Spotting Price Trends In The NFT Market Using Degen Data
December 27, 2021 | Leslie Michael Jr. | Crypto Coin Show
Degen Data uses data analytics to help investors trading NFTs focus on ones with greater profit advantages.
Degen Data consists of traders, engineers, data scientists, and smart contract developers. The team observed the NFT market growing organically among crypto natives. The analytics group also sees a lot of big brands getting into the space as a macro trend for the foreseeable future.
“There needs to be tools to support finding proper values and trade analytics around specific metadata features,” says Pat Doyle, Co-Founder of Degen Data
Ashton Addison spoke with Doyle on their NFT analytics platform, the rise of NFT’s and how to use analytics to spot trends, invest, collect, or flip NFTs. They discussed where NFT’s are going, how to capitalize on opportunities, and the roadmap for Degen Data in 2022.
“We started understanding this market is different than trading liquid ERC-20 tokens. The difference is NFTs are really driven by the metadata value, like the characteristics of specific collections. And that stuff doesn’t live on a chain.”
According to Doyle, it was this idea that kicked Degen Data into gear to build products around the NFT space. They specifically focused on extracting trades and trends based on metadata characteristics and identifying the macro trends.
One NFT macro trend is the continuous growth volume at OpenSea . The number of new users coming into that space is growing month over month.
From an investor perspective Degan Data sees a lot of good collectable projects out in the NFT space.
“But if you go a layer deeper and you’re actually buying, trading and investing in NFTs, that’s when the nuances of each project becomes very important to understand.” Doyle explains.
There are a lot of different ways to look at NFT projects. Degen Data focuses with the trader community in mind.
Who’s doing what? How is the project growing?
What characteristics are people finding valuable?
What are some of the major collectors doing?
Are they selling their entire portfolio?
Are they allocating more to building their collection?
The social component of NFTs is a very interesting value driver that the analytics team pays attention to.
How big is the community of holders?
Or is it isolated to a few single wallets concentrating the entire collection for price influence?
On January 1, 2021, the company lists the DegenData (5671) punk for sale.
The new owner will have the rights to claim DegenData. The selling of DegenData CryptoPunk (#5761) will make it the first business sold as an NFT. The new owner of CryptoPunk #5761 will be able to claim the IP rights to DegenData.io and all supporting assets.
Here is the full interview of Pat Doyle, Co-Founder of Degen Data, with Ashton Addison, on the Crypto Coin Show to learn more.
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