Non Fungible Token or NFTs sales are booming right now across different platforms and marketplace.
Show twitter NFT projects on ETH, SOL and ADA
A Lot of people are hyping it right now, you can simply search around twitter and see NFT projects left and right. But is it really a good investment to get into NFTs? and how can you make good decisions when it comes to buying and selling Non Fungible tokens?
In this video we’re going to take a look at the progress that is happening right now in NFTs and review market data in order to make quality and informed decisions when it comes to NFT space.
Before you invest your hard earned money, you have to do your diligent research and not simply buy the hype of a project.
NFTs is a wild market right now, with tons of artists and developers launching their projects almost every week, it’s kinda easy to be overwhelmed and get blinded with all the potential in the crypto space. That’s why it is important to know the developers and actual people behind a project.
You can do this by searching their Linkedin profiles and researching their past project and their track record in the crypto space.
In this video, I’ll be using Dune Analytics and Nansen AI to review key market data to help us navigate in the NFT world. Right now I’m using Dune Analytics to check the OpenSea data and analyze the market.
As you can see, we have here the monthly volume and as you have noticed we had a huge run in the NFT space in the month of August from 325 million to 3.4billion which is an INSANE amount of growth in just a month.
On the other side we can see how much NFTs are being sold in OpenSea. Again we can see tons of transactions made during the month of August at 1.6 Million but the recent dip in the market this early September kind of affects the sales volume. However, we are already above the sales back in July. Right now we are close to having 700,000 NFT sold in the market which is overall, a strong indicator.
As you can see more and more people are jumping in the NFT space as more unique wallet addresses are being counted in this graph.
Last month of August we had 217,977 unique active users and in this month of September we have 175k users and continuously growing as we cruise this month and easily break the 300k mark before the end of September.
More users equals more potential for the NFT community to earn and accumulate.
Now if we take a look at the daily NFT sales here in Dune, you can easily tell how much money is flowing in the NFT space right now. Back in August we can see that the average price of NFTs are only around .4 ETH and at the end of August we see a massive boom in NFT sales at an average of 1.4 ETH at over 115k sales volume.
And now we are currently sitting at over .65 (check current price) which is pretty decent and could be a set up for the next cycle.
Now looking through this graph, as you can see most NFT sales drop in prices in the middle of the week and appreciate in value at the end of the week. So, if you intend to sell your NFTs, do it on weekends and if you want to buy NFTs do it on wednesday or thursday.
Show Nansen Platform
We have another tool here called the Nansen.AI. This is a paid platform but can provide you with tons of informational values to keep you updated in the NFT space and know how each project is performing in the actual market.
You may have heard the news that Stephen Curry bought an NFT under PudgyPenguins and it insanely drove the price of that project to a max price of 21 ETH instantly. This created a massive hype around the project.
Using the Nansen AI you can simply navigate to the project you are interested in and get lots of information that you can use before buying or selling an NFT.
As you can see in this graph, there’s a massive increase in both volume and eth price by simply having a big name, like Steph Curry, investing in an NFT project.
To simply put, any celebrity or influencer can slingshot the price of an NFT by simply talking about it or investing in it. So be sure to stay sharp with these social media cues so you can position yourself if you want to get into NFTs.
One cool feature in Nansen is you can see which type of individuals are getting in to a project. Notice these yellow circles in the graph are called Notable Buyer.
These persons could be a whale or holders of big bags of ETH and other coins in their wallets. This means people who know their game will hold on to this project and not simply panic sell.
You can also see people who are highly profitable in the NFT space and see how much they earn by buying and selling NFT projects.
You can also see what most successful NFT traders are investing in, what they paid for and when they bought it.
One amazing NFT project you should take notice of is Space Punks. Space punk has had a steady growth so far and continuously has an upward trend.
Transactions are up by several % and right now it has an average of ______ (ETH) and we can see here that a lot of people are getting in this project and some are already taking their profits.
Success of NFT projects also depends on its unique holders. A team that continuously supports the project can create a steady influx of people to get in a particular project like this one. It’s not simply about the hype but steady long term success and growth.
Check out this interesting project. Several notable buyers have joined in to this project and that signals to me that this project has the potential to skyrocket in the near future.
Remember that success in crypto is all about timing and if these people who have a lot of experience in the crypto world are getting in a project that signals me to position myself in to it too.
Next up is Lazy Lion, this project has been doing amazingly well lately as the community builds a healthy atmosphere and hype around this project.
As you can see in the graph, Lazy Lions manage to stay at a relatively high price even though there has been a massive drop in volume.
This is an example of a diamond hand community that keeps on holding on their NFTs and have strong conviction about the project.
And there you have it! These are some of the most notable projects in the ETH NFT space right now that you can get in at affordable prices with a good chance to appreciate in value over time.
We are just scratching the surface of NFT and it’s here to stay in the long term. In the near future, as more developers and well known companies dive into the crypto space and produce their own NFT brands, more people will be enticed to adopt NFT as part of the mainstream.
And you are in the perfect spot right now to position yourself early when this time comes.
Remember that diving in an NFT project requires your own research and conviction that the project will succeed in the long run.
Success of NFT Projects depends largely on the team behind it as well as to the diamond hands that hold it.
More importantly, the amount of community engagement and public visibility of a project also play a critical role in the growth of the project.
Open your eyes and be keen for social media signals for the next NFT projects that you can get your hands on early.
There’s more to NFTs than ETH projects and if you want market analysis and more crypto news about different coins and platforms be sure to subscribe in our channel and hit that notification bell.