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Cryptocurrency is a digital or virtual currency that operates on distributed ledger technology called a blockchain and uses cryptography for security. It is decentralized and operates independently of a central bank.
Unlike traditional currencies, cryptocurrencies are not backed by a physical commodity or government, and their value is determined by market demand and supply. Cryptocurrencies can be used to buy goods and services, transfer funds, and trade in markets. Popular cryptocurrencies include Bitcoin, Ethereum, Litecoin, Ripple, and Cronos.
Many cryptocurrencies, like Bitcoin, are created through a process called mining, which involves solving complex mathematical equations to validate and record transactions on a blockchain. This mechanism is also called Proof of Work (PoW). Another consensus mechanism that has increased in popularity — as it is more energy efficient — is Proof of Stake (PoS). Instead of mining, PoS relies on network participants validating transactions. Ethereum, the second-largest cryptocurrency, uses this consensus mechanism.
What is Bitcoin?
Bitcoin is a cryptocurrency that operates on a peer-to-peer (P2P) network. It was created in 2009 by an unknown person or group using the pseudonym Satoshi Nakamoto. Bitcoin is the first and most well-known cryptocurrency, and it has gained significant popularity and value since its creation.
Unlike traditional fiat currency, which is controlled by central banks and governments, Bitcoin operates independently of any central authority. Transactions are verified and recorded on the blockchain, which is a distributed ledger that maintains a permanent and transparent record of all transactions.
Bitcoin can be bought, sold, and exchanged on various cryptocurrency exchanges, and it can be used to purchase goods and services from merchants that accept Bitcoin as a form of payment. The supply of bitcoins is limited to 21 million units, and new bitcoins are created through mining, which involves using specialized computer hardware to solve complex mathematical equations.
Bitcoin is known for its high volatility, and its value can fluctuate rapidly in response to market conditions, news events, and other factors. Many traders, including institutional investors, see Bitcoin as a store of value and a way to participate in the growing cryptocurrency ecosystem.
Where to buy crypto?
- Brokerage services: Crypto brokers allow users to simply buy and sell cryptocurrencies. A popular example is the Crypto.com App, trusted by over 80 million users. It is available at the Apple Store and on Google Play.
- Cryptocurrency exchanges: These are online platforms where users can buy, sell, and trade cryptocurrencies using fiat currency or other cryptocurrencies. They offer more complex functions compared to a crypto brokerage, adding trading instruments like crypto derivatives. The Crypto.com Exchange is an example of a popular crypto exchange.
- Peer-to-peer (P2P) marketplaces: These are platforms where buyers and sellers can directly trade cryptocurrencies without the involvement of a third-party exchange. This is also known as DeFi, short for decentralized finance. Multiple P2P crypto marketplaces can be accessed all in one app via the Crypto.com DeFi Wallet.
How to buy crypto?
- Choose a crypto platform to use, like the Crypto.com Exchange or Crypto.com App.
- Create an account on the chosen platform by providing personal information and ID verification, also known as ‘Know Your Customer’ (KYC) procedures.
- Deposit fiat currency or another cryptocurrency into the newly created account. The Crypto.com App supports bank transfers, credit cards, debit cards, and cryptocurrency transfers to buy crypto, depending on region.
- Navigate to the ‘Buy’ section of the Crypto.com Exchange or App and select the crypto to buy.
- Enter the amount of cryptocurrency to buy and confirm the transaction.
- The crypto will be deposited into the account. From here, it can be transferred to other crypto wallets or converted back to fiat currency and paid out to a bank account.
How to buy Bitcoin?
- Choose a reputable cryptocurrency platform that supports Bitcoin trading. Popular options include the Crypto.com App and the Crypto.com Exchange.
- Create an account on the chosen platform and complete the KYC verification process, which may require providing personal identification documents.
- Fund an account using a bank transfer, credit/debit card, or other cryptocurrency, depending on region.
- Navigate to the ‘Buy’ section of the platform and select Bitcoin as the cryptocurrency to buy.
- Enter the amount of bitcoin to buy, or the amount of fiat or cryptocurrency to spend.
- Review the transaction details and confirm the purchase.
- Once the transaction is complete, the bitcoin will be deposited into the chosen account. From here, the funds can be transferred to other crypto wallets or converted back to fiat currency and paid out to a bank account.
How to trade crypto?
- Choose a cryptocurrency exchange that supports trading. A popular option is the Crypto.com Exchange.
- Create an account on the chosen platform and perform ID verification, known as KYC (‘Know Your Customer’).
- Deposit funds into the newly created account using a supported payment method. The Crypto.com Exchange supports bank transfers and credit/debit cards.
- Navigate to the trading section of the platform and select the cryptocurrency pair to trade.
- Choose whether to buy or sell the cryptocurrency, and enter the amount to trade.
- Set the preferred price and order type. There are several types of orders, including market orders, limit orders, stop orders, and crypto options, which allow users to buy or sell at a specific price or under certain conditions.
- Submit the trade order and wait for it to be executed. Depending on market conditions, the trade may be filled immediately, or it may take time to be filled.
- Monitor trades and adjust strategies as necessary.
How to earn crypto?
- Mining: Cryptocurrency mining involves using specialized computer hardware to solve complex mathematical equations that validate transactions on a blockchain network. Successful miners are rewarded with newly minted cryptocurrency for their efforts.
- Staking/Lockups: Staking and lockups involve holding or locking up a certain amount of cryptocurrency in a wallet or on a platform to support the operations of the blockchain network. Stakers are rewarded with new cryptocurrency as a form of interest for their support.
- Trading: Trading cryptocurrency involves buying and selling cryptocurrencies on exchanges or other trading platforms. Those who have a good understanding of market trends and are able to make informed trading decisions can earn profits through trading.
- Airdrops: Airdrops are free distributions of cryptocurrency to users who meet certain criteria or participate in promotional activities.
- Crypto Projects: Some blockchain projects offer rewards or bounties for users who contribute to their development or community. This can include activities like bug bounties, testing, or content creation.
How to earn rewards on crypto?
- The Crypto.com App, Exchange, and DeFi Wallet all offer different ways to earn rewards on crypto, called Crypto Earn.
- Create an account on the chosen platform and deposit cryptocurrency holdings into the rewards account.
- Depending on the platform, users may earn rewards through lending their cryptocurrency to other users or by locking up their cryptocurrency for a period of time.
- Some products offer fixed reward rates (e.g., the Crypto.com Visa Card), while others may offer variable rates that depend on market conditions (e.g., the ‘Earn’ feature in the Crypto.com DeFi Wallet).
- Monitor rewards and adjust strategies as necessary.
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NFT Money Laundering: What You Need to Know
The non-fungible token (NFTs) sector is in a state of flux. Reuters estimates that sales of NFTs reached around $25bn in 2021, and individual items have sold for as much as $90m. But high-profile scams in 2022, such as a $600m hack of NFT gaming company Axie Infinity in March, and $2.8m worth of NFTs stolen from the Bored Ape Yacht Club’s Instagram account in April, have prompted uncertainty in the market.
What are NFTs?
NFTs are digital representations of real-world objects bought by collectors and usually sold online. They are supported by blockchain technology – often the Ethereum blockchain – and contain built-in authentication, which is proof of ownership.
NFTs have existed since 2014 but are increasingly likely to come to firms’ attention through client transactions. Like physical artwork or collectibles, NFTs are unique or have a limited run, which means the amount NFTs are worth is subjective.
What is NFT Money Laundering?
The regulation of NFTs is still in its infancy, as regulators and international bodies explore how they are used and how widespread adoption has become.
With increasing amounts of money – often cryptocurrency – being used to pay for NFTs, there are concerns that they may be used to circumvent expanding anti-money laundering (AML) rules for traditional art.
For example, under the EU’s Fifth AML Directive, anyone involved in purchasing or selling a work of art for more than €10,000 has AML obligations to carry out Customer Due Diligence (CDD) and report any suspicious activity.
As the Directive doesn’t define what a ‘work of art’ is, or mention NFTs, it is unclear whether NFTs could be considered works of art and be subject to AML/CFT and Know Your Customer (KYC) practices under this ruling.
However, in 2020, the EU proposed a regulation that may apply to NFTs. The Markets in Crypto-assets Regulation (MiCA) defines NFTs as “a digital representation of value and rights which may be transferred electronically, using distributed ledger technology or similar technology”.
NFTs may fall under the ‘other crypto-assets’ category of the regulation – meaning issuers do not have specific licensing obligations, but are required to be a legal entity (even when being established outside the EU) and comply with specific business and governance conduct requirements.
In the US, while there is no direct regulatory guidance on NFTs, some states have created laws that could hold NFTs under their purview.
How does Money Laundering Through NFTs Work?
While the ways that criminals can launder money are diverse, the basic principles of money laundering – placement, layering, and integration – apply to NFT money laundering.
As Financial Action Task Force (FATF) guidance states, much of the risk and regulation relating to NFTs and money laundering will depend on how they are being used and the nature of the asset that is traded.
In 2022, the US Treasury warned of the risk of NFT money laundering in the art sector. “The ability to transfer some NFTs via the internet without concern for geographic distance and across borders nearly instantaneously makes digital art susceptible to exploitation by those seeking to launder illicit proceeds of crime because the movement of value can be accomplished without incurring potential financial, regulatory, or investigative costs of physical shipmen,“ the report said.
The Treasury Department also flagged that criminals could self-launder money by purchasing an NFT, then passing it to themselves through different digital accounts, creating a sales record before selling to an unsuspecting buyer, and coming out clean on the other end.
Comply With Cryptocurrency AML Regulations
Learn how your business can identify crypto AML red flags with our fast and flexible AML compliance solutions.
Why are NFTs Attractive for Money Laundering?
While there is no evidence that money launderers are flocking to NFTs, facets of the trade of NFTs will seem appealing to potential criminals.
For example, a simple way to detect potential trade-based money laundering is whether the price of a transaction is in line with the fair market value of an item. But with the volatility of the NFT market, discerning a reasonable price for an item can be tricky – making it much easier for potential NFT money laundering.
And although NFT transactions have unique codes that are recorded on a public ledger, purchasers can remain anonymous, a big plus for anyone looking to wash assets discreetly.
There is also no mechanism to prevent launderers from creating multiple accounts and transferring assets to cover their trails further.
Some industry commentators believe the NFT money laundering risks are high, arguing that NFTs could be used to facilitate ML and tax evasion for the wealthy, as they face less scrutiny from regulators and lawmakers.
NFT money laundering scenarios could involve phishing and virus attacks, identity fraud, or forgeries.
What is NFT Wash Trading?
Wash trading – a transaction in which the seller is on both sides of the trade to paint a misleading picture of an item’s value and liquidity – is an ongoing concern with cryptocurrency exchanges, some of which have attempted to inflate trading volumes.
For NFTs, wash trading takes advantage of the fact that many trading platforms allow users to trade by simply connecting their wallets to the platform, without needing to identify themselves.
US comedian and crypto investor Isaiah McCall, who created a 2021 blog titled ‘How to Launder Money with NFTs,’ warned that you could spend $1m of illegal money on your own NFT, resell it for nothing, and bank the profits.
A 2022 report by Chainalysis reveals that some sellers have conducted hundreds of NFT wash trades. The report shows that while most NFT wash traders were unprofitable, the top 110 profitable wash traders made a collective $8.9m in profit. Many purchases at NFT marketplaces were also shown to come from illicit addresses, used stolen funds, or came from addresses with sanctions risk.
NFT Money Laundering Risks
What are the risks?
The risks around NFT money laundering are still emerging. The FATF is beginning to sketch out its approach to NFTs distinct from decentralized finance (DeFi), and this will likely shape how many major financial markets approach the issue.
Among the measures recommended to counter the risk of NFT money laundering are greater private sector information sharing to improve transparency in the art sector, and applying AML/CFT requirements, such as completing suspicious activity reports and KYC processes, to art market participants.
The Royal United Services Institute (RUSI), a security think tank, has highlighted that NFTs are most often purchased with cryptocurrency on online marketplaces – meaning that the AML risks associated with crypto should also apply to NFTs. RUSI also warns of the risk of an NFT ‘art heist’ – where a criminal actor could hack user accounts on NFT marketplaces and transfer NFTs to their accounts.
Can NFT Money Laundering Risks be Mitigated? If so, How?
Firms that haven’t done so should integrate NFT management into their risk assessments and risk-based approach to AML. RUSI guidance on how NFT money laundering risks can be mitigated sets out a regulatory foundation firms can start to build out/plan.
Ways to mitigate NFT money laundering include:
- Setting a baseline for companies that want to focus on NFTs
- Implementing KYC policies and ongoing monitoring, similar to those used in the traditional art market and compliant cryptocurrency exchanges
- Ensuring there is an option for two-factor authentication for consumers
- Confirming cyber security measures are in place to protect against hackers
- Possible development of a register of stolen or fraudulently purchased NFTs, mimicking the global Art Loss Register
To learn more about money laundering risks – download our AML Guide for Crypto Firms.
Originally published 26 July 2022, updated 26 July 2022
NFT Fraud Detection And Prevention
NFT is an acronym for non-fungible token. It is a digital asset, which represents the ownership or proof of authenticity of a unique item or piece of content, such as artwork, music, videos, collectibles, or even virtual real estate in the digital realm. There are several factors that determine the value and desirability of an NFT, which include the reputation of the artists or creators, the uniqueness of the item, the demand from buyers, and the associated perceived value. The NFT segment continues to evolve, with issues such as their long-term value, copyright, and environmental impact, still being debated.
Like cryptocurrencies, NFTs are built on blockchain technology. However, unlike cryptocurrencies that are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged. NFTs use smart contracts to authenticate ownership and origin of the digital asset. Owners of NFTs can control their digital creations and retain the ownership. Unique metadata associated with each NFT helps distinguish it from other tokens, which makes them exclusive or part of a limited edition. As a result, artists and content creators can monetize their work by selling directly to collectors.
The recent increase in NFT transactions has spawned an industry of fraud in the NFT segment. Companies and digital platforms engaged in NFT transactions must ensure deployment of robust NFT fraud detection and prevention solutions to protect their businesses and consumers from the onslaught of several types of NFT fraud.
Types of NFT fraud
The growing popularity of NFTs has also attracted bad actors who try to make money at the expense of NFT creators. These fraudsters scam genuine users by engaging in several types of deceptive activities.
Some of the fraud types plaguing the NFT segment include:
- Fake NFTs: Cyber criminals may copy valuable NFTs to create fake or counterfeit copies and sell them as original to unsuspecting buyers at a premium.
- Pump and Dump Schemes: Bad actors use devious methods to create artificial demand for certain NFTs such that their prices surge. Once the prices of these NFTs are at their peak, bad actors sell their holdings. This causes prices to crash and losses to the buyers.
- False Marketplaces: Fraudsters create genuine-looking NFT marketplaces that are especially designed to trick users into divulging their digital wallets’ private keys or payment information. Using this information, fraudsters can steal funds.
- Account Takeover: Using stolen private keys, bad actors may execute account takeover attacks to gain unauthorized access to genuine user wallets or accounts, which can then be used to steal the funds, fraudulent transactions, and several other criminal activities.
- Identity Theft: Using the popularity and fame of well-known artists, celebrities, and influencers, fraudsters can sell NFTs fraudulently. They may impersonate genuine owners and try to resell the NFTs they don’t actually own.
- False Claims: By making false or exaggerated claims about the investment returns, bad actors may try to trick users into buying NFTs, causing them financial losses.
- Phishing and Malware:Phishing attacks and malicious links laced with malware may be used to dupe consumers into sharing their private keys or sensitive information, which can then be used for account takeover and steal funds from compromised digital wallets.
How does NFT fraud impact businesses?
Like any other fraud, NFT fraud can have a significant impact on NFT businesses. Businesses can suffer financial losses as well as reputational damage. Loss of credibility in the market can affect future business prospects and new customer acquisition. In the age of social media, negative comments can act as a deterrent for prospective customers, adversely impacting business growth. In worst cases, consumers may choose to disengage with the business, leading to reduction in the volume of transactions.
In addition to direct financial and reputational losses, businesses also suffer operational disruption and may lose precious manhours cleaning up after the attack, restoring user accounts and getting the business back on track. Strain on the customer support may increase with a deluge of customer calls. Affected consumers may seek refunds or legal recourse, which can further strain the financial resources of businesses.
Businesses that fail in their fraud prevention efforts or to check the sale of fraudulent NFTs on their platforms, risk facing legal and regulatory action. Further, businesses may need to allocate resources for regulatory compliance and invest in fraud detection solutions.
What measures can businesses take for NFT fraud detection and prevention?
NFT fraud can profoundly affect the growth of an NFT business. To prevent financial, reputational and revenue losses, it is critical that businesses in the NFT segment prioritize fraud prevention, invest in robust fraud detection measures, and maintain transparency to mitigate these risks and safeguard their operations.
There are several measures that businesses can take to identify and mitigate NFT fraud. These measures can also help them protect their brand equity, deliver a meaningful engagement to the customers, and maintain a great user experience.
Some of the measures that NFT businesses may consider using include:
- Authentication: Implement robust identity proofing and web authentication processes to ensure the authenticity of NFTs and the associated metadata. This may include verifying the identity of artists or creators, validating ownership history and origin, and examining any certifications or digital signatures.
- Due Diligence: Conduct thorough due diligence of the prospective artists or creators to check the authenticity of the artists and their works before partnering with them or listing their NFTs.
- Monitor Marketplaces: Monitoring NFT marketplaces and platforms, where the business operates, can be useful in identifying suspicious activity and making timely interventions to prevent fraud.
- Implement Fraud Detection Tools: Fraud detection solutions that leverage technologies such as machine learning, behavioral biometrics, pattern recognition can help identify fraudulent NFT listings or transactions.
- Stay Informed: Keep abreast with the latest trends and NFT news by actively engaging with the artists, collectors, and industry experts.
- Collaborate:Collaboration with reputable marketplaces, platforms, and NFT service providers is key to adapting to the new and evolving threats.
- User Feedback: Seek user feedback by creating channels where users can provide feedback, report suspicious activity, or raise concerns about potential fraud.
Possible solutions to prevent NFT fraud
Advancements in technology have made it possible to identify and prevent NFT fraud. By leveraging the latest technologies, these solutions mitigate the risks associated with fraudulent NFT transactions and improve security.
Robust account security of the users can help increase trust among them and create a safer environment for NFT transactions. Some of the technologies and solutions that NFT businesses may consider deploying are as listed below:
- Blockchain: Blockchain technology has inherent security features like immutability and transparency, which businesses can leverage to securely record and verify ownership, origin, and authenticity of NFTs. They can use decentralized ledgers to reduce the risk of tampering, counterfeiting, or unauthorized modifications to NFT data.
- Smart Contracts: Using smart contracts, self-executing agreements coded on blockchain, businesses can automate and enforce the terms of NFT transactions. Robust smart contract logic enables businesses to ensure secure transactions without intermediaries, thereby reducing the risk of fraudulent activity.
- Identity Verification: Identity verification can be a critical element for NFT businesses to prevent impersonation fraud. Businesses may use solutions such as identity document verification and biometric authentication, among others, to verify the identity of artists, creators, and users participating in NFT transactions.
- Metadata Analysis: Businesses may employ advanced algorithms and machine learning models to analyze the metadata associated with NFTs, which can be useful in detecting anomalies, identifying counterfeit work, and any fraudulent activity.
- Fraud Detection Algorithms: Using fraud detection algorithms businesses can analyze transactional data, user behavior, and marketplace activities to help identify patterns and behaviors associated with fraudulent NFT transactions.
- Monitoring Tools and Platforms: A large number of monitoring tools and platforms are available that are specifically designed to identify fraudulent NFT listings or activities and provide real-time alerts and insights. Using these solutions, businesses can continuously monitor NFT marketplaces, social media platforms, and online communities for potential scams, counterfeit listings, or unauthorized use of intellectual property.
- Secure Wallets and Custodial Services: NFT businesses must encourage users to utilize secure wallets and custodial services to improve security of NFT assets. They can also consider partnering with reputable wallet providers or offer their own secure wallet solutions, which incorporate security measures such as multi-factor authentication, encryption, and others.
- Reporting: Build a network with other NFT companies, where all members report fraudulent activities, creating a network where collective intelligence can be leveraged to identify and address known and emerging fraud tactics. Further, creating mechanisms where users can report suspicious NFT listings or transactions can be useful in combating fraud.
Arkose Labs, the partner of choice for NFT fraud detection and prevention
Arkose Labs offers a range of capabilities that make it a preferred choice for NFT fraud detection and prevention. Adopting a unique approach to comprehensive fraud prevention, Arkose Labs helps businesses protect their users, safeguard their assets, and maintain a secure and trusted environment for NFT transactions.
Combining advanced machine learning algorithms with up-to-the-minute global threat intelligence, Arkose Labs can analyze patterns, detect anomalies and activities indicative of NFT fraud. It triages traffic to segregate human and bot traffic, and assigns risk scores to every user. Based on this real-time assessment, users are presented with interactive challenges, Arkose Matchkey, to prove their authenticity.
Good users find these challenges easy and fun to solve; as a result, the user experience doesn’t get disrupted. However, automated solvers and even the most intelligent bots cannot clear these challenges. This is because of the sophistication and a wide variety of challenges, which makes it difficult to clear the challenges at scale. Even malicious users, such as click farms, human fraud farms, and sweatshops, cannot clear the challenges at scale. This delay in solving the puzzles and lack of scale erodes returns from the attack, making it financially unattractive and forcing attackers to give up for good.
Using a comprehensive database of known fraudsters, malicious actors, and suspicious entities, Arkose Labs is uniquely positioned to quickly identify and block fraudulent NFT transactions and activities. Further, Arkose Labs provides round the clock support, enabling its clients to proactively fight fraud and ensure protection of their business and consumers in the long-term.
Best NFT Market Trackers
Non-Fungible Tokens (NFTs) are digital collectibles that possess a distinct and immutable digital signature, which serves to authenticate and establish ownership of each individual token.
This uniqueness and proof of ownership have made NFTs popular, especially in the digital art world. They have also opened up new possibilities for digital ownership and monetization, leading to a booming NFT market with significant investments.
Why Use NFT Market Trackers?
Tracking the NFT market is essential for several reasons:
- Trend Spotting: Stay updated with the latest NFT trends to create appealing content and make smart investments. This involves keeping an eye on the NFT Market Metrics to understand the current market scenario.
- Risk and Value Control: Navigate the volatile NFT market and understand value influencers for better pricing and investment decisions. This includes monitoring the NFT Floor Price to ensure you’re making profitable decisions.
- Demand Check: Understand what’s hot and what’s not. Tailor your offerings to meet market demand and stay competitive.
- Future Mapping: Spot long-term market trends and shifts to plan and strategize effectively for the future. This involves keeping track of the NFT Project Rankings to understand which projects are gaining traction.
Best NFT Market Trackers for Comprehensive Analysis
Bitquery’s NFT APIs and explorers are a comprehensive solution for NFT market tracking.
You can get realtime data on NFTs through the no-code explorer, or APIs. What’s more, you can download the data from AWS Marketplace.
Identifying Top Holders
With Bitquery’s APIs, you can identify the top holders of any NFT. This information is crucial for understanding the current market trends.
Tracking NFT Trades
You can leverage the Trades API to obtain an overview of different marketplaces including Opensea and Blur. By using this API, you can track various metrics such as the number of NFT traders, popular NFTs, average prices, and more.
You can make use of Bitquery’s Ownership API to validate the provenance of each NFT, ensuring its authenticity. Additionally, with the Calls API, you can access data on both state-changing and view calls, promoting transparency throughout the process.
You can enhance your market strategy by using Bitquery’s APIs. These APIs provide valuable insights into various aspects, such as the total circulating supply, the total NFTs count, and more. By leveraging these insights, you can make more informed decisions and elevate your market strategy effectively.
Events, Token Information and Metadata
Bitquery’s APIs provide a robust toolkit for achieving mastery in the NFT market. With Bitquery, you can track the latest borrow, lending, identify the top holders of any NFT, get detailed NFT token information, monitor NFT trades, and understand the total NFTs count. These kinds of technical features enable you to navigate and excel in the dynamic NFT market.
APIs for NFT Investors
Bitquery’s APIs are a valuable tool for NFT investors. They provide insights into address holding NFTs, helping investors to understand the distribution of NFTs and make informed investment decisions.
Tools for NFT Creators
For NFT creators, Bitquery’s APIs provide insights into the latest trades of NFT tokens. This information can help creators understand the market demand for their NFTs and price them appropriately.
Bitquery: A Tool for NFT Market Analysis
Bitquery’s APIs provide comprehensive data for NFT market analysis. From historical prices of NFT tokens to NFT token information, Bitquery provides all the data you need for a thorough market analysis.
We operate on a point system and charge only for what you use. Get started with a free developer plan to build your own NFT Market Trackers.
- OpenSea, the prominent NFT marketplace, offers an NFT Market Tracker equipped with tracking tools.
- This platform allows users to actively monitor sales, collections, and market trends related to NFTs.
- By providing real-time data on transactions, pricing, and popular NFT projects, OpenSea’s NFT Market Tracker serves as a resource for analysis and insights into the dynamic NFT market.
- Rarible, a notable NFT marketplace, offers its own NFT Market Tracker equipped with tracking capabilities.
- Users can monitor sales, collections, and market trends related to NFTs in real-time.
- With detailed transaction data, pricing information, and insights into popular NFT projects, Rarible’s NFT Market Tracker provides a resource for analysis of the dynamic NFT market.
- Nansen, an analytics platform, offers a NFT Market Tracker with tracking capabilities.
- It provides an overview of NFT sales volumes, allowing users to track the buying and selling activities within the market.
- Users can also explore the market trends and identify popular NFT projects, gaining insights into the preferences of collectors and investors.
- One of the notable features of CryptoSlam is their NFT market tracking capabilities.
- Users can leverage CryptoSlam’s platform to gain real-time data and analytics on NFT sales volumes, transaction history, and project rankings.
- By tracking these metrics, users can identify popular NFT projects, monitor their performance, and make informed decisions based on market trends.
- DappRadar offers profiles and analytics for individual NFT projects, allowing users to explore key metrics such as trading volume, average prices, and active wallets.
- This provides an overview of the project’s performance among collectors and investors.
NonFungible dot com
- NonFungible provides detailed profiles for individual NFT projects, allowing users to explore key metrics such as trading volume, average prices, and historical data.
- In addition, NonFungible dot com offers rankings and categorizations of NFT projects, making it easier for users to discover trending NFT collections.
- With Rarity.tools, users can access comprehensive data and analytics related to NFT projects and their traits.
- The platform allows users to explore rarity scores, traits distributions, and statistical analysis of different NFT collections.
- This information provides valuable insights into the scarcity and desirability of specific traits within the NFT ecosystem, thereby helping users understand the NFT Price Floor.
- NFTBank provides insights into market trends, including daily updates on top collections, helping users stay abreast of the developments in the NFT space.
- The platform also provides a portfolio management tool to manage their NFT assets across different blockchains. This aids in effective NFT Portfolio Tracking.
- LunarCRUSH provides real-time market metrics for NFTs. This includes data like trading volume, price changes, and more.
- LunarCRUSH uses social media analysis and allows users to manage their NFT portfolio.
- This platform helps users to stay updated with the NFT Sales History and make informed decisions.
These top NFT market trackers empower users to stay informed, make data-driven decisions, and navigate the exciting and ever-changing world of NFTs.
How to choose the best NFT market tracker for you
- Figure out your requirements: Determine what kind of data and features you need from an NFT market tracker. Do you want real-time updates, detailed analytics, or a dev-friendly way to get data? Understanding your requirements will help you narrow down your options.
- Do your research: Explore popular NFT market trackers like Bitquery, OpenSea, Rarible, Nansen, and others. Look into their features, reputation, and user reviews to get a sense of their capabilities and reliability. This will help you understand the NFT Market Metrics better.
- Accuracy matters: When selecting a tracker, prioritize accuracy and reliability. Bitquery excels in delivering real-time and precise data, making it a trusted option for monitoring the NFT market. Stay informed and make informed decisions with confidence. Seek out trackers with a proven track record of providing trustworthy information.
- Depth of information: To ensure the tracker meets your future needs, ask yourself, «What if you need to extend your needs in the future? Does it provide a variety of data?» Evaluate the depth of information offered by the tracker and consider if it offers a diverse range of data that can accommodate your evolving requirements.
- Consider user experience: A user-friendly interface can make a big difference in your tracking experience. Look for trackers that are intuitive and easy to navigate, regardless of your technical expertise.
- Evaluate analytical capabilities: Assess the trackers’ analytical tools and features. Do they offer trend analysis, transaction insights, or portfolio tracking? These features can provide valuable market insights and help you make data-driven decisions. This includes understanding NFT Sales History and other important trends.
In conclusion, selecting the best NFT market tracker is a critical decision that can greatly impact your success in the dynamic world of NFTs. By considering your specific needs, exploring reputable platforms like Bitquery, OpenSea, Rarible, and Nansen, and prioritizing features such as real-time updates, advanced analytics, and user-friendly interfaces, you can make an informed choice.
- What is a NFT marketplace?
NFT marketplaces are platforms where users can buy, sell, and trade unique digital assets represented as non-fungible tokens (NFTs).
- How do NFT marketplaces work?
NFT marketplaces function by utilizing blockchain technology to facilitate secure transactions and verify the authenticity and ownership of NFTs.
- How can you make money with NFTs?
NFTs generate income through sales on NFT marketplaces. Artists and creators earn money by selling their NFT creations, while collectors can profit from buying and selling valuable NFTs in the marketplace.
Blog written by guest author Hamid Akhtar, edited by Divyasshree