As trading becomes increasingly difficult during the bear market, a non-fungible token (NFT) platform aims to lighten the load on traders and help them gain insight into the strategies of successful collectors.
In an announcement sent to Cointelegraph, NFT platform Upshot said it has launched Upshot GMI, a tool that rates and ranks wallets based on their NFT trading performance. Taking inspiration from the crypto slang WAGMI, GMI stands for “gonna make it”, as it analyzes which wallets are going to succeed based on the data available on the blockchain network.
According to the CEO of Upshot, nick emmons, The index analyzes wallets based on their realized and unrealized profits, number of transactions, volume, regular NFTs and premium NFTs they hold, and the age of the wallet. He explained that:
“We are closely monitoring the most active NFT wallets in the community to analyze trends and get a clear picture of who is winning and losing.”
The team claimed that the new feature could help traders see which wallets to emulate in terms of trading strategies. In addition, the team also noted that the tool could help lenders assess and determine whether to lend to a specific wallet address.
Meanwhile, as the metaverse unfolds, touch and smell are the next big thing integrated into virtual reality (VR). At the 2023 Consumer Electronics Show, several metaverse-focused companies showcased their new products that add new features that harness the senses of smell and touch in the VR experience.
In other news, as the downtrend continues, NFT marketplace SuperRare announced layoffs, cutting 30% of its workforce. SuperRare CEO John Crain explained that the company had overhired during the previous bull market.
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