Data analysis is an important part of markets. Whether you trade equities, collectibles, or dropshipping businesses, we all analyze a market’s data to the best of our abilities in order to formulate our thesis.
A little over a year into the outbreak of the NFT market, data analysis is quickly becoming a critical skill to surviving and making good investments.
We talked previously about the Art of Wallet Watching and using tools like Nansen.ai to analyze wallet data across the entire industry. Tools like NFTGO and Ayzd provide real-time updates on the price movements of NFT collections. Some have even adapted their data analysis tools to the 280-character tweet, such as Spr3adsh33t, NFT Watcher, and NFT Whale Alert.
NFT investing is transitioning away from a gut feeling to a data-informed decision. Although data doesn’t yet dominate the NFT market in the same way that it dominates the equities market. But we’re well on our way.
In today’s video, we look back at some of the important NFT data from 2021 and offer up our take on where things are headed in 2022.
If you’re familiar with emerging markets, then you’ve probably heard the adage that “during a gold rush you can mine for gold or sell pickaxes”. It’s age-old advice to sell the ancillary goods, services, and tools that help opportunists chase the wave of excitement.
Data analysis tools could very well be the pickaxes of the NFT gold rush. The data is there for the taking. After all, it’s public on the blockchain. But it’s not accessible to the average NFT opportunist. And for that reason, these tools command a lot of traffic. Only a few of them are actually charging people, though.
We talk about this concept in greater detail on Episode 25 of the NFT QT Show – 6 Ideas that Will Influence the Future of NFTs – which you can watch here: https://youtu.be/bBPOJbyDErw
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