The need for an NFT community and nft soldout
Most recent technology in the digital file market that has been garnering much attention is NFT (non-fungible token). This is largely due to the fact that blockchain, most representative technology of the 4th Industrial Revolution, was unapproachable and remained convoluted to the wider public. However, the advent of NFT became a real use-case of blockchain that can be felt and used by all attracting much attention from the mass. We believe that the birth of NFT will expand to digital file market and for this we aspire to create a positive ecosystem for safe digital file transactions.
With the quick expansion of NFT market since the latter half of 2020, NFT marketplaces such as Opensea, SuperRare, NiftyGateway, foundation.app sprang up globally. Such a quick growth was not without its downsides in that with the formation of NFT marketplaces in a disorderly fashion, the information on NFTs were segmented shadowing transactions that led to many participants of NFT market to raise questions such as below:
The survey results can be summarized from buyers’ and sellers’ perspectives.
- Buyers — Why are NFTs so expensive?
- Sellers — How can we promote NFT sales possibilities?
As the price of many NFTs sold has made to the media, it is often above and beyond the understanding of many. These high prices can be attributed to the acceptation of the value and rarity of the art itself as in the case of Beeple and also to the manipulation of price by the sellers. The case of the latter reflects the dark side of NFT market, which is the result of lack of information on curation about the art and the seller. Since there isn’t a clear and objective data with which the potential buyers can refer to to participate in the NFT market, the price of NFTs may not be reasonable. Due to such circumstances, potential buyers are much hesitant and in doubt to purchase NFTs.
The problem does not lie only in purchasing NFTs, but also in selling them. For some NFT marketplaces, the percentage of flipping of NFTs (meaning them being sold in the secondary market compared to the primary market) has stopped short of being more or less 3%. Much like Pareto’s Law, creatives from only a small segment of artists are being sold. This can be seen as a serious problem in the current NFT market.
NFT market is having a worse herd behavior. It also can be concluded due to a lack of NFT related information. Except for a few artists who became famous through marketing, most NFT artists are newcomers. Thus, it is hard to find or almost no information about newcomers. The lack of narratives about the artists and the artwork blocks buyers’ attention. New artists try to promote themselves in communities such as Twitter, Reddit, NFT marketplace’s Discord, yet most fail because there are no supporters.
To answer these questions above, we have built nft soldout, a professional NFT community based on curation.
- nft soldout only selects and deals with works that have been sold once in the marketplace(secondary sale market) among all indiscriminately created NFTs to provide high-quality service.
- nft soldout provide objective and extensive NFT statistical data to help service users to evaluate NFT value and make an objective decision.
- nft soldout will add service users’ evaluation data to the curation data to enhance the NFT curation information that the market and NFT owners need.
With this process, we expect the NFT market to grow continuously with more influx of potential NFT buyers.
4 Key Features of nft soldout
nft soldout discloses all raw data available to users transparently. Users can find all kinds of information according to customized query. Raw data provided by nft soldout is not just limited to existing data such as the amount sold by contract addresses and the total amount sold. It discloses even the price at which an NFT was on a bid for. With such data, buyers will not feel FOMO (fear of missing out) when an NFT is in a hot bid. This translates as the potential to balance out the disproportionate spread of information, thus creating a healthy and vibrant NFT ecosystem.
1) Retrieve NFT Data
2) Review / Evaluate NFTs
3) Communicate with NFT Stakeholders
4) Search the Value of NFTs
NFT Data Analytics Service
nft soldout holds both on-chain and off-chain data. It saves on-chain data such as NFT metadata, NFT contract addresses, token IDs, and information on bidding by crawling data on blockchains including Ethereum, Binance Chain, etc. It also saves off-chain data such as information on artists, owners, and hashtags from NFT marketplaces. By using NFT contract addresses, token IDs, and wallet addresses as distinct values, it combines on-chain data with off-chain data.
It may fail to combine these two data when the data brought from NFT marketplaces are incomplete. For these cases, nft soldout provides users with NFT upload template with which the users can fill out the missing information on the artists and creatives. To prevent any kinds of NFTs from being uploaded in a disorderly fashion, nft soldout only uploads data on creatives that have been resold in the secondary market. Raw data provided by nft soldout are as follows:
The database of nft soldout has more than 4 million data on NFTs sold on the secondary market. It also stores user information of 130k users in NFT marketplaces. Hence, users can get access to the database in nft soldout to view data under various searches. NFTs will be shown in the order of bids, which allows users to view in the order of the most popular NFTs. Since nft soldout also has access to off-chain data that most NFT analytics platforms don’t have, users can view data on NFTs traded in NFT marketplaces such as NiftyGateway that also sells NFTs in fiat.
NFT Review/ Evaluation Service
nft soldout provides evaluation form to users so that they can evaluate both qualitatively and quantitatively as in Image 2. The quantitative evaluation includes four aspects; universality, narrativity, completion, originality on a 5-point scale. The qualitative evaluation allows users to write and evaluate freely. The users of nft soldout can leave curation on NFT creators and creatives freely using these evolution forms. With collective intelligence, the value of the creatives will be formed on a generally acceptive range. For users who have evaluated NFTs, at the end of the evaluation, nft soldout asks for how much they are willing to pay if the creative has been resold. This serves as an important metric in calculating the future value of an NFT. Aside from user evaluations, professional NFT reviewers on nft soldout can upload separate NFT curation contents.
NFT Community Service
nft soldout creates a community in which users can discuss and share their thoughts freely about NFTs. All users can use the editor provided by nft soldout to leave comments. The editor is connected to the database on nft soldout that brings the raw data related to the keywords to the editor. Therefore, it allows users to discuss freely about a topic/ keyword based on professional/ objective data. To add on, NFT creators can make any postings to promote their NFTs/ NFT projects, thereby allowing creators to publicize their works. ‘NFT Community Service’ will be enabled at second quarter 2022(EXP).
NFT Future Value Service
nft soldout predicts the future value of NFTs with the raw data and data created by users through evaluations and community activities. The values taken into consideration to predict this value includes the frequency of searches made on the creators, NFT creatives, and the willing-to-pay price of NFTs that have been answered by users. Future value predicted by nft soldout will be useful to potential buyers waiting to purchase an NFT or holders of that NFT. ‘NFT Future Value Service’ will be made available at fourth quarter 2022(EXP).
The Goal of nft soldout
nft soldout works towards following goals:
• Contribute to the expansion of NFT market by providing objective and credible standard with first-hand data and professional secondary data for potential buyers and users of NFTs;
• Create a healthy and vibrant NFT ecosystem by solving the problem of disproportionate access to information among various NFT stakeholders.
At the end of the day, nft soldout will create an atmosphere for users to invest and buy NFTs with a wholistic data that covers all blockchain platforms (L1/L2). Potential buyers of NFTs can base their investment/ purchase decisions by referring to the data provided by nft soldout. With data from nft soldout users and first-hand data, the future values of NFTs can also be estimated. This information about the future value of an NFT will also create a virtuous atmosphere for investing in NFTs. Not only that, but with the communication channel available for NFT stakeholders, irrational and manipulative actions and FOMO can also be reduced through greater transparency. nft soldout expects to contribute in invigorating the sales of NFTs in secondary markets and further expand the NFT market.