Forkast launches NFT indexes to boost transparency

The Bored Ape Yacht Club / Image credit: 123RF

Forkast Labs, a platform for Web3 asset valuation, has introduced a series of indexes to provide a more accurate representation of the digital asset economy.

Forkast 500 NFT Index is the primary index that is aimed to be “a proxy of the entire NFT market” and will track the performance of non-fungible tokens across 21 different blockchains in real time, including Ethereum, Solana, Polygon, and Cardano.

Forkast Labs was formed earlier this year through a merger of CryptoSlam, a US-based data analytics firm, and Forkast News, a Hong Kong-based online news platform.

Through the launch of the indexes, Forkast Labs seeks to improve data transparency and take an unbiased approach to analyzing multiple chains. This way, investors can get a clearer picture of the true value and economic activity in the digital asset economy.

Over the past week, Forkast Labs discovered nearly “US$1 billion worth of artificial inorganic trade,” which the company considered to be “gaming behavior.” The firm suggested that such trades be “stripped out in order to evaluate true overall NFT market activity,” given that Blur and OpenSea are battling for market dominance in the market.

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The initiative follows a slowdown in NFT transactions last year. From January through September 2022, trades were down 97%. However, the market’s on track to recover this year, with January trading volume up 35% to US$946 million from December 2022.