Introduction:
With the fast-paced development of NFTs, it’s incredibly important to monitor the floor price of NFTs in relation to the trading volume because this information can give NFTs investors a serious advantage whether they are fully engaged in NFT markets or just exploring them. Knowing how to track NFT floor prices and volume is very important because it gives you a definite advantage in deciding on your next opportunity. Also, as new tracking and sales volume platforms such as CoinMarketRace provide real-time results to track in a clear and understandable manner, it may never be easier to track supply and demand metrics!. In this guide we will show you how to track NFT floor prices and volume like an expert by using the easy interface provided by CoinMarketRace!
Why NFT Floor Price and Volume are Important
Before we jump into the “how” let me just define some basic concepts:
NFT Floor Price:
This is the minimum price a potential buyer must pay in order to enter the collection.
NFT Volume:
Total dollar value of NFTs purchased or traded in a specific time period usually 24 hours or 7 days. Volume reveals the activity and liquidity of the market.
By monitoring these two metrics you can:
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Identify trending NFTs
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Time your entry and exit
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Benchmarks against other collections
Step-by-Step Guide: Monitoring NFT Metrics on CoinMarketRace
1. Navigate to the NFT Dashboard on CoinMarketRace
Navigate to CoinMarketRace.com and then hit the NFTs tab on the top of the page. Following that will take you to a page dedicated to browsing in real-time notable collections and trending collections across the NFT space.
2. Search for Specific Collections
Just search the text in the search function and the site will return live data for that project including price, volume, and market cap.
3. Sort by volume or Floor Price
CoinMarketRace gives users many ways to sort the collections. You can sort by:
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24 Hour Volume
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7 Day Volume
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Floor Price
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% Change
This is really helpful when trying to figure out which collections are trending either up or down.
4. Check Individual NFT Collection Pages
When you click on the NFT collection, you will go to a full page view of that collection. At this location you can view:
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Floor price trend charts
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Historical volume trend
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Number of Owners
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Total supply
This is essential when deciding whether a collection looks good over the long haul, or if you are witnessing a short-term spike.
5. Make Use of Alerts (Coming Soon)
CoinMarketRace is in the process of developing real time price alerts of up to the minute notifications when a floor price drops or volume spikes so that you don’t miss out.
Bonus Tip: Compare Multiple Collections
You can open a new collection page in new tabs if you’d like to see any and all metrics beside each other. This is a huge benefit when you’re trying to choose between 2 investments or spot new projects with momentum.
Red Flags
Regardless of great data – you always should keep your eyes peeled – here are some red flags that you may encounter:
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Volume spiking suddenly without news
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Floor price being manipulated by whales
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Owner to supply ratio of extremely low
You can use the data provided by CoinMarketRace, as your first line of defence against NFT scams and risky projects.
⏹ Conclusion: Be a Data-Driven NFT Investor.
Tracking floor prices and volume gives you a level of plausible deniability to fall back on and guide you as opposed to FOMO surrounding all the hype. CoinMarketRace instantly gives you everything you need. Live charts, sortable data and real time updates. All in one place! So whether you flip or hold, CoinMarketRace will help you elevate your game.
