5 Tools to Improve your NFT Trading

Trading NFTs is widely considered one of the most speculative and risky crypto investment strategies available. While many projects can be bought and sold at high prices, every move is dependent on another user’s desire to purchase your NFT. Without a buyer, there is simply no way to exit from an investment which can lead to a graveyard of NFTs hidden in user’s wallets around the internet. During significant market dips, this can lead to tension for NFT traders who feel the pressure of losing significant liquidity. Fortunately, there are a variety of web3 tools available for NFT traders that they can use to maximize their selling strategies in the worst of markets. 

Icy Tools

Icy Tools is a powerful analytics tool which allows users to see real time data about NFT projects. The tools allow users to track NFT projects based on sales figures gathered from blockchain data as it happens, allowing users to determine when the best time to buy into a project is (or when to sell). The tools are frequently used by alpha groups looking for bullish activity and often included as features for certain membership passes like ChampsOnly. While the Icy Tools has free access to charts, the majority of the more advanced analysis tools require an active subscription using USD or Eth; yet, the cost is well justified due to the success created by many Icy tools users. 

Rarity Sniper

Rarity Sniper is a tool that analyzes the different traits of an NFT to determine its rarity among other NFTs from the same collection. The website also offers a Chrome extension which tags information about an NFT directly on Opensea so that users can instantly determine the value of the NFTs they are considering to buy or sell. It can be extremely useful as well, immediately after a project reveals, when NFT wrappers are taken off. Within the first moments of a reveal, many highly valuable NFTs can be found listed at floor price where they can be bought at a hefty discount (this is known as sniping). Trait rarity is a fundamental aspect of most NFT projects. It is determined by the layers attributed to a tokens metadata on IPFS and can have a significant impact on utilities in certain situations such as Moonbirds where rarity helps improve the performance of nesting. A token's rarity can also have a significant impact on the value of an NFT too, allowing users to sell them quicker and at higher prices.

Revoke

Revoke.cash is an Ethereum based web3 page which gives users the ability to quickly disconnect from any web3 sites. This safety measure is one of the most efficient ways that users can prevent their wallets from being drained due to scams or hacks. While it may not guarantee that your entire wallet will be safe, it still offers users a necessary service that can at least mitigate any losses. Scams are becoming increasingly common and with more complex structures which are used to trick users more easily than before. To learn more, read about how to use a burner wallet here and tricks scammers are using to make fake whitelist minting websites here. 

UpcomingNFT

UpcomingNFT is web2 service which gives visitors information about NFT projects that are just beginning and have not been minted yet. It allows users the ability to find projects before they become popular so that gains from investments can be greater. While not every project is a success, upcomingNFT offers a platform for users to look ahead and gather information that can assist them in finding the right projects that they want to consider for future investments. Links and information to a project’s Discord and Twitter feed are also posted so that users can meet the communities behind a project which can help them decide whether or not they want to participate further.

NFT Membership Passes

Another method of gaining access to special information and services is from owning specific NFTs themselves. Many NFTs are used as a membership card that allows holders from around the internet to meet and discuss different NFT collections together. It is an effective way of learning more about the space because it filters out information which is low quality by creating an entry cost meaning that only serious NFT traders are involved. Projects like PreMint, GM Key, and Revolutionary Alpha all offer a variety of tools which can be used to help the community grow with better NFT trades. The success of these exclusive communities can be reflected by the value of a membership NFT which led to the massive surge in price for PROOF Collective after their Moonbirds collection was released.

All together, making the right trades requires effort. Investing money into random projects is a dangerous habit that won't last long. In order to maximize profits and gains on NFT collections, it is necessary to take advantage of the resources available around the web which provides users with real time data and discussion. As the market continues to mature and NFT traders begin looking for projects which are more than just expensive JPEGs, it is worth considering if you are willing to invest in the tools that have made others successful; especially during bearish market dips when every project appears to be losing value.