Animoca Labs-backed analytics platform, Forkast Labs, has launched three NFT indexes to help track the progress of the fast-growing market in real time. These include Forkast 500 NFT, Forkast Sol NFT Composite, and Forkast ETH NFT Composite. According to the official report, the three indexes will serve as the “S&P 500” of the crypto ecosystem, and they are designed to restore trust in crypto data and analytics.
Since NFTs came to prominence a few years ago, there hasn’t been a comprehensive source of market data, and this has created loopholes that have been exploited at times. However, this is about to change. For instance, the Forkast 500 NFT Index is powered by billions of on-chain data points that are indexed, organized, and updated in real time. Like its name implies, it will cover 500 NFT collections based on various blockchains such as Ethereum, Solana, Polygon, Avalanche, Cardano, and more.
? Some exciting news…
Today we’re launching the first in our family of Forkast Indexes, the world’s most comprehensive suite of indexes to measure the market performance of digital assets in real-time.
— Forkast Labs (@ForkastLabs) March 7, 2023
Forkast Labs To Launch Indexes That Target Specific Sectors
Commenting on the launch of these indexes, Angie Lau, Forkast Labs Editor in Chief and Co-CEO, notes, “By deploying standard methodologies, Forkast Labs can provide a deeper and more substantive view of fundamental performance of digital assets. These tools can help every investor and participant to navigate the digital economy with greater clarity.”
In the past, before Forkast launched these indexes, Lau had expressed the need for credible data points to inspire confidence in the NFT space. “The world is speeding towards a digital economy, but the traditional metrics often only give a myopic view as they are largely fragmented, price-centric, and incomplete.”
Now there are plans to venture into other sectors of the crypto market with what they term “sector-specific data.” Expect to see indices that provide data on virtual real estate or fashion NFTs, and so on.
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.