NFT Analytics With Evaluate Market
For this special event, Co-Founder of Evaluate Market, Christian joined us to talk about NFTs. Christian has been in crypto space for a long time and at one point, owned two BAYC amongst his other cute NFTs.
Checkout our YouTube channel to watch the recording!
What is Evaluate Market
Evaluate market makes it easier for NFT collectors and investors to understand the value of their NFTs and other projects. It helps investors follow trends, analyse different collections and individual NFTs, and discover new projects.
We asked several questions to Christian to understand his view on the market and how he chooses projects to invest in. Below are the record of his responses.
Why NFTs, not just crypto?
NFTs have well built communitites and it is a very easy way to connect with like minded indivuduals. The community is more involved with the project and most people try to help each-other out.
NFTs take the concept of decentralization one step further in the sense that you can use your NFTs to create new products, merchandise, games, and more if those were the terms of NFT you purchased. It also gives you an instantaneous market consisting of the project Hodlers and enthusiasts.
Trends in the NFT Space
NFTs started out with art and collectibles but have now expanded to many more industries such as fashion, gaming, real estate, and more. NFTs will be huge in gaming since gamers are already used to spending thousands of dollars on digital good unlike non-gamers who associate value to only tangible goods.
With the growth in Metaverse and music industry we would eventually see everyone understanding the value of owning an NFT and the space would evolve much more rapidly.
Important metrics to look for when investing in NFTs
Christian pointed out that the industry is still very immature and the meme/hype culture seems to be a factor for the evaluation of many projects. This can be seen in projects such as Pixelmons which created a lot of hype around Metaverse and crashed when they were not able to deliver on the promise.
Thus Christian says to focus on one question — is it fun? If you think the project is delivering what it promised, it’s fun to be involved in the community, and you like the people involved in it, you should invest in the project.
Christian believes that web3 first emerging brands like BAYC are more lucarative since they start with 0 and you can earn from all the value they derive in the future. In contrast, companies like Nike, Adidas, McDonalds, who are interested in Metaverse have already generated a lot of value in the past which collectors cannot extract.
No Financial Advice, of course.
What are the problems in the space
Listing Fragemntation is one of the biggest challenges that NFT space face at the moment. It means that listings in marketplaces like Opensea exist only on opensea unless someone builds an API to fetch the data from Opensea. Thus, if someone uses other marketplaces like Rarible, they won’t be able to even view the NFT in the store.
Evaluate Market has partnered with Flow Network to develop their product. They also list projects on Ethereum, but in the future their focus would be more on Flow network.
They chose Flow because Flow network would be much easier and cheaper to use than Ethereum blockchain. People can also use debit and credit cards if they choose Flow thus making NFTs more accessible.
What are some of your favourite projects?
- Mutant Ape
- Non Fungible Fun Guy
Tips for building a web3 company
- Find right co-founders
- Focus on building not on raising money. It would work out eventually