SNEAK PEEK
- A tool that rates and categorizes wallets according to how efficiently they function in NFT transactions has been released by Upshot, an NFT platform.
- The new functionality, according to the team, may show traders whose wallets they should base their trading strategies on.
- As the metaverse develops, incorporating touch and smell into virtual reality will be the next big thing (VR).
When trading becomes more difficult during the bear market, a nonfungible token (NFT) platform promises to relieve the load on traders and help them get a closer look at the strategies of successful collectors.
Upshot, an NFT platform, has announced the release of Upshot GMI, a tool that ranks and classifies wallets based on how well they perform in NFT transactions. GMI, which stands for “going to make it,” takes its cue from the crypto slang WAGMI and determines which wallets are likely to succeed based on data that is public on the blockchain.
According to Upshot CEO Nick Emmons, the index analyses wallets by considering realized and unrealized gains, number of transactions, volume, NFTs and premium NFTs kept, and the age of the wallet.
He explained that to study patterns and have a clear understanding of who is winning and losing, they closely monitor the NFT wallets that are used the most in the community.
According to the team, the new functionality might show traders whose wallets should model their trading techniques after. The researchers also made note of the possibility that the tool can assist lenders in assessing whether to lend to a certain wallet address.
Touch and scent integration into virtual reality is the next big thing as the metaverse matures (VR). Several metaverse-focused companies displayed their newest products at the Consumer Electronics Show in 2023, adding new capabilities that enhance the VR experience by incorporating touch and scent.
In other news, NFT marketplace SuperRare announced layoffs, reducing its workforce by 30% as the crypto winter persists. John Crain, the CEO of SuperRare, said that the company hired too many people during the last bull market.
A digital asset index called the NFT Index is used to monitor the performance of tokens in the NFT sector. Based on the value of each token’s circulating supply, the index is weighted. The NFT Index aims to monitor Decentralized Finance NFT initiatives that demonstrate a dedication to continuing upkeep and development.
