Anon, are you trading NFTs each day and you are tired of seeing your floor price going down to the abyss as each day goes? Are you looking for a new hedge on how to make a bank on NFTs? In this article, we will go through what tools you can use to level up your NFT game. For example, how to keep track of the entire NFT market volume? How to see NFT collections pumping before anyone else? How to see what whales are buying (mint and wallet scanners)? How to track real-time floor and volumes? How to snipe miss-priced NFTs? And many more. Read on Anon!
First things first, what are NFTs?
NFTs, or non-fungible tokens, are a type of crypto asset that is unique and cannot be exchanged for another crypto asset of the same type. NFTs are stored on a blockchain, just like other crypto assets, but they have certain properties that make them different from other crypto assets. For example, NFTs can represent digital art, collectibles, or in-game items. They can also be used to represent physical assets, like real estate or works of art. NFTs are becoming increasingly popular as a way to store value and represent ownership of digital and physical assets. While there are many different use cases for NFTs, they all have one thing in common: each NFT is unique and cannot be replaced by another NFT. This makes NFTs a valuable and secure way to store value and represent ownership of assets. If you want more information about NFTs, have a look at my beginner guide about NFTs.
How to track global NFT Market volumes?
When it comes to market data, it’s really important to understand how your particular collection is doing against the market. If your collection is pumping 20% but the market is pumping 30% then you might feel good but you actually underperformed the market so you should not celebrate that much.
We suggest checking the following reports:
This NFT report has been made by @rchen8 on Dune Analytics. It’s an excellent snapshot of the actual NFT Market. You can see total volumes in ETH & USD as well as what is happening on the Solana ecosystem. We use it on a regular basis to see how the NFT market is trending.
If you rather like to trade your NFTs on Polygon to save on gas fees, no problem, the same report has you covered.
As a caveat on this point. Beware to follow technology. Not everything in the NFT market is happening on OpenSeao only. Sudoswap and Magic Eden are a great example that the OpenSea dominance is constantly challenged
To continue keeping an eye on the market, you can also use CryptoSlam allows you to compare one single collection against the whole market to know if you are overperforming or underperforming. Keeps us humble every day. If we don’t overperform the market, then we lost time.
Last but not least, you might want to get going on Flips.Finance, which is a simple and elegant interface for a global overview of the NFT market.
Follow the right people to be early
Your Twitter Feed is where you hunt. Make sure it’s highly optimized. We suggest having multiple accounts for multiple uses (For example, I have one official/ma account, one NFT trading account, one DeFi account, and one Airdrop hunting account).
Here would be some small steps on how to structure your NFT trading account.
Time needed: 30 minutes.
How to curate your Twitter account for NFT hunting
- Follow the right whales and insiders.
See good Twitter handles that talk about a collection that has done well. Go back to the clock and see if he/she started talking about the collection before or after the pump. If they started to talk about the successful collection before it pumped, then the account is a good follow
- Train your feed to give you what you want
If anything is not relevant to your feed and distracts you from NFT hunting, tell it to Twitter using the “This Tweet is not relevant/interesting” option. The more you train Twitter the more productive the content will be for you.
- Build up your Twitter network
Don’t be a ghost. Interact with Twitter accounts that you respect and that deliver insights. The closer you get to them, the easier you will be able to network with them and be on the inside.
- Clean up regularly
If some accounts you followed were posting incredible NFT information but now start to post Hentai. While Hentai is cool. It’s destructive against your goal of making a living trading NFTs. Once in a while is okay, but unfollow if they start to post garbage too much.
- Use NFT Scoring to check the Social Score of a specific collection
We personally recommence NFTScoring.com. A tool that gives a social media score for each collection and says how many whales own a collection.
Follow mints to up your NFT game
One of the strongest signals that you need to pay attention to is if you are witnessing a Gas War. Gas War means FOMO is happening. Pay attention Anon. Using the website Whatsminting, you can look at Mints happening in real-time and how much is being spent on gas fees.
Pro Tip: You can link Whatsminting to your Discord server to be alerted when there is a mint happening with specific characteristics.
Alternatives: SunSpot & Trait Sniper
Scan Wallets to be on the inside
Use ICY Tools to create alerts for whale wallets. The game is to start investigating in a project when you notice that multiple whales are buying the same NFT collection at a similar time.
The tool is not offering any free plan. So you might have to pay for it. I would suggest you try one month and see if you find value in it.
The key to making money with NFTs is to find an asset that is both rare and desirable. The more scarce an asset is, the more valuable it will be. And since NFTs are stored on the blockchain, they are immutable and cannot be replicated. This makes them the perfect investment for those looking to cash in on crypto’s long-term potential.
Of course, investing in NFTs is not without risk. The crypto market is highly volatile and subject to sudden changes. However, for those who are willing to take on some risk, investing in NFTs could be a very lucrative way to get rich quickly. Good luck Anon!
