Lack of data accessibility is a key challenge for the NFT sector. Here is how a data analysis tool is bringing transparency and liquidity to the market. Nonfungible tokens (NFTs) have grown into a distinct sector within the blockchain industry, but they still have to address several challenges before aiming for mass adoption. One of the key issues of the space has to do with data accessibility, or mostly, the lack of it. Unlike the broader crypto industry, the NFT market is still in its infancy, and there are relatively few resources available for tracking NFT collections, exploring detailed statistics and analyzing market trends.
To begin with, the NFT market lacks standardized data formats and metadata. This can make it difficult for NFT buyers and sellers to share and analyze data, such as ownership history, provenance and other important details. Without access to meaningful data, it can be challenging for buyers to make informed purchasing decisions and for creators to accurately price their NFTs.
One of the reasons for the current situation is that the NFT market is highly fragmented, with thousands of different collections and individual NFTs available for purchase. This makes it challenging for any single resource to provide a comprehensive view of the market as a whole. Users can still rely on blockchain analytics resources like Nansen or DappRadar, but they are not NFT-oriented and may not cover the NFT market from all angles.
Boosting data accessibility in the NFT space can contribute to a more mature and efficient market in which buyers and sellers can make informed decisions based on a complete view of the space. This, in turn, can drive growth and innovation in the market, leading to increased adoption and participation over time.
Here are some ways in which dedicated NFT analysis resources could help the market:
The huge demand for reliable NFT analytics tools is a good opportunity for developers to come up with solutions. Some companies are already well ahead in this race. One example is bitsCrunch, an NFT-oriented data analytics firm. Its flagship product is Unleash NFTs, a leading AI-powered NFT analytics platform that provides a comprehensive overview of the NFT market, along with rich infographics, in-depth market reports, relevant statistics and insights into wash trading patterns.
Saravanan Jaichandaran, the chief data scientist at bitsCrunch, shared: “Data accessibility remains a core issue despite the prominence of NFTs in the last few years. Recognizing that, we have built Unleash NFTs to offer reliable insights that let people make more informed decisions on their NFT investments, thus adding more trust and transparency to the ecosystem.”
With Unleash NFTs, bitsCrunch is aiming to make NFT analytics more accessible to NFT investors, creators, and enthusiasts. The company relies on three core values:
Besides offering in-depth reports and rich infographics, Unleash NFTs has a dedicated tool to identify wash trading, an activity where one or more traders have schemed to create an artificial demand for an NFT by buying and selling it multiple times. Data accessibility is a critical factor for the growth and maturation of the NFT market. The lack of standardized data formats and metadata, along with the highly fragmented nature of the NFT sector, presents significant challenges for buyers and sellers looking to navigate this emerging space.
Thankfully, there are signs that the situation is improving. New platforms and tools show up, aiming to provide greater transparency and better market analysis while leading to increased liquidity in the NFT market. Additionally, there are efforts underway to develop standardized data formats and metadata that can bring more consistency and predictability to the market.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||91.6%||12||$27 080.57||0.50%||1.41%||$525 120 984 052|
|2||ETH||Ethereum predictions||94%||5||$1 893.90||1.22%||3.85%||$227 727 252 078|
|3||USDT||Tether predictions||93.2%||1||$1.000298||0.02%||0%||$83 274 522 418|
|4||BNB||Binance Coin predictions||91.6%||2||$306.98||0.53%||0.34%||$47 844 502 244|
|5||USDC||USD Coin predictions||96%||1||$1.000012||0%||0%||$28 940 996 302|
|6||XRP||XRP predictions||80.4%||40||$0.518733||2.48%||12.36%||$26 965 484 878|
|7||ADA||Cardano predictions||94%||7||$0.375804||2.71%||4.65%||$13 110 576 749|
|8||STETH||Lido stETH predictions||90.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||85.6%||14||$0.072136||0.28%||2.18%||$10 070 286 642|
|10||SOL||Solana predictions||82%||27||$21.12||2.00%||9.24%||$8 375 768 500|
|11||MATIC||Polygon predictions||81.6%||31||$0.897462||0.39%||-0.66%||$8 327 966 768|
|12||WTRX||Wrapped TRON predictions||80.8%||34||$0.076148||1.38%||-0.10%||$7 742 460 822|
|13||TRX||TRON predictions||78.4%||33||$0.076534||1.77%||0.53%||$6 903 793 375|
|14||LTC||Litecoin predictions||81.6%||38||$94.27||-0.39%||8.09%||$6 887 309 688|
|15||DOT||Polkadot predictions||90%||8||$5.23||-0.18%||0.15%||$6 226 557 990|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.