Forkast Labs Introduces NFT Market Index With Real-Time Tracking

Summary:
• Forkast Labs says its indices can track the markets in real-time and they aim to improve data integrity and bring clarity to the market.

Forkast Labs, the crypto data intelligence platform, has released the first-ever indices to evaluate the value of digital assets in real-time. Forkast Indices are real-time sector trackers that measure data from several subsectors of the digital asset industry. Users can view the index feeds simultaneously on Cryptoslam.io, Forkast.News and ForkastLabs.xyz.

A holistic view of the digital economy

In January 2023, CryptoSlam and Forkast.News merged to form Forkast Labs. The first three indices in the series are Forkast 500 NFT, Forkast SOL NFT Composite and Forkast ETH NFT Composite. The indices will give users real-time insight into the state of the tokenised digital economy from a bird’s eye view.

According to Forkast Labs, Forkast 500 NFT Index, the main index, is powered by billions of on-chain data points that are indexed, categorised and updated in real-time. This index is designed to serve as a proxy for the entire NFT industry. The index will track the value of NFTs in real time across 21 different blockchains, with as many as 500 smart contracts included on any given day.

A weighting adjustment is made for the primary Forkast 500 NFT Index based on the median market capitalisation and the number of different traders. Specifically, it employs an algorithm to eliminate what it deems to be fake or “wash” trading.

Rankings of digital asset markets have traditionally relied heavily on data like price, volume of sales and number of transactions. However, Forkast Labs says that this information tells us very little about the state of the NFT economy as a whole. In addition, the company says that conventional metrics are insufficient because they are derived from single indicators like price.

With their all-encompassing view of the market, the Forkast Indices aim to be a safety net for the global digital economy and help restore confidence in it. The company says that the indices will help establish clarity and ensure that transactions are made based on the right data and integrity, ultimately boosting investor confidence.