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Dear country without banks
I wrote earlier about how to evaluate quality individual NFTs As good as new.
But what about the whole NFT collection that really stands out above the rest?
To that end, I have been working on a ranking system that attempts to score and compare NFT projects, albeit subjectively by analysts. Overall.
We will soon expand to fully curated bankless resources, but for now we would like to describe the criteria generally so that NFT projects can be analyzed and compared in greater depth.
-WMP
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Discovery and context remain issues in the NFT space.
For example, say you’re new to NFTs and want to explore the best projects that are really impacting you in multiple ways. what to do?
you can You go to a marketplace like OpenSea and use its “stats” section to find the biggest projects, but again you can only sort by transaction volume, lowest price, etc. This skews the search in an overly quantitative direction.
Don’t get me wrong. Numbers, stats and activities certainly matter.but then all The focus misses out on technical quality, aesthetic value, and other things that are really important and likely to be even more important. moreover over time.
So why try to rank NFTs in a comprehensive sense? Trying to get an overview of the project and how it compares to other projects in its field by various criteria, not just turnover and hype.
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This is a subjective system. Everyone can use the following criteria to derive different results. But that being said, I think these criteria constitute a good foundation for how we analyze NFT projects in a holistic sense. they are:
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👤 Creator Reputation — Are creators seen as beacons of excellence and inspiration, or do they have a complicated past involved in the big question market? Somewhere between these two extremes? It’s important to assess the quality and vision of the manufacturer.
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🎨 Aesthetic value —Beauty is one of the most subjective things. And even “ugly” works can have attractive or redeeming aesthetic values. Again, there is a broad spectrum between these poles. Digging into how and why your project’s visuals make sense is crucial.
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💾 Technical quality — There are NFT projects that have amazing smart contract setups, both in a creative and engineering sense. NFT smart contracts also have a very original and highly mutable approach. Sure, any design approach has its strengths and weaknesses, but projects with good technical structure should be given high marks.
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🗿 Cultural impact — Has the collection impacted the broader NFT space, and to what extent? And have you ever made it big in mainstream circles? CryptoPunks is a prime example of a supply meta inspired by 10,000 collections.in that model Selection subject The cultural impact of NFTs has continued ever since, and this kind of impact needs to be considered.
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🤝community — Is the project community and its main hubs full of activity? That’s basically always a plus. The more active the community, the more opportunities people have to participate. Online events, IRL events and more are a good sign for community member participation.
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🔑 usefulness — What is the project’s use case? Will your NFT unlock specific utilities, token gate resources, etc.? Some utilities are native and built by the project’s team, some Utilities are external and some were created based on the popularity of the main project. On the latter point, big projects like Bored Apes and ‘Punks come in handy as basically all 3rd party NFT lending projects support these NFTs as collateral for borrowing.
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🫡 Project management — Not all NFT teams are still controlled by their original creators. The Luka Netz and current Pudgy Penguins team are examples of how the new leader can sing compared to the original founders. Therefore, this criterion differs from “creator reputation” in that it is about how the project is performing at the moment.
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📈 market activity — Do you have a lot of fluidity, lists and volumes in your collection? These are definitely signs of health and strength.My main thing is that I think people in the NFT space tend to overemphasize The importance of this particular criterion is obvious, but it remains an important consideration nonetheless.
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📢 hype — Are there any interesting upcoming events or releases for this project? I don’t think the NFT team should feel constant pressure to release new stuff, but this criterion helps to consider interesting news and trending stories that haven’t fully materialized yet.
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🔮Future Outlook — Will this collection still exist 5, 10, 50 years from now? why? We give good marks here to on-chain projects that are available indefinitely, such as Ethereum, but high scores here don’t require on-chainness. Relevance connects here, long-term vision connects here, enduring execution connects here.
noun DAO An NFT-based aggregate that realizes the decentralized CC0 brand, cool cat is an attractive PFP collection with various game elements. I like both for different reasons, but how would they compare using the criteria above? This is just my subjective opinion, but here it is:
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Creator reputation – 9/10
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aesthetic value – 10/10
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technical quality – 10/10
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cultural influence – 8/10
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community – 8/10
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ease of use – 8/10
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project management – 9/10
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market activity – 4/10
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hype – 6/10
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Future prospects – 10/10
Overall score: 82/100
Overall score: 57/100
Again, I’m personally a huge fan of both of these projects and these scores are subjective and about how things stand in my opinion. I could dig into all of the above reasoning, and I’ll do that later, but for now I hope you get it. And you might arrive at a different number through the POV, and that’s perfectly fine.
I think what really matters here is the general intent of the standard. By choosing a collection and researching and responding to these 10 points, you’ll have a good grasp of the project you’re scrutinizing and a good discussion of pros and cons.
The beauty of this ranking system is that you can easily try it yourself. As a fun little homework assignment, choose two different projects as you did with Nouns vs. Cool Cats above and score them according to the 10 criteria outlined in this post.
See what the result will be. Did they surprise you? Do you rank certain projects much higher than others in the field think, and why?
There is not necessarily a simple answer here. And getting those scores closer to the norm requires a lot of research. But if you delve into this kind of NFT ranking process, you’ll definitely be a better analyst as you can focus on focusing on all the important details.
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Ranking NFTs: Choose two from your favorite NFT collection and compare according to the 10 criteria above 🔍
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See previous post: Learn about the full on-chain game autonomous world 👾
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