Even though Solana has given a short-term relief rally to the investors, the Volume on Magic Eden is not in a good place as we speak and the effect of this could be seen in the recent mints with them not getting a faster sell-out.
However, there is this one mint today which was in the space building for over half a year and now is going to launch its NFTs via the Magic Eden Launchpad. Also, this is not your usual community-driven, animal PFP brand-focussed project which is there to build the gap between web-2 and web-3 instead a project which claims to have built the best tools there are in the Solana NFT Space.
Let's talk about
Cost: 3.5 $SOL
Time: 6 pm UTC
Launchpad: Magic Eden
Now as the name suggests the focus of this particular tool will be on the mint data of a particular collection and according to the team a tool which has never been used in the space before.
Here, you’ll be able to see the pulse of the market and drill down on individual projects to discover their characteristics. You’ll see whether mint prices are going up or down if project supply levels are contracting or expanding, where the number of NFT projects launched on Solana is trending, and more.
On mint day users will be able to see the pulse of the market through metrics like:
Total Projects Launched over time
Total Projects Launched per month
Total Supply over time
Total NFTs Minted over time
Project sellout rates per month
First-Time Minters per month
Unique Minters per month
Supply trends over time
Mint price trends over time
Total Amount of SOL spent on mints per month
Total Creator Revenue over time
Total Creator Launch Fees over time
Total Minter Fees over time
Here the users will be able to track a particular NFT or the wallets that own that particular NFT. Not only this but you will also be able to see the distribution of collections across wallets. Here you as an investor will be able to watch the collections with a rising floor price and a very concentrated distribution which of course will warn you of the upcoming dump.
One of the best features in this particular tool suite would be to identify the smart minters and to see if those guys are going for a particular collection.
Secondary Market Data
This tool will come as a blessing to the traders in the space as the vision of the project is to provide tools which will measure the volume of the listed collections across all time frames. Not only this but you will also be able to watch the price of the NFT from the time it launched to date and the wallets that are diamond-handing the NFTs.
Now let us talk about some of the coefficients that they have talked about:
MDC or Minter Distribution Coefficient
Here you will be able to see how concentrated the minter distribution of a particular mint is. For example let us say a collection has a supply of 2000 NFTs, with the help of this coefficient you will be able to find whether only 150 people minted that collection or over 1500.
TMP or The Treasury Mint Percentage
The main idea of this indicator is to tell you how many NFTs have been minted by the treasury wallet of a particular collection which will outline a collection with a forced sellout.
Now, since they are a project which aims to provide all the historical data there is about Solana NFTs and looks like they have done their homework well because they are going to launch their analytical tool suites focused NFT with an art which can be used as the PFP by the community members.
Now, this is one of the weakest links of the projects. Let’s talk about it.
So the first tweet from the official Twitter account came on 29th October 2021 and it took them 3 months to make 3 tweets on Twitter.
And from December, the project started being more active on Twitter and now has over 350 Tweets from the main account and around 36,000 followers on Twitter and they are getting an average reaction of around 100 reactions per post.
On Discord, there are around 100,000 members with them having a lot of big personalities in the space in their VIP Section. However, they are clocking an average engagement of fewer than 500 reactions per post which is quite a small number looking at their supply.
To conclude, I would say that I as a trader in the space am impressed by the set of tools being provided by the project as it will enhance my trading experience and will give me an upper hand in the market.
Looking at the art, again I am impressed that they didn’t go for a card-based NFT as having a pfp-worthy art increases the set of audience you try to target with your services.
Now the one thing that I didn’t like is the supply and the cost combination and when we match that with the engagement they are clocking. We are sitting in a bear market phase and we have seen how projects got slaughtered recently. At these times launching a collection which requires around 24,000 $SOL volume to sell out when the volume on Magic Eden is itself revolving around 50,000 $SOL is not a good decision and that too when the project is providing tools which not a lot of people like to use.
If you are a whitelist, I would recommend you to first carefully examine how the mint is going on before jumping in because there might be a chance that this will end up being a slow mint. However, the team has announced that the whitelist wallets are oversubscribed, so keep a look at that as well.
If you are someone who regularly trades NFTs and has good liquidity that 3.5 $SOL is not much to you, I would say go for it because the tools being offered are great.
Keeping the hype aside, I would rate the project 3.75/5 on a fundamental basis.
As always DYOR.
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