What are blockchain research and analysis tools?
Web3 can basically be summarised as a return of control with the internet.
Rather than relying on centralized entities that control your access, data, and results Web3 brings more control back to the user.
The problem here is that decentralization is key. And that makes it difficult for you to analyze the results, focus, and growth of your projects and actions in the space.
Add to that the volatility with cryptocurrency prices and NFT project valuations and it's a recipe for disaster.
The people who are going to succeed in blockchain - be it through investing or building - are those who will know what's happening and how the market is moving.
To do that well, you're going to need a great Web3 analytics tool.
But not all of these analysis tools are built equally.
Let's take a look at what makes great Web3 analysis and analytics tools.
What are the basics of a good blockchain analysis tool?
There's a lot of data to analyze in Web3.
And if you want the best chance of making smart decisions, you're going to need to have access to the best NFT and crypto analysis tools.
We're talking tools that make it easy for you to understand how things are moving at a macro level, and that let you dive down to the details.
You need access to a transparent view and a detailed breakdown of key statistics and information. Those statistics and information pieces could be anything from...
- The value of the currency you're thinking of investing
- The current state of the market and how valuations are moving
- The NFT whitepaper outlining their long-term goals and usability
- The historical information of the project to help you identify if it's all above board
Basically, the details you need to know for due diligence and to make sure you're not investing in the kind of project that will fold in a few months taking your cash with it.
If you ignore this step,, there's a higher chance of your falling for one of the many crypto scams out there.
Make sure you choose the best tool for your needs though. they have different functionality and features and it should be chosen specifically to solve your problems.
Here's a quick breakdown of the different kinds of crypto and Web3 analysis tools we recommend.
Crypto analysis tools
These are pretty simple.
The best crypto analysis and analytics tools not only give you a simple overview of a cryptocurrencies value as it stands and historically, but allow you to analyse that data in detail.
Nothing too fancy is needed, the best crypto analysis tools only really need to be able to offer macro and micro views of price fluctuations so you can better spot trends. You know the key crypto analysis elements we're talking about. Things like...
- Market cap
- Current price
- Circulating supply
- Historical changes in these
However, if you're really looking for the best information, we'd recommend looking for crypto analysis tools that also offer more information around the cryptocurrency itself.
We're talking extra information including key elements like...
- A simple link to the site explaining the currency
- Information on the founding team of the currency so you can research the team
- Information and news articles focusing on issues related to the currency
- information on the chain it's related to and any issues there
The more serious you are with your crypto investing, the more detail you'll need.
The best crypto analytics tools don't just look at the price, but help you assess the industry to spot trends before they happen.
What kinds of Crypto analysis tools are there?
So you know a little abut what you should be looking for. But what are the tools that are going to help you analyse these elements and understand the currency, market, and project?
Here's the different categories with a few example tools.
Best technical crypto analysis tools
Technical analysis is a method of predicting future price movements by analyzing past market data.
By using these tools, investors can gain insight into the current market conditions and make better investment decisions.
A few of the key elements within these tools include...
- Charting software which allows users to view historical price data and identify trends
- Indicators such as moving averages and Bollinger bands
- News feeds that provide up-to-date information on the latest developments in the cryptocurrency space.
Additionally, some platforms offer advanced features such as automated trading bots that can execute trades based on predetermined criteria. However, we'd recommend using a specialist trading or investing service for AMM.
A few examples of great crypto technical analysis tools include...
Great overall tool for the majority of traders
TradingView is the most popular charting and technical analysis tool for traders of all markets.
It has become increasingly popular in recent years due to its integration with many of the top cryptocurrency exchanges.
TradingView offers both free and pro accounts, allowing users to access a range of professional tools regardless of their subscription level. Free accounts are limited to three technical indicators and overlays per chart, but this should be more than enough for most traders to get started and learn the basics of technical analysis.
The online charting tools offered by TradingView are incredibly powerful, allowing users to analyze market trends, identify trading opportunities, and make informed decisions about their investments.
Great for quick overviews of crypto data
Coinigy is a crypto trading platform that was launched in 2014.
It's similar to TradingView and allows users to map crypto charts from more than 45 different exchange platforms.
With Coinigy, users can trade across exchanges and receive SMS alerts on their phones. Additionally, users can also trade via API from their Coinigy accounts 24 hours a day.
Unlike TradingView, Coinigy does not have a free basic plan.
However, users can sign up for the 30-day trial version to get an idea of how it works before committing to the paid version.
Coinigy's trial version gives users access to all the features of the full version so they can make an informed decision about whether or not they want to continue using Coinigy after the trial period ends.
Great for really detailed analysis
Chainalysis is a blockchain data platform that provides deep insights into cryptocurrencies.
This real-time analysis tool enables users to keep an eye on where crypto is being transferred or moved around the globe, as well as which particular regions are involved.
Here's the cool thing. Their platform is used a lot for financial crime investigations. They offer a huge depth of data which, if we're being honest, might be too much for the average person.
But if you're a real analysis freak this is a great tool for you.
Detailed data aggregation
Messari is a cryptocurrency data aggregator providing you with various tools and resources to analyze the markets and make informed decisions when it comes to trading.
It has a very reliable screener feature which allows you to filter coins by several criteria such as volatility, liquidity, volume and market cap.
Messari provides a free version of its website but if you want access to more powerful features like watchlists and charting tools, then an upgrade to their premium version - Messari Pro - is necessary.
This subscription costs $24.99 a month if paid annually or $29.00 if you choose not to commit for 12 months.
Besides these exclusive features that are not available with the standard service, individuals who decide to upgrade will also get daily insights and long-form research material along with the option to download all data-related information into spreadsheet programs like Excel.
Data from multiple chains
Glassnode offers a unique insight into the crypto market that isn’t available elsewhere.
It provides valuable data to investors and market participants by gathering blockchain data from hundreds of networks, tracking transactions and network activity, and updating its dataset approximately every twenty-four hours.
With this powerful suite of tools at your disposal, you can better understand where the markets are headed and make smarter investments decisions.
The platform also includes a range of analytical tools, such as interactive charts and price data, so you can track prices over time and make educated decisions regarding when to buy or sell a crypto.
Glassnode allows users to set alerts for when specific conditions are met and even download their data if needed.
And with the two paid subscription options they offer (at $29 per month or $799 per month), you get access to additional tiers of data which makes it easier to stay ahead on trends.
Best crypto news tools
Let's be honest here.
"News tools" is a fancy way of saying media outlets.
Here's the thing. The right outlet can give you an idea of new developments and thus help you get ahead of the curve. If you know about a development as it happens, you can beat the people who will be an hour or so behind the curve and profit.
Below are some of the best crypto news outlets for analysis.
My advice if you want the fastest updates is to follow these people on Twitter as they often break new stories there.
Great overall news tool for crypto updates
Cointelegraph is one of the most popular crypto news outlets. It covers all aspects of the blockchain and cryptocurrency industry, from market analysis to technical developments.
Cointelegraph also offers a range of tools for traders, including an interactive charting tool and a portfolio tracker. Additionally, it has an active community forum where users can discuss topics related to the blockchain and cryptocurrency space.
Best for breaking news
Watcher Guru offers a range of tools for traders, including an interactive charting tool, portfolio tracking, and news updates. Additionally, it has an active community forum where users can discuss topics related to the blockchain and cryptocurrency space.
However, their Twitter is the best thing they offer as they often tweet about brand new news stories in the space.
NFT research and analysis tools
NFT analysis is another key aspect to doing well in Web3.
A great NFT collection is itself a highly valuable asset. Some of these NFTs can be sold for tens or even hundreds of thousands of dollars.
The value in these assets can be hard to understand without the right analysis tool. There's a lot that goes into the value of an NFT that you need to understand.
Everything from the artwork to the community and the overall strategy should be considered.
As such, this is what you should be looking for in an NFT analytics dashboard.
The best NFT analysis tools don't just give you a readout of trending collections. In fact, we'd recommend staying away from tools that only do that as a simple fire sale can make any collection trend.
The best tools for analysing an NFT or NFT collection take multiple elements into account, including...
- Current trade volume
- Current floor price
- Historic price and trade fluctuations
- Basic details on the collections' utility
- Basic information on the team
- News around the collection
- Are able to pull stats from multiple NFT marketplaces and chains for better overall view
What kinds of NFT research tools are there?
There's a variety of tools available to help you stay up-to-date and informed with your NFT trades.
But before you start looking for actual tools, you need to know what the category are.
Below you'll find a summary of the different kind of NFT analysis tools.
Best NFT analysis tools
Tracking NFTs is essential for any researcher.
Tracking tools allow you to track your own NFTs or those of others.
At the base level, these will include big NFT marketplaces like OpenSea, but there are some other more specific tools like Non-fungible.
These tools basically allow you to keep an eye on your NFTs, know their history, and see how their value is moving.
Incredibly powerful analytics tool
Nansen is a powerful analytics tool that offers detailed data analysis of crypto and NFTs along with wallets.
It provides users with insights into the minting fees, secondary market fees, and other important information about each wallet.
It's pretty much the gold standard when it comes to any analysis int he space. But it comes at a premium.
The reason I don't put Nansen everywhere is that the pricing for an account is high. It starts at $2000 / month and goes up from there.
Most traders won't be able to afford this, but it's a great solution for huge brands that need enterprise level analysis.
2. Icy Tools
Great for quick detailed insights
Icy.tools is an easy-to-use NFT analysis platform that makes it simple for users, regardless of experience level, to dive into the world of investing in NFTs.
Its “Discover” tab offers a comprehensive overview of top mints and their transactions over a period ranging from the last day up to the last 15 minutes.
This information can be used to investigate which buyers and sellers had the greatest impact and track the prices of these NFTs.
Premium account holders gain even more access to insights about each NFT collection with detailed pages, providing price charts and history for each individual item within that collection, as well as trading history for each address listed under buyer or seller.
Good for comprehensive industry overview
CryptoSlam is designed to help users better understand the crypto market by providing valuable insights into the performance of collections.
The platform allows users to track and analyze trading volume, price history, and minting levels for various NFTs.
CryptoSlam provides detailed information on each collection’s sales, marketplace data, etc. Furthermore, each asset has its own page with live pricing data and other important attributes such as rarity rankings.
Analyzing an NFT’s performance on a platform like CryptoSlam can be highly beneficial for traders who want to maximize profits or hold onto assets for potential future value appreciation.
Investors also use these tools to gain insight into in-demand items that may potentially become extremely lucrative investments – all made possible thanks to this powerful resource.
Best tools for NFT news analysis
Staying informed about the latest news and developments in the world of Non-Fungible Tokens (NFTs) is essential for anyone interested in investing or trading in this new asset class.
If a news story breaks about a particular collections direction or a recent development, it can move the value of that collection in a profound way.
You've got to stay up to date with the news.
Fortunately, there are loads of NFT news sources that provide accurate and up-to-date information on the industry.
These sites may not be as well known as more popular crypto and blockchain news sites, but they offer comprehensive coverage of all things related to NFTs.
Here's a few options.
A great news site that offers detailed analysis of the happenings in the world of NFTs.
On NFTNow, you can find valuable insight into all things NFT including...
- The latest industry news
- Analyses on up and coming artists, collectors, and technologists
- Lists like the top 10 historical NFTs or five NFTs to watch this month
- Upcoming drops you should be aware of
NFT Evening is a comprehensive resource for anyone interested in the Non-Fungible Token (NFT) market, however, they also cover other Web3 areas including Metaverse developments.
NFT Evening makes the content easy for anyone to understand. They cover various areas including...
- News on new developments across NFTs, Metaverse, and Collectibles
- Guides to help newbies understand the industry
- Interviews with industry professionals to help educate and inform
Best NFT rarity tools
Rarity is a huge deal in NFTs.
An NFT with rare elements - or that is rare in itself - retain their value and are in much higher demand.
So, tools that help you identify rarity are a great way for you to find the next big thing in NFTs.
Rarity could come down to...
- The number of NFTs in a collection
- Rare traits (colours, assets etc. within an NFT)
Rarity identification tools allow you to simply add the identifier for the NFT and quickly find out how rare it - and its elements - are.
Here's a few notable tools.
Rarity tools is dedicated to listing and ranking all generative art NFTs by rarity.
With Rarity Tools you simply have to enter the NFT you wish to check and it'll give you a detailed read off of the NFT as a whole and it's elements.
At the end, it'll give you a rarity score so you can easily understand the rarity of the NFT.
HowRare focuses on Solana NFTs.
The site features almost 300ish collections of Solana NFTs and gives you information such as...
- Floor price
- Number of assets in a collection
However, you can also use the platform to check rarity. Either by browsing to what you want to check or by using it's ID number.
3. NFT Stats
Good for a quick overview of rarity
NFT Stats is a comprehensive tool that offers an in-depth view of NFTs and the collections associated with them.
This platform allows users to get easy insights into their collections, giving them important data points such as trending and popular collections, the status of their new collections, and the average number of sales in the last 30 days.
Additionally, NFT Stats provides helpful rankings for both the volume and number of sales for any given collection.
Among other features provided by NFT Stats are various visual presentations including interactive graphs and charts along with tailored interactions like sorting and filtering capabilities. With all these features blended together, this platform is extremely useful to better understand how well one’s NFTs are performing within the market landscape.
Web3 analysis and research tools
There are also a slew of tools that help you analyse the wider Web3 ecosystem.
They're not focused on a particular asset, but give you an overview of how certain brands or wallets are interacting with the blockchain.
As Web3 is very decentralized at the minute, you might need to go to one or two different tools depending on the chain you're looking to analyse.
However, the best tools are easy to use, offer full transparent look at what people are doing, and help you understand both individual's and company's on-chain actions.
Why do I need NFT and crypto analysis tools?
You need good NFT project information and details crypto analysis tools because Web3 is something of a wild west right now.
There are a lot of projects that are started with the right intentions but aren't built on a stable foundation making them destined for failure.
There are, sadly, even more projects that are set up to fail at your expense and for the benefit of the founders.
And there are also lots of people who jump into projects at the wrong time and see their investments shrink instead of grow.
Having great analysis tools is key to making smart decisions in crypto and Web3. Knowledge is power in this game. The more detail you can get on a project, the less likely you are to get burned by it.
What kind of NFT and crypto analysis should I do?
There are plenty of ways to analyse upcoming crypto projects. however, the methods generally fall into one of two categories.
- Fundamental analysis
- Technical analysis
Here's the difference between the two.
What is fundamental crypto analysis?
Fundamental analysis is basically looking at the intrinsic value of the project to make a judgement on it's long-term value and usage.
This is a key first step to understanding whether or not a cryptocurrency or NFT project has the potential to last in this volatile space.
There are a lot of different elements that go into fundamental analysis. You're basically looking at the project as a whole to understand if it's worthy of your trust and investment.
You want to run through the below areas to get an overview of the project and what it sets out to achieve. You're looking to see if their goal is - in your opinion - achievable. Do they have the right talent, and skillset?
As for the long-term goal, you want to assess whether it's something that will have real impact in the world and long-term value to many people out there.
Here's a list of what we recommend you look at through fundamental analysis.
Project fundamental analysis
- Team analysis - Who's the team behind the project? Do they have a history of successful projects and are they specialists in what they're trying to achieve? If they've received funding, is it from other brands that are experienced in growing similar projects?
- Project goals - Look into the whitepaper of the project to understand the overview of what they plan to achieve. The document will detail everything from the overall plan and use cases to the technical approach. Often they'll have a roadmap in there as well. You want to assess whether these things will be impactful, useful to users, achievable, and realistic.
- Tokenomics - Tokenomics will help you understand how the brand is planning to distribute and control the supply and demand of the asset. If there's huge supply, demand will fall and with it value. If demand is higher, so too will the price. If your crypto analysis reveals that the project has reserved the majority of tokens for the founding team and their backers, it's likely they don't have holders' best interest at heart.
- Utility - Is this project something that will have real-world impact? It's fun to invest in funny alt-coins and projects, but if they don't solve a problem they have no lasting value. If the project has real-world utility then it will likely hold its value over the long term and attract more users who align their beliefs with the project goal.
- Roadmap - Solid projects always have a roadmap of what they want to achieve. During your analysis, look into the project to understand what that roadmap is. Look at whether you believe the roadmap is achievable with the talent they have and if you believe they're being clear and transparent with milestones.
- Competitors - Use these same analysis tools to look into the competition out there. Try to understand if the project you're investing in has any form of competitive edge over the established players. If there's a lot of competition, that means there's a lot of demand. However, you need something to stand apart from the established players for this project to succeed.
What is technical cryptocurrency analysis?
Technical analysis takes a more detailed approach to understanding the project you're considering investing in.
It's the study of the price movements of any currency and intends to understand where the value of a currency is set to move next. With good technical analysis, you should gain an insight into whether a currency is set to see an increase in value making it a good investment. Or you might see that it's soon set to drop making it an ideal currency to short.
The main goal of technical analysis is to understand...
- How people are interacting with a currency
- How similar changes have affected long-term value in the past
- Whether or not now is the right time for you to invest in that particular currency
Technical analysis isn't for everyone and can be quite difficult to master. However, for serious traders, it's the ideal method to truly understand how a cryptocurrency is set to change in value.
A few methods of technical analysis for crypto include.
- Blockchain analysis - Good analysts will look at blockchain metrics to understand things like hash rate for the overall health of the currency, the number of active addresses, transaction value and fees to see if this is in steady circulation.
- Price and value - Many tools offer detailed charting tools to show the value and how it changes day-to-day. You'll need to examine the candlesticks to see how things are moving.
- Trends - In addition to daily candlestick analysis, many traders will look at the overall trend to judge whether the currency is set to continue on its trajectory or is set for a reversal.
Start your crypto analysis with these tools today
Crypto analysis is a detailed and confusing world.
However, having the right tools to analyse cryptocurrencies and NFT projects can save you a ton of hassle and thus help you make more informed decisions.
We can't tell you what's the right project to invest in, but with the crypto analysis platforms outlined here, you should eb in a position to make more informed decisions and smarter choices with your investments.