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Walkthrough: How to Evaluate Smart Money Metrics for NFTs?
Key Takeaways
10 min read
  • This report aims to provide a structured workflow for analyzing Smart Money metrics for any NFT project. Users can follow this walkthrough to obtain key Smart Money data insights as a supporting indicator when conducting due diligence.
  • The relevant dashboards for evaluating Smart Money activity on NFT collections include Smart Money Buying/Selling, Smart Money Owners, Balances & Changes, Top Balances, Top Diamond Hands, and Current Listings.
  • For Pudgy Penguins, the count of NFT-specific Smart Money segments has remained consistent, representing 1.04% of all unique holders and 1.95% of the collection's supply. In addition, 53.2% of Smart Money holders are Diamond Hands, while 27.8% of NFTs held by Smart Money are Diamond Handed.


NFT projects can be assessed using both fundamental analysis and technical or data analysis. Fundamental analysis for NFT projects primarily includes:

  • The team, advisors, and community
  • Utility of the NFTs/value accrual for token holders
  • Project's vision
  • Aesthetics (highly subjective)
  • And more

However, belief and conviction in these qualitative metrics alone are insufficient to ensure profitability as NFTs are highly risky and subject to volatile price swings. Evaluating on-chain data and various quantitative metrics can serve as support for the fundamentals.

On a high level, some of these quantitative metrics, which are available on Nansen's NFT God Mode, are:

  • Volume -...