Although the NFT market is currently in a bear market, it is still in a hot stage. NFT is a new trend, and a large number of new projects emerge one after another. According to NFTScan data, Ethereum has added 3,905,374 NFT assets in the past 30 days as of 12.13, with an average of 130,000 NFTs added every day. The growing popularity of NFTs has also opened up entirely new revenue opportunities for investors, collectors, and creators.
Of course, we cannot be 100% sure what will happen to a project in the future, it may grow 10 times one month, or it may fall apart the next month. The value assessment of NFT is completely different from that of ordinary cryptocurrencies. At present, there are a lot of projects in the market, and it is necessary to rely on objective data facts to discover the intrinsic value and development potential of an NFT Collection.
1. Project overview
The first step is to understand the basic situation and general positioning of these projects before understanding a project.
BAYC is currently considered the most successful blue-chip project. The creative team is Yuga Labs. It was originally initiated by a small team of 4 people, and now it has reached hundreds of millions of dollars in transactions. The project is based on Ethereum's NFT collection, which gives holders rights, such as the use of private Discord servers only for BAYC members. NFT not only serves as a PFP avatar to show its status, but also can be used as a community pass card to enjoy the benefits brought by the community.
The major innovation of BAYC is that, compared with the CryptoPunks development team's ownership of the copyright of the avatar picture, BAYC gives the commercial rights of the avatar picture to the holder and the community, achieving true decentralization. BAYC has promoted NFT PFP to the mainstream and created a huge social trend. Many social celebrities hold their own BAYC avatars, which shows their influence. In addition to the airdrop of Bored Ape Kennel Club, the subsequent derivative series Mutant Ape Yacht Club and Otherdeed have set off a boom in the market.
Unique, non-issued NFTs are scarce, so they are more valuable than a large number of works. The BAYC project consists of a total of 10,000 unique Bored Apes, each one of a kind. The current market cap (Market Cap) is 731,689 ETH, the highest transaction price (Highest Price) is 1,080 ETH, and the floor price (Floor Price) is 69.5 ETH. The average price and total transaction value within 24H are 67.2 ETH and 4710.2 ETH respectively. Count 70 times. For stable blue chips, liquidity is good.
2. Transaction data
Whether the liquidity of a project is good, whether the transaction cost is high, and whether the popularity changes drastically are all well reflected in the transaction data. As the number of participants increases, the transaction volume will also increase one after another. Data shows that despite 2022 being a cold winter for cryptocurrencies, BAYC transactions are not standing still.
1) Looking at the time span of one year, the total transaction volume reached 655.77k ETH, the transaction volume was 6.69k, and the average price was around 98 ETH. There were three peaks in both transaction volume and transaction times. In each peak, there were at least 92 transactions with a total transaction amount of at least 1,3178 ETH.
2) In addition, as of the current month, the total transaction volume is 54.58k, the total number of transactions is 785, the average number of daily transactions is 26, and the transaction amount on 2022/11/24 is slightly higher than 5k ETH. It is reported that earlier, the Bored Ape Yacht Club officially posted "Happy Thanksgiving, Apes. The Trial begins this Christmas." on social media, or hinted that new products will be released.
3) In addition, in the past three months, the transaction distribution and market distribution were mainly concentrated on OpenSea, X2Y2, Blur, LooksRare, 0x, and Sudoswap, among which OpenSea took the lead and accounted for 33.94%, 29.32% of the transaction volume came from X2Y2, and 29.24% came from Blur, 7.27% from LooksRare. Among these trading platforms, the average transaction price of BAYC is around 73.3 ETH, and the highest price is BAYC#232 on 2022/11/23, which was sold at a price of 800 ETH on X2Y2.
4) Projects with high transaction frequency are basically top-level projects. The changes in the trend of traders and the trend of trading volume are similar. Judging from the change of traders, after November 8th, the changes of traders are relatively large, and the daily trading volume surges. The liquidity data of this project during this period is better . From the perspective of shareholding distribution, 81.9% of the 5,219 Holders hold only one BAYC, and 13.79% hold 2-3. The holding period distribution is very stable. 46.26% of Items have a holding period of 3m-1y, and 30.74% have a holding period of more than 1y.
3. Real-time trading activities
Liquidity is a key indicator of the health of any market. By observing liquidity, it is possible to analyze whether the composition of market assets is stagnant or flowing. Real-time trading activity tracking and monitoring allows users and investors to keep abreast of the real-time activities and holdings of blockchain users on the chain, and can understand the latest performance of the NFT in the market according to the activity.
NFTScan adds Method/Marketplace/Value intervals and three filter conditions in the Activity panel under NFT Collection. Through Method, you can choose trading methods such as Mint/Airdrop/Sales/Transfer/Burn; and the Marketplace panel covers all transaction data of 34 markets; in addition, you can choose the transaction price range you want to query under the condition of Value.
It can be seen that BAYC has a total of 98,455 transaction records on the chain. Through it, you can see how active BAYC is in the market, what is the current transaction price, and whether the liquidity is good. These can all be factors for judging the current popularity of a project. Exploring more NFT activities and monitoring project activity data can help users and investors identify real-time price trends. Knowing the market sentiment of a project can benefit a lot from it.
4. Top Holders
From a subjective perspective, in addition to being a buyer's own hobbies and preferences in the art world, we can track some influential figures. If you invest in an NFT project too early, you may not see the benefits, but if you track an influential seller, we can see his personal trading activities over a period of time to track the sales trend of an NFT product. You can also track those giant whales. In the ever-changing market, the trading dynamics of giant whales can be used to judge whether an NFT Collection has prospects. Observing their next trading trend can find some valuable investment opportunities.
The address of giant whale dingaling.eth currently holds 102 BAYC, accounting for 57.44% of the total estimated value of the NFT held. It is not difficult to see from the figure that the address is currently estimated to be profitable on BAYC The most, as high as 7128 ETH, BAYC derivative product MYAC accounted for 11.71% of the NFT held, worth 1446.39 ETH. It is worth noting that in the current collection, it can be seen from Top Holders that there are 127 Receives and 25 Sends for the address of the BAYC project.
5. Blue Chip Sales
Blue chip dynamics is also one of your weapons to dig deeper into the value of NFT. Blue Chip Sales covers all the blue chip NFT activity data you need. If you want to know more about the buyer's account, you only need to click on the corresponding address. At the same time, NFTScan also displays the transaction Item and token transaction price of NFT.
NFTScan sorts the items according to the latest transaction time by default. Users can view them on the upper left side. Click the "All Blue Chip" button to modify the default settings, and search for the selected Blue Chip NFT item in the menu. Here, Bored Ape Yacht Club is selected. . Users can find the latest trading activities of BAYC in the shortest time, and BAYC is still the top blue chip.
To discover the intrinsic value of a project, data is the most powerful. Nowadays, the NFT market is developing rapidly, and it is also a new trend that investment institutions are paying attention to. Whether NFT is used as a status symbol or an opportunity to bring you a huge wealth effect, we must rationally evaluate its value.
About NFTScan
NFTScan is a professional NFT browser and data infrastructure. It currently supports the full amount of NFT-related data on ten blockchains including Ethereum, BNBChain, Polygon, Solana, Arbitrum, Optimism, Moonbeam, PlatON, Avalanche and Cronos. As an independent data platform, NFTScan has its own full node index and records data on the blockchain. The team is currently focusing on the expansion of multi-chain infrastructure, covering relatively more complete and richer types of NFT data, and has the largest and most complete NFT Collection library in the entire network.