Introduction

This report will be going over the various NFT workflows and strategies that can be performed only through using Nansen’s dashboards, tools, and available data. It encompasses everything from discovery (minting, market overview) to diligence (following Smart Money, playing defense).

Nansen NFT Workflows

NFT Market Overview

• NFT Paradise -> NFT Market Overview
  • Can choose to look at the aggregate NFT marketplace or filter by a specific one (OpenSea, LooksRare, X2Y2, etc)
  • Look at volume and floor prices of projects to get a general view of the market

• Look at the Smart Money tab for their buys, sells, and mints in the last 24 hours. Be sure to dive into the specific breakdown of Smart Money labels too. Are they a minter, sweeper, hodler, or trader?

NFT Due Diligence Process

• Once an interesting collection is identified, use NFT God Mode to look at its average price and volume chart to gauge the project’s overall performance over time.

• Look at individual transactions and see when and what price Smart Money was buying (the yellow dots). Is Smart Money buying still or just retail now?

• Not all Smart Money is created equal. Are they minters, hodlers, or flippers?
• Are there people buying at way above floor prices? Buying above floor conveys conviction and is a bullish sign. Who are they? Look at their wallets. What else do they own?
• Look at balances and changes in the breakdown tab over the last 24 hours
  • Pay attention to the “First In” column. Are there any recent new buyers? Why might they be buying? Look at their NFT wallet and DeFi wallet. Are they a whale? Dumb money? Any project news updates on Twitter or discord?
  • Check how many NFTs were bought or sold during this period
  • Can use filter to only look at balance changes from Smart Money

• Look at the Smart Money Owners chart. Are the number of Smart Money wallets and number of NFTs increasing or decreasing over time? Which Smart Money NFT segment specifically is increasing or decreasing? If a Smart NFT hodler is selling off a blue-chip collection, that may be a worrying sign

• Ensure that the number of unique addresses are as close to the maximum collection number and the % holding only 1 NFT from the collection is as high as possible

• Look at the top balances
  • Can filter to just look at Smart Money
    • Use NFT wallet profiler to see how profitable they are and what other NFTs they own
      • Not all NFTs received by the wallet are scams. They might have used an aggregator like Gem/Genie to sweep. Check all the individual transactions.
      • What prices did they get in at? Are you able to get a similar or better price?
• Look at “recent trades” in trades tab to get live view of transactions flowing in

• Look at listings tab
  • What % of the collection is listed? What % listed are competitor collections? Is it lower or higher than other collections?
  • Are there Smart Money listing NFTs? Are they listed at floor prices ?

• Are there lots of NFT listed at floor prices? Look at histogram breakdown for a more hollistic overview
  • How thin is the sell wall? Can it be easily moved?

• Look at New listings and Sales chart. Are there more listings than sales? How much supply is entering the secondary market each day? Are they being bought up?

• Set smart alerts for top balance holders to be notified when they sell

Finding Live Hot NFT Mints

• Check NFT Paradise (mint master tab)
  • Look at FOMO levels and Smart Money minters and sort by first mint to find real-time mints
    • Can filter the table by number of Smart Minters
    • Look at the number of minters and Smart Minters. You don’t want to mint too early. You want to mint when the collection is close to minting out

• Look at the 24 hour mint and smart minter donut graph.
  • Compare and contrast the general market vs smart minters. Are they aligned? If not, do the smart minters know something that the general market doesn’t?

• Look at the live activity of the smart money tab in NFT Paradise (smart money tracker) and look at what Smart Money is selling, minting, buying, or sweeping. Can use specific filters to narrow down results too.
• Filter by mint and collection name
  • Look at wallet labels minting (are there NFT sweepers, traders, minters or hodlers?)
    • If there are a bunch of minters only, consider just flipping it. If there are lots of hodlers, consider keeping a few

• Look at the 24h smart mints. Next to it, the bar graph breaks down the specific category of Smart Money

• Can set up smart alerts and use NFT advanced function to avoid refreshing and browsing Mint Master all day

What is Smart Money doing for NFTs?

• NFT paradise -> Smart money tab
  • Look at the last 24 hour buys, sells, and mints
    • Look at the specific breakdown too (minter, sweeper, hodler, or trader?)
    • Smart NFT minter minting not necessarily high signal since they mint a lot of stuff. But if smart NFT hodler also minting, then might be worth looking into more

• If smart NFT hodler, dumping, not a good sign. Need to look into it more

Finding potential blue-chip NFTs to buy

• NFT paradise -> Smart money
• Filter by HODLER and BUY

• Are there any collections that keep popping up?
• Are there wallets that are sweeping certain collections? If so dig deeper
  • Where is the conviction coming from? Look on twitter/discord etc
• Dig deeper by looking into NFT god mode

  • Look at Holding Time and Diamond Hands tables/charts

    • How long have the NFT owners held for? How many diamond hand owners are there?
    

• Look at top balances and filter by Smart Money to see what they’re doing
  • Are they buying more or selling?
  • What prices did they get in at? Are you able to buy in at a similar or better price?

• Look at balance changes
  • Are there new buyers that have bought in recently? Why might they be buying? Look at their NFT wallet and DeFi wallet. Are they a whale or just dumb money? Are there any project news or updates?

• Can set smart alerts for when Smart Money Hodlers sell
• Use NFT wallet profiler to see what other NFTs they own and look at their NFT activity. Are they profitable?

NFT leaderboard copy tradooor

Set up smart alerts for wallets on the minting leaderboard and profit leaderboard.

• Do due diligence on specific NFT wallets with NFT wallet profiler.
  • Look at their existing NFT portfolio. What do they own? What are they bullish on? Sort by ETH value

• Are they consistently profitable? Or just lucky on 1 collection?

• Are they still active? Look at their past transaction dates. How long do they usually hold before selling? What kind of investor are they? Look at their wallet labels
• Set smart alerts as necessary

NFT Smart Money Sweepooor Copy Trader

• NFT paradise -> Smart money
• Filter by SWEEP and BUY

• If lots of wallets sweeping a lot of the same collection, look into it more
• If you’re buying because he's buying, you want to be selling when he's selling. so set a smart alert for when he dumps
• Use NFT god mode and look at the listings tab
  • What % of the collection is being listed?
  • Is Smart Money listing their NFTs for sale too?
  • How easily can the floor move?

• Look at recent sweeps in NFT Trends and Indexes
  • Filter by Smart Money
  • Play around with filters and different sorts like by ETH volume or number of NFTs swept

What are Holders of Blue Chip NFT Projects Doing in the NFT Market?

• Look for high alpha NFT projects (blue chips and alpha groups like Moonbirds, Premint, Zeneca, etc)
• Use NFT god mode then related collections
  • Look into what the top 10% holders are buying, selling, and minting
    • Can filter by Smart Money, specific collections etc

• Can also see what general holders of the collection are buying, selling, and minting
  • Can filter by Smart Money, collections etc

Finding High Alpha NFT Wallets

• Pick a NFT project that had a big run up in price (e.g people frontrunning CryptoPunks Christies news)
• You can use token movement for NFT contracts and look at balance changes

• Find out the origin of NFTs. Are they buys or transfers?
• Look into their past transactions. Are they consistently profitable? Is this a wallet worth tracking?
• Set up smart alerts as necessary

Finding Mint Wallet from Vault Wallets

• Pick a blue chip NFT project and use NFT god mode
• Look at the top balances and use NFT wallet profiler on vault wallets

• Look at all transactions for NFT owner (should be lots of NFTs received from their hot wallet)

• Once you identify the hot wallet, set smart alerts to be notified on their future NFT activity

Finding Desperate NFT Sellers that Need Liquidity

• Pick a NFT collection and run NFT God Mode

• NFT god mode -> Listings dashboards

  • Look at current listings and sort by highest number of price drops

    

• Proceed to lowball even further

Finding Undervalued NFTs

• NFT god mode -> price prediction
  • Sort by most recent lists to discover underpriced NFTs

• Use NFT item profiler and see if any rare traits are being underpriced. Go to NFT marketplaces (OpenAea, LooksRare, X2Y2) and filter by the impactful trait to see what the current floor is
  • Disclaimer: don't fully rely on the price prediction model