquidity crisis it faces.
Of course, when we judge the NFT market situation, it is more convincing to use data to illustrate the situation. This article will recommend readers a high-quality NFT data tool NFT GO, which aims to allow NFT investors and potential investors to judge the market through data to make more informed NFT investments.
NFT GO
NFTGO is a data website that I often refer to when I produce content and judge the NFT market. NFTGO has comprehensive and detailed statistics on the overall market. Although the data may not be completely accurate, it can basically meet our trends and markets. Judging the needs of the current situation.
NFTGO provides more detailed data on the NFT data overview, including barometer, blue chip project index, market value & transaction volume, holders & traders, total market value and project distribution, etc.
- Barometer and Index of Blue Chip Projects
The barometer and blue-chip project index are an overview of the NFT market. We can see that in the barometer sector, the current market sentiment is not high, investors or potential investors have poor investment sentiment and activity, the number of sellers is greater than that of buyers, and The loss of an effective investment address is greater than the profit. In addition, from the blue-chip sector, although it rebounded in mid-June, the overall trend is not optimistic (of course, the index sector Red Hare NFT is doing better). Therefore, this can well reflect the general status quo of the current NFT market. However, under the favorable environment of the NFT market at the beginning of this year, it is exactly the opposite of the current data response.
- Market Cap and Transactions
Total market capitalization & transaction volume, holders & traders data can give the overall development trend of the market in more detail. From the current point of view, the total market value of the NFT market is 23.36 billion U.S. dollars. Although it is still a very impressive figure compared with the same period last year, compared with its peak period of 37.74 billion U.S. dollars in March this year, the overall market value has shrunk by nearly 1. /3. Judging from the transaction data, the transaction activity of the market has declined since its peak in January this year, especially after April.
In the data of holders & traders section, the speed of increase of NFT holders has gradually increased from the initial rate to a few months ago, and gradually slowed down, which means that the new NFT projects in the market are gradually becoming less affected by the market (The investment behavior in the capital market has declined), but there is still a continuous issuance of NFT assets in the market. From the perspective of buyers, sellers and dealmakers, the number of buyers is showing a downward trend, while the number of sellers has rebounded. Statistics on the 10th are incomplete). So this means that the purchasing power of the market is declining, more and more people tend to sell their NFTs, and the liquidity of NFTs in the market is poor, and the transaction matching rate is not high (for example, before the market was good, At this time, the activity of buyers is far greater than that of sellers, because they have more confidence in the market).
- Distribution of total market capitalization
From the perspective of the total market value distribution sector, in the current NFT market, PFP, artwork, collectibles, and game sectors still occupy a dominant position (the market value accounts for a relatively high proportion, accounting for more than 70% of the overall proportion), which means that most of the current NFT The premium itself still comes from IP, and high-value NFT supports the main market value. But the good side is that, in addition to these sectors, the NFT track is gradually showing diversified development, and many emerging sectors have emerged in addition to music NFT, domain names, sports, photography, and social networking, and their market value is relatively small. , but is showing an upward trend, these emerging areas are playing composability for NFT and driving the adoption of new narratives of NFT. Especially the music NFT track, the music NFT platform represented by Melos, Voice Street, Audius, etc. is promoting the integration of NFT and music, and the sports NFT track represented by StepN is further giving NFT more practical sex.
From the perspective of project distribution, top PFP and metaverse (land) projects have become unicorns in the NFT sector in terms of transaction volume and market value. For example, CryptoPunks + BAYC accounted for more than 16% of the market value of the NFT sector. Other high market value projects except MAYC (3.3%), CLONE X - X TAKASHI MURAKAMI (2.1%), Moonbirds (1.98%) and other PFP projects, Otherdeed ( The virtual land of OtherSide launched by Yuga Labs) 3.68%, and the land of the metaverse project The SAND BOX also appeared on the top list with 2.82%. After CryptoPunks was acquired by Yuga Labs, the market value of Yuga Labs’ NFT territory exceeded more than 20% of the overall market value of NFT, but many people think this is not a good signal.
In addition to judging market trends, we can also track the data of an NFT project, such as floor price, transaction volume, holder address, flow direction, and liquidity indicators.
It also includes some schedules for new projects (updated more frequently).
NFTGO can basically meet the trend judgment needs of ordinary investors, and it is also one of the data platforms with more comprehensive indicators and data in the current NFT data website.
However, judging from the source of data, NFTGO focuses more on the statistics of NFT projects on Ethereum and market data analysis (of course, the collection of some long-tail NFT projects on Ethereum is not good), Solana, BNB Chain and FLOW, etc. Emerging NFT ecological projects have less data (although they are relatively smaller than the Ethereum market), and there are certain limitations in the overall project collection and data statistics, but they are informative