If you’ve been into NFT trading for a while, you’ll know it isn’t as easy as it’s made out to be. When browsing through social media such as YouTube, Instagram, and TikTok, we often see videos where people claim to have made ridiculous amounts of money by trading. These videos give off the false impression that NFTs are a surefire way of starting your journey to financial freedom. While it’s certainly possible, and many have done it, it’s not as straightforward as it’s made out to be.
NFTs have come a long way in the last year. After the BAYC minted, and when OpenSea was experiencing a lot of volume, it was much easier to flip to riches than it is now. In the last bull run, you could buy virtually anything likely to appreciate in value. However, times are very different now, especially now that we’re in a bear market. It’s much easier to lose your money very quickly now, so it’s crucial that you use every resource at your disposal to increase your chances of success.
Fortunately, there are many free dashboards which provide invaluable information that help us to understand the current state of NFTs. Having your finger on the market’s pulse allows you to create a plan of attack that is in line with the current market climate. There are always golden opportunities, regardless of whether we’re in a bull or bear market. To seize these opportunities, your strategy must be adapted to what is happening on a broader scale. This is something I like to call an ‘NFT chameleon.’
If you don’t understand what I mean by adapting your strategy, here is an example. Markets are cyclical in nature. A great way to stack cash in the bull run is by flipping low to mid-cap NFT projects for profit. Then, in a bear market, it can be a good idea to use the generated income and pull the trigger on your favorite ‘blue chip’ projects that you are usually priced out of.
To better understand where we are in the market cycle, we can use these free dashboards to help us. Without further ado, let’s dive right into my top 5 free dashboards that a trader should use.
OpenSea daily volume and Ethereum Overview by Dune Analytics are very useful dashboards showing us the current state of Ethereum NFTs as sold on OpenSea. One graph to pay attention to is the OpenSea daily volume. This graph shows us how Ethereum NFTs perform overall, and we can see whether the daily volume is high or low.
If the daily volume is high, there are many active users. If there are many users, it’s far more likely that more projects will be pumping as demand levels will be much higher. If the daily volume is low, it indicates that we are in a bear market, and floor prices of many projects will be ‘bleeding.’ By understanding how Ethereum NFTs perform overall, you can adapt your strategy accordingly.
Google Trends allows us to see what is trending and what isn’t. When something is a hot topic, and everyone is talking about it, everyone wants to get involved. Understanding how many people are actively interested in NFTs in real-time will help you make decisions regarding trading and factors such as starting a YouTube channel and looking for Web3 work.
At the peak of the last bull run, searches for NFTs were through the roof. Again, this meant that many people were interested, and as a result, there was tons of volume. Now that we’re in a bear market, no one is interested in NFTs. By understanding this, you can better your entry into NFT trading, YouTube, or jobs through market timing.
Flips.finance is a great place to see the recent performance of the top NFT projects. The data provided shows us sales, floor prices, floor changes, owners to supply ratio, owner change, % listed, listings change, and more. Before investing in a high-value ‘blue chip’ NFT project, it’s a good idea to discover concrete evidence of its performance. By checking all of the secondary market metrics, you will reduce the chances of buying the top and selling the bottom.
#4 Solana Floor
To be a good trader, it’s important not to get married to specific asset classes or ecosystems. Not long ago, the NFT narrative shifted to a short but sweet ‘Solana Summer.’ While there were a lot of gains to be made on the Solana ecosystem, many Ethereum natives refused to make the transition. Remember, follow the money, not the asset.
Solana Floor gives an excellent analysis of what is happening regarding Solana NFTs. By browsing the website, we can see an overview, top collections, popular collections, top sales, markets, SF index, and more. Learning what these are and how to read charts is a must if you want to be a good NFT trader.
NFT Scoring is another free dashboard that provides a ton of utility for us. There are two sections that I’d suggest taking a look at. These are the trending and the drops tabs. The trending tab shows us which collections are gaining momentum in real-time and has all the analytical statistics such as listings, sales, and supply and demand. The premium version even included additional features such as well walls, but unfortunately, it’s not free.
The drops tab simply shows us all upcoming NFT drops. In a bull run where almost every project pumps from mint, it’s beneficial to know what projects are dropping and when. It’s straightforward to be forgetful when there are so many, so this dashboard makes it much easier for us to remember.
While these are my top 5 accessible dashboards, many more are out there. Some honorary mentions are Dappradar, Crypto Fear & Greed Index, and Total Cryptocurrency Market Cap. I encourage you to take some time exploring different dashboards and learn how to read charts, graphs, and tables. By garnering abundant knowledge, you will gain a competitive edge and increase your chances of being a successful NFT trader.