Forkast Labs Launches NFT Indexes to Track Digital Asset Market Performance in Real Time
In Brief
Forkast 500 NFT, Forkast SOL NFT Composite and Forkast ETH NFT Composite are the first indexes to be launched as part of a series.
The flagship index, the Forkast 500 NFT index, is considered to be a proxy of the entire NFT market.
The indexes are powered by CryptoSlam’s on-chain data points.
Forkast Labs, the new web3 data intelligence company formed through the merger of Animoca-backed CryptoSlam and Forkast.News, unveiled its NFT first indexes on Monday.
Three indexes – Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite – were launched as part of a series of indexes that tracks the performance of the digital asset market in real-time. They can be seen as the NFT equivalent of stock market indexes like the S&P 500 or Nasdaq Composite.
According to a press release, the Forkast 500 NFT is the flagship index that Forkast Labs considers a proxy of the entire NFT market. It measures the performance of the global NFT market and can include assets on any blockchain as well as 500 smart contracts on any given day. The data set for the Forkast 500 NFT starts from Jan 1, 2022.
The mapped networks for the Forkast NFT 500 Index include:
- Ethereum
- Solana
- Polygon
- Cardano
- BNB Chain
- Arbitrum
- Avalanche
- Algorand
- Fantom
- Cronos
- OEC
The Forkast ETH Composite is a gauge of non-currency digital asset performance across the Ethereum ecosystem. It currently includes up to 250 Ethereum smart contracts on any given day. The Forkast SOL Composite tracks non-currency digital asset performance across the Solana ecosystem and includes up to 100 Solana projects on any given day.
The indexes are powered by CryptoSlam’s on-chain data points, organized and updated in real-time. Each index’s weighting is determined through a combination of adjusted market capitalization and adjusted unique traders. The algorithmic composition of each index also accounts for adjusted sales volume, and the index is rebalanced daily to stay current with the constantly changing market.
“Forkast Labs was formed to deliver essential and authoritative products for the digital economy. These indexes are the definitive measure of the global digital economy and its various subsectors,” said Randy Wasinger, co-founder and co-CEO of Forkast Labs.
Wasinger, the founder of CryptoSlam, pointed out that the Forkast Indexes leverage CryptoSlam’s strength as the market leader in multi-chain NFT data indexing and organization but will soon expand to include cryptocurrencies as well.
“Forkast Labs can provide a deeper and more substantive view of fundamental performance of digital assets. These tools can help every investor and participant to navigate the digital economy with greater clarity,” Angie Lau, co-founder and co-CEO of Forkast Labs, said in a statement.
The Forkast Indexes are simultaneously accessible on the new ForkastLabs.xyz, as well as on CryptoSlam.io and Forkast.News, starting today. Downloadable live widgets are available on Forkast Labs for third-party sites to embed live Index data onto their websites.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.
