NFT index grades the trading performance of collectors’ wallets

As trading becomes increasingly challenging during the bearish market, a nonfungible token (NFT) platform aims to lighten the load on traders and help them get a better take a look at the techniques of effective collectors.

In a statement sent out to Pandoraland, NFT platform Upshot stated that it launched Upshot GMI, a tool that ratings and categorizes wallets based on their NFT trading performance. Taking motivation from the crypto slang WAGMI, GMI means “gon na make it,” as it analyzes which wallets are going to make it based upon information offered on the blockchain.

According to Upshot CEO Nick Emmons, the index examines wallets by considering their recognized and unrealized gains, variety of transactions, volume, NFTs and premium NFTs held and the age of the wallet. He explained that:

“We’re keeping a close eye on the NFT wallets that are most active across the community to analyze the patterns and get a clear snapshot of who is winning and losing.”

The group claimed that the brand-new function might assist traders see which wallets to simulate in terms of trading methods. In addition, the team also highlighted that the tool might potentially assist loan providers evaluate and figure out if they ought to provide to a specific wallet address.

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On the other hand, as the metaverse develops, touch and smell are the next big thing integrated into virtual reality (VR). At the Consumer Electronics Show 2023, different metaverse-focused firms showcased their new products that add new functions that use the senses of odor and touch in the VR experience.

In other news, as the crypto winter season continues, NFT market SuperRare announced layoffs, cutting 30% of its personnel. SuperRare CEO John Crain discussed that the firm has over-hired during the previous booming market.