How to Easily Track the Floor Price of an NFT

Whether you're a seasoned collector or a first-time buyer, it’s helpful to base your NFT trading decisions on real-time market data instead of intuition or speculation. To that end, an NFT’s floor price — the lowest price an NFT within a specific collection can be currently purchased on the secondary market — can offer vital insights into the NFT project’s market trends and overall viability.

Here are some practical steps on how to easily track the floor price of any NFT on any blockchain network, either by using an existing NFT analytics tool or creating your own custom NFT floor tracker.

Using Pre-built NFT Analytics Tools

NFT analytics tools offer a quick and easy way to access NFT market data, although their pre-configured dashboards typically only provide a surface-level glimpse into an NFT collection’s on-chain activity. These platforms aggregate data from various marketplaces, providing users with up-to-date information on NFT volume, historical sales, and pricing.

Popular platforms include:

  • Flipside
  • OpenSea
  • DappRadar
  • CryptoSlam
  • NonFungible
  • NFTPriceFloor

If you’re looking for information on a specific NFT collection, you can search for the collection by directly inputting its name or contract address. Many NFT analytics platforms also allow you to set up alerts for floor prices. This means that you will receive a notification when the floor price of a collection reaches a certain level. This can be useful for tracking collections that you are interested in buying or selling.

In addition to listing NFT floor prices in real-time, many of these NFT analytics tools also provide additional insights that NFT traders may find useful, such as rarity rankings and trending projects. For instance, Flipside users can browse a wide range of public dashboards that have already been created by a community analyst and enjoy in-depth analysis on just about any active NFT project. This provides deeper insights than many other pre-built tools across a wider range of NFT market activities.

Note that many NFT analytics tools only cover a limited number of blockchain networks, and the data they pull may not be fully up to date. As a result, when using pre-built NFT analytics tools, it is often helpful to compare outputs from multiple platforms to ensure that you are getting the most accurate information possible.

Creating Your Own NFT Floor Tracker

Today’s NFT analytics tools are great for getting a quick glimpse of what’s happening across the market, but their limited network coverage and pre-configured dashboards make it hard to deep dive into what is occurring on-chain beyond a limited range of NFT transactions.

Rather, NFT traders are creating their own custom NFT floor trackers and market dashboards that track all the metrics they are interested in, using direct on-chain data. From tracking particular traits within a collection to comparing NFT floor prices and trading activity over time for collections available across multiple networks, the insights you gain from creating your own NFT analytics tools goes far deeper than what pre-built solutions can offer.

While creating your own NFT floor tracker or dashboard often requires more technical knowhow than using a pre-built NFT analytics tool, platforms like Flipside simplify the process. Flipside allows you to query and visualize on-chain activity across 25+ blockchain networks using decoded SQL-ready data. This means you can create your own custom SQL query that tracks the lowest asking price for each NFT in your target collection.

Here is a simple example of a SQL query that you could use to track the rolling average of hourly lowest prices of BAYC on Ethereum:

This query will select the lowest asking price for each NFT in the collection with BAYC’s contract address (0xBC4CA0EdA7647A8aB7C2061c2E118A18a936f13D). You can then use this query to create a chart or dashboard that tracks the floor price over time.

In addition to helping you track NFT floor prices, Flipside’s intuitive on-chain analysis tools can also be useful for tracking a wide range of other NFT market activities.

Potential uses include:

  • Tracking wallet activity and diversity for holders of a specific NFT collection
  • Comparing wallet holding times and bid and ask prices over time
  • Viewing transaction flows across multiple NFT collections to identify trends and emerging opportunities
  • Tracking the activity of high performing NFT wallets and setting up alerts for while events

NFT Floor Price is Just One of Many Market Signals

Ultimately, tracking the floor prices of an individual NFT collection is an easy lift, whether you are using a pre-built NFT analytics tool or custom dashboard. But the fact is making sound NFT trading decisions often requires more than a few basic metrics.

In short, the choice between pre-built NFT analytics tools and custom dashboards depends on your specific needs, technical proficiency, and the level of control and customization you require. But for serious NFT traders and collectors, a custom dashboard can provide a competitive edge by offering unique insights and analysis capabilities that are not readily available using pre-built tools.