Forkast Labs

Crypto data intelligence firm Forkast Labs has launched a new series of NFT indices that aim to capture the health of the digital asset economy in real time and eventually be the definitive tracker of the tokenized economy. It is the first ever and the world’s most comprehensive suite of indices to provide real-time measurements of the performance of digital assets.

According to the company, its main Forkast 500 NFT Index aims to be a proxy of the entire NFT market and is powered by billions of on-chain data points indexed, organized and updated in real-time. The index includes up to 500 eligible smart contracts on any given day from a wide variety of networks such as Ethereum, Solana, Polygon, Cardano, BNB Chain, Avalanche Cronos and others. .

The company also plans to launch separate indices to track crypto currencies. The new NFT indices will measure real-time performance across 21 blockchains, including Ethereum, Solana, Polygon and Cardano.

Forkast Labs is a new crypto data intelligence company formed after the merger of crypto currency news site Forkast News and market tracker CryptoSlam in January. Prior to the merger, both Forkast News and CryptoSlam had Animoca Brands as common investors.

Animoca Brands is the Hong Kong-based blockchain video gaming unicorn behind Metaverse and virtual land platform The Sandbox, which helped in kicking off intense investments in digital real estate sold as NFT. It is also one of the biggest investors in Web 3.0 and boasts a portfolio of more than 400 companies.

Meanwhile, the new indices of Forkast Labs include two separate trackers for NFT performance on Ethereum (Forkast ETH NFT Composite) and Solana (Forkast SOL NFT Composite), two of the most popular blockchain networks for NFT.

The Forkast ETH NFT Composite currently includes up to 250 Ethereum smart contracts on any given day, while the Forkast SOL NFT Composite currently includes up to 100 Solana projects on any given day.

The flagship Forkast 500 NFT Index is weighted by adjusting to median market capitalization and number of unique traders. It uses a proprietary algorithm to filter out activities that are considered inorganic. These activities could be wash trading, which involves illegal collusion to manipulate prices.

Traditional digital asset market rankings rely primarily on data, including prices, sales, and transaction volumes. In contrast, the Forkast 500 NFT provides a much more holistic and complete view of the overall NFT market. It also provides a deeper and more substantive view of the fundamental performance of NFT.

According to the Forkast 500 NFT Index, the global NFT market has dropped 85.55 per cent since the beginning of 2022. Incidentally, the market declined 0.73 per cent on Monday but gained 7.44 per cent from the first day this year.

Easy monetary policies by global central banks had fuelled a surge of investor and public interest in speculative assets including crypto currencies and NFT in 2021. The fervor cooled down later, amid a crypto market rout that was set off by the meltdown of several large platforms.