Nansen’s Indexes Reveal Insightful Trends In The NFT Space
Added: (Tue Apr 18 2023)
Pressbox (Press Release) -
The NFT market is an unpredictable and fast-growing market that requires a reliable infrastructure to navigate it. Nansen has revealed some insightful NFT trends that will empower the NFT enthusiast to explore deeper into the NFT industry. Despite facing a 28.8% drop in the last month, Nansen recently launched NFT-500 which has grown by 68.5% for the top-500 Ethereum NFTs.
Nansen, the blockchain data analytics firm, has published a twelve-page report that evaluates the performance of Ethereum NFTs. The report uncovers various convincing signs supporting the financial and social future of the ecosystem. The extensive utilization of NFTs will improve education and adoption. Here is how Nansen will help users to leverage the new NFTs market
Nansen’s Contribution To Build Quality Financial Infrastructure
Nansen improves blockchain data through millions of wallet labels. The platform provides dashboards and alerts for cryptocurrency investors to protect their portfolios, find opportunities, and conduct due diligence. Nansen NFT indexes support the development of NFT markets by setting a higher standard for quality financial infrastructure.
Nansen presents a more extensive scope of Ethereum based NFTs expanding on the prominence of the Blue Chip Index. Users will be able to gain insights into the rapidly developing areas of the NFT market based on this update.
Nansen’s Six NFT Indexes
Nansen launched six NFT indexes in February namely, Nansen NFT-500, Nansen Blue Chip-10, Nansen Social-100, Nansen Gaming-50, Nansen Art-20, and Nansen Metaverse-20. Nansen claims that all these NFT indexes will “raise the bar for quality financial infrastructure that supports the growing depth of the NFT industry.” The six NFT indexes of Nansen follow the ETH blockchain’s market activity. The indexes enable the users to investigate and expand into various sectors of the NFT industry. Further, they define the categories and subcategories of NFTs by analyzing their use cases.
Nansen Outlines Innovative Ways Of NFTs Trading
Nansen is well known for its DeFi administrations, apart from assisting with NFT trends evaluation and analytics dashboards for both retail and institutional investors. Nansen identified the gap in surfacing NFT investment signals to design its six indexes that will innovate the ways of trading. It enables traders to determine the movement of the NFT market segment against others. Over the past thirty days, the indexes outlined three market trends such as less volatility of social and metaverse NFTs, more volatility of art NFTs, and underperformance of gaming NFTs.
NFT Market Trends So Far
The data collected by Nansen shows some key NFT trends in the crypto industry. These trends are mentioned as follows:
Last year, the NFT market experienced a 200-fold increase in sales and the sector continues to outperform. Nansen NFT-500 beat the crypto industry by 68.5%.
Ethereum based NFTs have an inverse relationship with DeFi.
NFTs in Gaming and Metaverse show the lowest volatility.
Seventy-nine percent of the NFT market is occupied by social NFTs.
NFTs are projected to forge ahead in a vertical direction. Further, the NFT industry highlights the potential to turn into a significant income stream for the gaming and entertainment industry with the perspective of 2022 and beyond.