Discover the best NFT tools investors need to learn more about and navigate the Web 3.0 space.
Learning about non-fungible tokens or NFTs is nearly a full-time job. Dozens of new, credible NFTS emerge daily, all with different use cases. Dozens more emerge every day and are little more than cash grabs and scams. Tell one from the other isn’t easy.
Deciding what to buy or sell, tracking market trends and your purchases is a real challenge too. But, the right NFT tools, websites, and software can help.
In the below video, I profile the seven best NFT tools I use regularly, and in the subsequent article, I go into more detail about these tools and some other options you can try.
1. A MetaMask Wallet
A MetaMask wallet is a software or digital for holding cryptocurrency and NFTs. It’s easy and free to use.
After setting up a MetaMask wallet, you can transfer euro or dollars to a cryptocurrency exchange like Coinbase, but Ethereum and transfer it.
Then connect MetaMask wallet to NFT marketplaces like OpenSea or LooksRare and buy your first NFT. You can also use MetaMask mobile app to buy NFTs on the go.
Never give or upload your MetaMask phrase anywhere or to anyone, even if they message you on Twitter or Discord, and claim support. If someone gains access to this seed phrase, they can take all of your NFTs and cryptocurrency.
Also, don’t store your seed phrase on your phone. If you inadvertently click on a suspicious link and somebody installs some malicious software onto your phone, they could potentially drain its funds.
I use the MetaMask wallet to buy and sell NFTs. Coinbase offers an alternative.
2. A Hardware Wallet
A hardware wallet from Ledger or Trezor adds an additional layer of security, and you can connect one to your MetaMask wallet.
Users must physically press buttons and sign or verify transactions like a purchase, a trade or an exchange. Unless somebody has access to your MetaMask wallet and your Ledger or Trezor device, they can’t do anything with your NFTs.
A hardware wallet is expensive if you’re getting started in the space, but if you’re spending more than a couple of hundred dollars on NFTs or cryptocurrency, it’s key for navigating the space safely.
If you’re buying lots of NFTs and using DeFi, I recommend buying two. Use one to buy NFTs, connect to different NFT sites and mint tokens at launch. Use the second to keep bluechip NFTs in cold storage. Keep it disconnected from any online services. That extra step reduces mitigates hacks and scams.
I use one hardware wallet for minting and DeFi and another for cold storage.
WGMI tracks the floor price of NFTs. It’s a common NFT term standing for “We’re all going to make it”. There, you can see what NFTs are trending over the past 30 days, seven days. It also reports on price changes and volume.
Most NFTs are going to go to zero, and lots are cash grabs. You can use a site like WGMI for due diligence. It also provides links for learning more about an NFT by following them on Twitter and joining their Discord communities. There, you can see how active members are and learn more about an NFT’s roadmap.
I use WGMI to check floor price trends and market volume. The user interface is a little drag and clunky but it’s still usable. In the premium version, you can inspect the traits of specific NFTs and their rarities. You can also track your wallets and portfolio balance. At $300 per quarter, it’s comparatively expensive to some other tools here.
4. Icy Tools
ICY Tools is a free and premium NFT discovery and analytics website. Using the free version, you can track the floor price of NFTs as well as the gas or Gwei fee (the cost of using the Ethereum blockchain).
This NFT tool provides official Twitter, Discord, and OpenSea links for projects. Icy Tools shows what NFT are trending over the past few hours or days. You can filter by floor price, average price, volume, sales, and market cap.
Upgrade to premium and you can set up Discord, Telegram, and SMS alerts for specific projects. You can also track your portfolio and monitor the holdings of specific wallets (yours or other investors). It’s a more affordable version of Nansen.ai, specifically focused on NFTs.
I use Icy Tools to check floor price trends and market volume, much like WGMI. It is somewhat more polished than WGMI. It’s also cheaper, starting at $69 per month. I particularly liked how I could dig into the contents of specific wallets and view their purchases and sales. If you want Nansen’s metrics and analytics, but don’t care for DeFi, try this tool.
5. Rarity Tools
Rarity.tools is a useful website for finding new mints and projects. You can also use this site to inspect the rarity of specific NFTs before buying them.
If I click on the CryptoPunks project, I can sort by attributes and rarity. I can also use an NFT ID to learn more about what it’s so valuable.
If you find an NFT on OpenSea sitting near the floor but with a higher rarity score than other NFTs, it’s potentially worth purchasing. Basically, find an NFT project you want to buy into, pick four to five NFTS near the floor and plug each of their IDs into Rarity Tools. Then, buy one with the highest rarity score near the floor. In theory, this extra step presents a purchase with liquidity and value.
I use Rarity Tools occasionally to inspect the rarity of NFTs, although I prefer Nansen’s analytics and Icy.tools. Basically, Rarity is a free website but finding meaningful NFT data takes time.
If you want more detailed analytics about NFTs and decentralized finance (DeFi), consider Nansen. It provides charts and analytics about both spaces and claims to pull data from over 100 million Ethereum wallets.
The seven-day free trial costs $9. Then, it costs over $100 per month, depending on how many features and reports you want. I currently rely on a standard subscription for Nansen.
I use Nansen mostly for its NFT Paradise tool. It reveals all the trending NFTs in terms of volume, market cap, and average price. The Mint Master section shows what NFTs are currently being minted and their Fear Of Missing Out ( FOMO) level.
You can inspect NFTs of your choosing with the wallet profiler. It provides information about the rarity of specific NFTs and reports on how wallets people have held onto an NFT for. You can also set up alerts for specific wallets.
Nansen offers more in-depth analytics than the previous tools. I use Nansen mostly to find new mints but find it quite pricey compared to other NFT tools here. I also use it to track my wallets and portfolio. However, for this price point, I’d expect a means of visualizing my NFTS, something Nansen lacks.
Zapper is a free tool for managing your DeFi and NFT portfolio. Basically, connect your MetaMask wallet, paste in and address and inspect its contents.
It reports on the NFTs and crypto in a wallet and what they’re worth. You can visualize NFTs inside of Zapper, a feature other NFT tools here lack. This NFT tool reports DeFi loans as well as a wallet’s eligibility for airdrops and other Web 3.0 claims.
You can use Zapper to conduct transactions across the Ethereum blockchain, Polygon, and Avalance. I didn’t use these features as much, preferring it more as an NFT portfolio tracker.
I use Zapper mostly to manage my DeFi loans, view eligible claims, and view my NFTs. I like it because it’s free and supports DeFi. However, you can’t really track NFT purchases and sales for other wallets as easily with Zapper compared to Icy.tools.
8. Dune Analytics
Dune Analytics is an open-source analytics platform built by and for the crypto community. It contains a variety of dashboards about the market and for specific projects.
Most blue-chip NFTS have their own Dune Analytics dashboard, where you can see sales volume, floor price, and other metrics.
Dune Analytics also provides free insights into the overall market. NFT influencers regularly use the OpenSea volume dashboard to report on market trends on a given day, week, or month.
I also like using this Dune Analytics OpenSea dashboard to gauge if the NFT market is trending upwards or downwards.
Rainbow.me is an Ethereum wallet service and NFT viewer.
Use this NFT tool to inspect any Ethereum wallet via the web and its Android and iOS. It excels as a visual gallery for NFTs. Paste, in an Ethereum or ENS address, and it will show you every NFT in that wallet. Click or press individual NFTs to view their traits and more information and see them in full-screen.
If you’re using it as a wallet, don’t put a seed phrase for another wallet into Rainbow.me. It’s referring to wallets set up with the service.
When a friend says “Show me your NFTS”, I use this app to show them what I own.
Cryptoslam is a surprisingly useful free NFT tool for analyzing the market. You can see the all-time rankings for NFTS. It also reports on sales across other blockchains. Gary Vaynerchuk is a fan.
I use this NFT tool occasionally for checking the market at a glance. I also liked how it presents sale information on individual projects for. Even though it’s free, it’s comparable to what you’d pay for on Icy Tools or WGMI. Interestingly, I noticed a discrepancy in market floor prices for NFTs with each of these tools.
NFT Tools: The Final Word
I use each of these NFT tools regularly to investigate new tokens and digital art, learn more about the space, and manage my portfolio. These NFT tools are all relatively new so expect new features and competitors to emerge quickly.
While these tools help, you still need a means of tracking your trades. For help with that, check out my guide to the best NFT tax software.