How to interpret NFT project data?
Transaction data → Check if liquidity is active or not; be cautious of inflated floor prices.
Holder data → Determine if it’s a whale project; concentrated holdings pose high risks.
Community engagement + rights binding → See if users genuinely resonate with the project.
Next time you encounter an NFT project, you can use this approach for a general assessment.
We can evaluate NFT data through three dimensions: transaction data, holder distribution, and community engagement.
1. Transaction Data: High price ≠ Valuable; liquidity is what truly matters#
The NFT market is easily misled by "floor prices"; in reality, liquidity (such as transaction volume, transaction frequency, etc.) is what truly indicates the situation. The most intuitive indicator of whether an NFT project is "alive" or a "zombie" is to see—are there people buying and selling?
What to focus on?
Floor price: The lowest listed price, to understand the basic valuation situation.
Transaction volume: Total transaction amount and daily transaction amount, to measure market activity.
Number of orders vs. number of transactions: Check the holders' order situation and transaction situation.
Liquidity trend: Is it steadily active, or does it spike for a few days and then drop off?
Recommended tools:
NFTGo.io: Comprehensive data dashboard to see trends in floor prices, transactions, orders, and buyer numbers.
OpenSea / Blur: View order details and transaction records.
Dune Analytics: Check Blur sniping activity, transaction strategy distribution, etc.
Tip: When looking at the floor price, don't just check "what is it now"; more importantly, see if the transaction price has been actively trading around the floor price. If a floor price has been listed for 10 days without anyone picking it up, it’s inflated.
2. Holder Distribution: Is it player consensus or whale control?#
Why look at this?
If an NFT project is controlled by a few "whales," it will crash as soon as they sell. However, if it has "distributed holdings + strong community consensus," such projects will have strong resistance to declines and higher user stickiness.
What to focus on?
Number of holders (Unique Holders): The more, the better, indicating more distribution.
Whale proportion (Top 10/Top 100): High concentration poses great risks.
Holding duration: Short-term speculation vs. long-term holding, clear at a glance.
Holder retention trend: Is there a large amount of resale/stock offloading?
Recommended tools:
NFTScan: View project holder distribution and transfer records.
Nansen.ai (paid): Identify if smart money/whale wallets are participating.
Etherscan Token Tracker + contract address: Check specific address holdings.
Tip: If a project’s Top 10 addresses hold over 50%, be cautious; if one or two wallets sell, the floor price could drop directly.
3. Community Engagement and Rights Binding: Do people really care about it?#
The value of NFTs often comes from "binding rights": Can you enter the DAO? Are there offline events? Is it a brand logo? These are often reflected in whether the community is active, whether users resonate, and whether the IP is continuously developing.
What to focus on?
Twitter/X interaction volume: Is there real discussion (not bot spam)?
Discord activity: Are there people communicating in channels, and are events frequent?
Secondary creation content/cultural dissemination: Has there been the formation of memes, image macros, emojis, etc.?
Rights extension: Are there binding activities, offline rights, brand collaborations, etc.?
Recommended tools:
NFTGo community dashboard: Trend of engagement + links to social media.
[Flipside / Dune community dashboard]: View participant wallet activity and on-chain activity frequency.
Join Discord and X to explore community atmosphere.
Tip: Many NFT projects generate a lot of hype before launch, but die down a few days after. What matters is whether there is stable operation, with activities, creativity, and user retention.
Summary: How to interpret NFT project data?#
Transaction data → Check if liquidity is active or not; be cautious of inflated floor prices.
Holder data → Determine if it’s a whale project; concentrated holdings pose high risks.
Community engagement + rights binding → See if users genuinely resonate with the project.
Next time you encounter an NFT project, you can use this approach for a general assessment. I will update on tool usage in the community later. Thank you.
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