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NFT Analytics Platform Targets Cross-Chain Data appeared on cryptomode.com by Muhammad Ali.
Electric Capital, a prominent web3 venture capital firm, has unveiled a new analytical platform called “NFT Pulse.”
This venture addresses two long-standing issues plaguing the digital collectibles market: the scarcity of cross-chain data and the lack of transparency surrounding the turnover of these unique digital assets.
Together with Allium Labs, the platform claims to provide never-before-seen details about how NFTs are acting on different blockchain networks, such as Solana, Polygon, and Bitcoin. However, support for Tezos and Coinbase’s Base network is still lacking.
Bitcoin’s Surging NFT Dominance and Market Implications
NFT Pulse data shows that user activity on networks like Solana and Bitcoin exceeded that of Ethereum, which has long been the leader in NFT development. Most NFT trades happen on the Bitcoin network in the Magic Eden market, while OpenSea is where most Polygon-based deals happen. Bitcoin’s network has seen a significant rise in market share, hitting over 60% in March.
Garg also pointed out that Bitcoin users are more willing to pay transaction fees than any other cryptocurrency, which could be suitable for exchanges in the Bitcoin environment.
1/ Announcing NFT Pulse!https://t.co/rcIdebM3Q2
At @ElectricCapital we kept asking NFT questions but had 2 problems:
A. data sources were sus
B. data was not cross chainWe built a v1 on @AlliumLabs data & are opening the dash publicly. Feedback is appreciated!
Fun charts?
— Avichal – Electric ? Capital (@avichal) March 21, 2024
As of the launch of NFT Pulse, the value of Ethereum-based NFT collections has fluctuated, and market action has been slowing down overall. Since January, the number of trades on Ethereum-based platforms and their monthly income has decreased. This downward trend has affected platforms like OpenSea, X2Y2, and LooksRare, which could mean the NFT market is about to change.
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