Forkast Labs Unveils NFT Indexes Designed to Monitor Real-Time Performance of the Digital Asset Market
In Brief
The Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite are the pioneering indexes launched in a series aimed at tracking the dynamic performance of the digital asset market in real-time.
The premier index, known as the Forkast 500 NFT index, serves as a representative snapshot of the entire NFT marketplace.
These indexes draw from CryptoSlam’s extensive on-chain data points.
On Monday, Forkast Labs, a newly established web3 data intelligence entity born from the merger of CryptoSlam and Forkast.News, introduced its initial set of NFT indexes.
Three indexes – the Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite – were introduced, forming a series that keeps tabs on the real-time evolution of the digital asset market, similar to how stock market indexes like the S&P 500 or Nasdaq Composite function.
According to a press release Among them, the Forkast 500 NFT stands out as the flagship index, regarded by Forkast Labs as a reflection of the entire NFT landscape. It assesses the global NFT market's performance, encompassing assets from any blockchain, as well as tracking 500 smart contracts on any particular day. The data collection for this index dates back to January 1, 2022.
The targeted networks for the Forkast NFT 500 Index include:
- Ethereum
- Solana
- Polygon
- Cardano
- BNB Chain
- Arbitrum
- Avalanche
- Algorand
- Fantom
- Cronos
- OEC
The Forkast ETH Composite evaluates the performance of non-currency digital assets within the Ethereum ecosystem, currently representing up to 250 Ethereum smart contracts on any given day. Meanwhile, the Forkast SOL Composite tracks the performance of non-currency digital assets on the Solana platform, including up to 100 Solana projects daily.
The indexes are driven by CryptoSlam’s real-time on-chain data points, organized and updated continuously. The weighting for each index is determined based on a combination of adjusted market capitalization and the number of unique traders, with the algorithmic structure also considering adjusted sales volume, ensuring the indexes are rebalanced daily to stay aligned with the fluid market conditions.
"Forkast Labs was established to create essential and credible tools for navigating the digital economy. These indexes will serve as the definitive benchmarks for the global digital economy and its various sectors,\" shared Randy Wasinger, co-founder and co-CEO of Forkast Labs.
Wasinger, who founded CryptoSlam, emphasized that the Forkast Indexes build on CryptoSlam’s reputation as a market leader in multi-chain NFT data organization, with plans to broaden the scope to include cryptocurrency indexes in the near future.
"Forkast Labs provides an in-depth and well-rounded perspective on the essential performance metrics of digital assets. These resources aim to equip every investor and market participant with the clarity needed to navigate the digital economy successfully,\" explained Angie Lau, co-founder and co-CEO of Forkast Labs.
The Forkast Indexes are available right now on the newly launched ForkastLabs.xyz, along with CryptoSlam.io and Forkast.News. Live widgets can also be downloaded from Forkast Labs for third-party sites to feature live index data on their platforms.
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