A practical guide to analyzing NFT markets and collections using free tools and on-chain data.
Key NFT Metrics
Collection-Level Metrics
| Metric | What It Means | Good Sign |
|---|
| Floor Price | Cheapest available NFT in collection | Stable or rising over weeks |
| Total Volume | All-time trading volume | >1,000 ETH for established collections |
| Unique Holders | Number of distinct wallets | >30% of supply held by unique wallets |
| Holder/Supply Ratio | Holders ÷ Supply | >0.5 (more holders than concentrated) |
| Listed % | What % of supply is for sale | 5–15% is healthy |
| Sales Velocity | Number of sales per day | Consistent daily sales > sporadic |
| Wash Trading % | Fake volume between same wallets | <10% is acceptable |
| Royalty Revenue | Ongoing income for creators | Shows sustainable business model |
Individual NFT Metrics
| Metric | What It Means |
|---|
| Rarity Score | How unique the traits are |
| Last Sale Price | What it actually sold for |
| Trait Floor | Floor price of NFTs with the same rare trait |
| Ownership History | How many previous owners, holding time |
Free Analytics Tools
Collection Analysis
| Tool | What It Provides | Access |
|---|
| OpenSea | Floor, volume, listed %, activity | Free (web) |
| Blur | Floor, bids, depth charts | Free (web) |
| NFTGo | Market overview, whale tracking, portfolio | Free tier |
| Reservoir | Multi-marketplace aggregated data | Free API |
| DappRadar | NFT collection rankings, volume | Free tier |
Rarity Tools
| Tool | What It Calculates |
|---|
| Rarity.tools | Trait-weighted rarity scores |
| HowRare.is | Solana NFT rarity |
| Trait Sniper | Real-time rarity with alerts |
| Rarity Sniper | Community-driven rarity rankings |
On-Chain Analysis
| Tool | What It Provides |
|---|
| Dune Analytics | Custom SQL queries on NFT data |
| Flipside Crypto | NFT analytics dashboards |
| Etherscan | Raw transfer and sale events |
Wash Trading Detection
Wash trading is selling NFTs between your own wallets to inflate volume.
Detection Methods
| Signal | How to Spot |
|---|
| Same buyer/seller | Same address on both sides (obvious) |
| Wallet cluster | Multiple wallets funded from same address |
| Back-and-forth | A sells to B, B sells back to A |
| Round-trip timing | Buy and sell within same block/minute |
| No price discovery | Sales always at same price |
| Zero royalties | Using platforms that avoid royalties (reducing cost of wash) |
Wash Trading Indicators
Suspicious if:
- >50% of volume from <10 wallets
- Average holding time <1 hour
- Same NFTs traded repeatedly between same addresses
- Volume spikes without holder growth
Tools for Detection
| Tool | What It Does |
|---|
| Hildobby's Dune dashboard | Filters wash trades from real volume |
| NFTGo wash trade filter | Tags suspicious transactions |
| CryptoSlam | Reports adjusted volume (excluding wash) |
Marketplace Comparison
| Marketplace | Fee | Royalties | Best For |
|---|
| OpenSea | 2.5% | Creator-set (often optional) | Discovery, variety |
| Blur | 0% | Optional | Pro traders, floor sweeping |
| LooksRare | 2% | Enforced on some | LOOKS token rewards |
| Magic Eden | 2% | Creator-set | Multi-chain (ETH, Solana, BTC) |
| Reservoir | 0% (protocol) | Varies | API/aggregation layer |
Aggregators
| Tool | What It Does |
|---|
| Gem (by OpenSea) | Cross-marketplace sweeping |
| Blur | Also aggregates listings |
| Reservoir | API-level aggregation for builders |
ERC Standards for NFTs
| Standard | What It Is | Use Case |
|---|
| ERC-721 | Unique tokens (1 of 1) | PFPs, art, collectibles |
| ERC-1155 | Multi-token (copies allowed) | Gaming items, tickets |
| ERC-6551 | Token-bound accounts (NFTs as wallets) | NFTs that own assets |
| ERC-8004 | On-chain agent identity | AI agents as NFTs with reputation |
Sperax context: ERC-8004 is the standard Sperax created for on-chain AI agent identity. Each agent is minted as an NFT with metadata about its capabilities, reputation score, and validation status. It's deployed on 12 chains.
NFT Valuation Framework
For PFP/Art Collections
| Factor | Weight | What to Check |
|---|
| Community | 30% | Discord activity, holder engagement, celebrity holders |
| Floor stability | 25% | Look at 30/90 day floor chart, not just current |
| Volume quality | 20% | Real volume after removing wash trades |
| Utility | 15% | Token-gated access, airdrops, real-world perks |
| Team | 10% | Track record, transparency, roadmap execution |
For Utility NFTs
| Factor | Weight | What to Check |
|---|
| Functional value | 40% | What does holding this NFT actually get you? |
| Protocol adoption | 25% | Is the underlying protocol growing? |
| Supply dynamics | 20% | Mint rate, burn mechanics, total cap |
| Revenue generation | 15% | Does the NFT generate yield or fee share? |
Dune Analytics Queries for NFTs
Collection Volume (Last 30 Days)
SELECT
date_trunc('day', block_time) as day,
COUNT(*) as sales,
SUM(amount_usd) as volume_usd
FROM nft.trades
WHERE nft_contract_address = 0x... -- collection address
AND block_time > now() - interval '30 days'
GROUP BY 1
ORDER BY 1
Holder Distribution
SELECT
COUNT(DISTINCT wallet) as unique_holders,
SUM(CASE WHEN balance = 1 THEN 1 ELSE 0 END) as single_holders,
SUM(CASE WHEN balance > 10 THEN 1 ELSE 0 END) as whales
FROM (
SELECT to as wallet, COUNT(*) as balance
FROM erc721_transfers
WHERE contract_address = 0x...
GROUP BY 1
)
Agent Tips
- Always check for wash trading — reported volume can be 50–90% fake
- Floor price is the most honest metric — it's the actual cost to enter
- Low listed % is usually bullish — holders aren't trying to sell
- Whale concentration — if top 10 wallets hold >30%, they control the floor
- Use aggregators for best prices — don't buy on just one marketplace
- ERC-8004 NFTs are different — they represent AI agents with reputation, not art
- Bear market NFTs — focus on utility and revenue, not hype
Links
