Issue 5 - Are you using NFTInspect to the best of your ability?

There is a plethora of amazing analytic tools we have at our disposal to track our beloved Solana NFTs. There’s Hello Moon, which has a focus on the top volume and smart money/social buying. Another commonly used tool would be Solswatch, which enables tracking of top volume, floor movers, largest gainers and fallers paired with listing percentage graphs and supply figures. If you love your charts then perhaps Solsniper is more up your alley. These three tools are commonly employed by your everyday trader and so they should be. They can sway the way we view a particular project or entry point and it’s a proven method of better informing our trading decisions. However, none of them provide the type of profile picture insight or social media influence data that NFTInspect does.

NFTInspect is a social ranking system of both NFT projects and twitter profiles across both the Solana and Ethereum blockchain. You can filter projects by collection sizes less than 1K, 1K-10K and 10K+. For the purpose of this article, we’ll be focusing on the Solana blockchain for obvious reasons.

For the moment, only those who have installed the chrome extension are privy to both accessing the data and having their data drawn. NFTInspect does have a larger following on Solana. At this moment, Solana holds 10 of the top 20 projects across both chains. My hunch is that project ranking is a cross weighting system of the metrics Unique PFPs, PFPs Per NFT and Community Reach. I’d love to find out the specific weighting formula. There are three main metrics being valued. Unique PFPs is the number of unique NFTs from this collection being used as a Twitter PFP. PFPs Per NFT. Community Reach is the percentage of Inspect Chrome Extension users exposed to this collection in the preceding 24 hours.

Personally, I believe Community Reach and PFPs Per NFT are the two leading indicators for understanding influence when it comes to projects. A high % of PFPs displayed would have some correlation towards how strongly the art is perceived and how proud the community is to reflect that. Community Reach is a 24hour rolling metric that rewards those who post frequently and recently.

Solana NFT PFPs account for 100% of the top 15 profiles across both chains. Out of the top 50 profiles across both chains, only 8 are displaying Ethereum NFTs whilst a whopping 84% ride with Solana. What’s rather interesting is that NFTInspect has also identified the type of twitter poster these influencers are. They’re categorized into Builders and those who run giveaways for the moment.

Let’s dive deeper into the type of data that NFTInspect provides us.

For context, Okay Bears is Solana’s top ranked project on NFTInspect. Here, you can visually track how strongly the projects PFPs are being displayed. You can see that in the last 15 days, total individuals displaying an Okay Bears profile picture has dropped from around 3450 to 3200, however the reach of those displaying an Okay Bears PFP has not necessarily been impacted. This leads me to believe that those who have traded their PFP for other projects aren’t as impactful as the Okay Bears still displaying their PFP (which you can see in the profile flow at the bottom of attached image). Tweets with NFT is the number of tweets with an image of the NFT from this collection that has been viewed in the proceeding 24 hours. It is likely that NFTInspect is scraping the number of engagements and views from each post that has an NFT displayed as their PFP.

The profile flow metric is particularly interesting and fun to play with. You can adjust the profiles with followers to different levels to measure what those with larger follower counts are doing. The graphic below shows the difference in profile flow on Okay Bears of followers with 1K+ followers and 10K+ followers.

As you can probably tell, there are slight differences in the projects they are swapping from and swapping into. Very interesting if you love understanding the intricacies of social worth within various NFT collections. What’s even more interesting in the 10K+ follower data, is that notable ETH collections such as Azuki, Doodles, CryptoPunks swapped into Okay Bears, reflecting the attraction and conversion of ETH NFT holders we saw congregate over to Solana. On the backend you can see that once they were done holding Okay Bears or perhaps taking profit on this collection, they then moved to DeGods, Taiyo, Boryoku Dragons and Solana Monkey Business – perhaps long time grails they’ve wanted and finally had the liquidity for. Compare this data to that of the followers greater than 1K and you can tell there are more flippers in this territory, as amongst the top 10 collections swapped into, 3 or 4 of them are even more recent mints as opposed to established OG collections. You can even adjust the number of collections shown to reflect more data points. Here, I’ve swapped total collections to 30 whilst keeping profiles greater than 1K+ followers.

This data is amazing not just for traders, but also for project owners. They can pinpoint exactly which community members are the most vocal with the most impactful voices. Is it possible that in the near future the top community members are rewarded by projects for being brand ambassadors? I can totally see @justinape receiving that stamp of approval but on a more official level.

If that was the case, perhaps we wouldn’t have seen him change his PFP to a Primates! Justin was the poster boy for Okay Bears and personally, I believe he drove up a lot of the community sentiment. From the data above, he held an Okay Bear for over 47 days and during that time his follower count has more than doubled with his global reach in the last month moving from around 18-19% to now sitting well over 30%. I’d love to see a world where hypothetically Okay Bears signed Justinape to a sponsorship deal with the content he was putting out for them for say 90 days for X amount of Solana. That would bring a whole new element to Crypto Twitter and perhaps it would incentivize celebrities to deliver valuable content to our space as opposed to just flashing the badge (displaying the PFP) and dipping. As the NFTInspect metrics suggest, you can tell Justinape delivered true content with 97% value and only 3% shitposting.

The data that NFTInspect reveals is very telling. Primates, a recent PFP orientated project that minted with unique profile picture art is currently ranking number 3 out of all collections. For a 10K collection, you can see their steady incline on Unique PFPs rising up since inception towards at least 24.5% of their supply being displayed.

The Primates data over the last 20 days reflects that holders of both Solana and Ethereum projects were able to swap into the project. I’d go further to suggest a high percentage of flippers were amongst these trades as the outflow of projects suggests with movements back into a lot of projects in the 1-10 Solana price region as profiles with 10K+ followers were the ones swapping into the top 8 outflow projects displayed. Interesting to note the movers in this price range into Solgods the last week.

Regardless of how you want to interpret the data, NFTInspect provides value that other tools do not. It’s a metric that enables us to determine not only the floor price value of a particular project, but also the social value of displaying it. If you look closely enough, you’ll also be able to determine which art slaps and which profile pictures do not. Our NFT market has always been dominated by PFPs. Utility and meta will change quicker than the seasons, but PFP meta will never die off. That is the reason why NFTInspect’s data is crucial to understand.