As we head into the end of 2021, the seasons may be changing, but NFTs remain hotter than ever.
Depending on who you ask, the NFT market is now worth anywhere between $7 billion up to $10.2 billion – a staggering statistic was given that at the same time one year ago, hardly anyone outside of cryptocurrency even knew what NFTs were.
It goes without saying that NFTs have exploded in popularity during 2021, invading everything from pop culture to Times Square, and everything in-between. NFTs like CryptoPunks have led the charge, with the collection reaching a $5.1 billion market capitalization. Other NFTs – like artwork produced by Beeple, “weird whales” from a 12-year-old coder, and more, have further contributed and added to this craze.
Adding in the recent announcement from Meta (previously known as Facebook) regarding the importance of the metaverse and how NFTs will play a role, and it becomes increasingly obvious that this new form of a digital asset is not only here to stay – but will become an increasingly important part of our lives in the physical and digital worlds.
Tracking the NFTs that matter the most – PARSIQ Integrates with OpenSea
PARSIQ, an automation platform that serves as “the glue” between blockchain systems and real-world applications, recently made the exciting announcement that it has integrated with OpenSea. OpenSea is the first and largest marketplace for NFTs, providing an easy-to-use platform full of NFT offerings from its participants around the globe.
With this integration, users can now create notifications (Smart Triggers) based on various types of criteria – including (but not limited to): individual sales, floor price, volume, average price, wallet activity, and more. Based on the metrics of interest to a particular individual, users can create triggers utilizing PARSIQ – and be notified off-chain once certain criteria have been met (triggered). These notifications can be sent to Discord, Telegram, Google Sheets, or be customized via web-hooks.
Why Track NFTs?
Twelve months ago, NFTs were barely even known – thereby not giving much of an incentive to understand or track their activity. 365 days later, the world is a much different place. From Wall Street to Main Street, NFT fever has arrived, and there are favorable opinions amongst the community (both inside and outside) of blockchain who believe that it is here to stay.
The potential of NFTs and their applications are numerous and wide-ranging. More than for just art, NFTs have the power to transform businesses, industries, and our real-world and digital lives. For online platforms like OpenSea, this will likely translate to increased usage and demand not only for its services, but for specific NFTs – like CryptoPunks, like Beeple Art, and NFTs which are certain to arrive in 2022 which will excite the masses.
For many, NFTs will become exceedingly important – whether it be from an investment perspective, daily-use perspective (e.g. as a wearable in-game), or for pure enjoyment (e.g. to display for others to see).
To aid those individuals who will increasingly see these digital assets as something which they need to track, PARSIQ has provided the necessary tools for all individuals to be able to leverage in the OpenSea market. In this way, everyone can do the necessary legwork upfront to prepare for the NFT transactions which are most important to them.
How Will PARSIQ Function with OpenSea?
Imagine that a new collection of NFTs has hit the market. While not blowing up yet, some individuals see the potential in the collection and believe that it can follow a similar trajectory as CryptoPunks. These individuals may pick up a few NFTs from this collection, and wish to continue to monitor how others that are being traded on OpenSea are behaving.
Utilizing PARSIQ’s monitoring solution, users can obtain all of the necessary data related to the NFTs of interest to them on OpenSea, and build monitoring triggers to track what happens to those NFTs over time. From price changes to how the NFT moves (wallet to wallet), interested parties can be notified instantly when something happens to a digital asset that is of significance to them.
Monitoring such behavior will provide critical insight for these users – understanding the velocity of the NFTs (how often they switch hands) may shed insight on how hot the market for these assets is becoming. Conversely, lack of movement over days or weeks, or directional changes in pricing (up or down), can be a sign of increased or decreased demand and interest.
There is much information to be gleaned from such functionality provided by PARSIQ, regardless of whether or not the trigger is fired. After all, inactivity also provides insights into interest and demand.
For both the investor and casual observer, there is much to take away from this newly released functionality now available on OpenSea.
The Future of NFT Tracking
As NFTs continue to pick up traction and adoption within and outside of the cryptocurrency community, trackers across all types of NFTs will become increasingly relevant. From CryptoPunks to real estate, interested parties will benefit from obtaining the latest information on available assets for sale, so that they can react timely.
Alternatively, from an investment perspective, traders may want to follow a particular NFT asset class, to understand market movements and overall behavior. By leveraging trackers, traders can identify a specific sub-group of NFTs, and use them as a barometer for overall market conditions.
Automated tracking in NFT marketplaces may just be starting, but it certainly does not end here. Much more is expected to come in the months and years to come, as the importance and relevance of NFTs continue to grow and develop.
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