NFTCONOMY is a real-time NFT financial analytics, community data, whale tracker, and news aggregator for the Cardano NFT ecosystem. As one of the winners in the aggregator track of the Cardano EMURGO BUILD 2023 Hackathon, we asked the founders behind NFTCONOMY to tell us more about their project, their building process, and more about how they plan to add value to Cardano NFTs.
The Cardano EMURGO BUILD 2023 Hackathon, the largest ever Cardano blockchain hackathon, received more than 100 amazing build submissions with three winners in each of the three developer tracks: derivatives, aggregators, and zero-knowledge.
Below, read the full Q&A with NFTCONOMY.
What was the idea behind NFTCONOMY?
NFTCONOMY: We were new to the NFT space about 2 years ago and had no idea where to begin. So we googled NFT platforms and ended up on sites like OpenSea and rarity.tools, but the biggest question we had was “What do I invest in?”
So after we dug a little deeper, we came across Nansen.ai and NFTGo.io and realized there were NFT analytics tools out there. But the biggest problem we had while deciding what to invest in was that these tools barely encompassed the full extent of the problem and had only a few metrics to judge collections by.
So we decided to take matters into our own hands and built our own mini “server farm.” We started running scrapers day and night and pulling data from various NFT marketplaces, and protocols like Rarible as well as RPC providers such as Infura and Moralis. About 3 weeks in, we were 20 billion data points deep and we realized we’d bit off more than we could chew.
So we went hunting for engineers and ended up finding 20 of them who were more than willing to put in 12 hours a day no less to help us build massive aggregation pipelines, a stellar user interface, and even help build a little community on Discord. We were multi-chain at first but we soon dropped them all for Cardano.
We’re engineers and love the idea of decentralization to make the vision of an equal playing field between different-sized companies and the public a reality. An amazing piece of technology like NFTs is being misused and misconstrued by the general public and we felt making a platform that truly helps people evaluate and evaluate NFTs will go a long way in fostering trust among the NFT community and helping the world adopt this technology sooner to bring in a more decentralized world.
How did the team build NFTCONOMY during the Cardano EMURGO BUILD 2023 Hackathon?
NFTCONOMY: Throughout the intensive two-month Cardano hackathon, our team embarked on a meticulously planned journey to create a cutting-edge project within the aggregator track. We began by thoroughly analyzing the existing Cardano NFT trackers and aggregators to pinpoint the pain points and gaps in the market.
Leveraging our previous experience in building successful aggregators for other blockchain networks, we initiated the process by meticulously indexing Cardano NFTs. This involved comprehensive data collection, ensuring that we gathered all essential data points necessary for the functionality of our platform. Our dedicated efforts in data collection formed the foundation upon which we aimed to revolutionize NFT analytics within the Cardano ecosystem.
One of our primary objectives was to empower users with insightful information that would genuinely enable them to make well-informed decisions. To achieve this, we embarked on an iterative process of identifying and designing relevant and insightful charts. Each chart was carefully crafted to present data in a manner that is both intuitive and actionable. We recognized that the true value of our project lay not only in the data we collected but also in how effectively we could translate it into meaningful insights for our users.
In pursuit of excellence, we iterated through multiple design and development cycles, continuously refining our project’s features and ensuring seamless integration with the Cardano blockchain. As the hackathon progressed, our team collaborated relentlessly, with each member contributing their expertise to different aspects of the project, from user interface design to backend data processing.
The culmination of our efforts resulted in a comprehensive NFT analytics platform, NFTCONOMY (vCardano) by BlitzCraft. This platform is a testament to our dedication, innovative thinking, and commitment to enhancing the Cardano ecosystem. NFTCONOMY not only addresses the pain points we initially identified but also provides an invaluable resource for creators, investors, and enthusiasts to navigate the NFT landscape with clarity and confidence. In conclusion, the process of building our project throughout the Cardano hackathon was a journey characterized by meticulous planning, continuous iteration, and collaborative teamwork. We harnessed our experience, identified gaps in existing solutions, collected and presented data, and ultimately created a platform that we believe will contribute significantly to the Cardano ecosystem’s growth and vibrancy.
How did the Cardano EMURGO BUILD 2023 Hackathon help NFTCONOMY?
NFTCONOMY: Upon completing the Cardano EMURGO BUILD 2023 hackathon, we have a comprehensive perspective on the event. The hackathon was organized with well-defined tracks, which greatly facilitated our initial steps in the development process. These tracks provided clear directions on what we needed to build, allowing us to channel our creativity and technical skills effectively.
One of the standout advantages of participating in the hackathon was the plethora of learning opportunities it offered. Engaging with the latest developments in the Cardano ecosystem and interacting with experts in the field was a valuable experience. Additionally, the event provided an excellent platform for networking with like-minded individuals, potential collaborators, and even established professionals. This not only expanded our professional network but also opened doors for potential future partnerships.
Collaboration was another noteworthy advantage. Working alongside other participants brought diverse perspectives and ideas to the table. The hackathon fostered an environment where collaboration was encouraged, leading to innovative solutions that might not have been conceived in isolation. Moreover, the competition provided exposure for our projects to a wider audience, including industry experts, potential investors, and the general public. This exposure is crucial for gaining recognition and traction in the competitive tech space.
However, the hackathon also presented its fair share of challenges. Time constraints were a significant hurdle, as developing a fully functional project within the designated timeframe demanded meticulous planning and efficient execution. Data indexing posed another challenge, especially when dealing with large datasets or complex data structures. Ensuring that data could be accessed and manipulated efficiently was crucial for the success of our projects.
The scope of the projects could sometimes become a challenge as well. Striking the right balance between ambitious goals and achievable outcomes requires careful consideration. It was important to create projects that were both innovative and feasible within the given timeframe.
The demanding nature of a hackathon can lead to burnout, where participants might experience exhaustion due to prolonged coding sessions and intense brainstorming. Maintaining a healthy work-life balance during the hackathon was a challenge that many participants had to address.
Lastly, the availability of the required infrastructure could sometimes be a hurdle. Technical issues or limited access to resources might slow down the development process or hinder the implementation of certain features.
In conclusion, the Cardano EMURGO BUILD 2023 hackathon provided an excellent platform for innovation, learning, collaboration, and exposure. The well-defined tracks streamlined our development efforts, while the challenges of time constraints, data indexing, scope management, burnout, and infrastructure added an element of realism to the event. Overall, the experience was rewarding, offering both valuable insights and a sense of accomplishment.
Read more: Q&A with Swiper (Cardano EMURGO BUILD 2023 Hackathon)
How does NFTCONOMY add value to Cardano NFT users?
NFTCONOMY: Our project, NFTCONOMY (vCardano) by BlitzCraftHQ, significantly adds value to the Cardano ecosystem in several key ways:
- Enhanced Data-driven Insights: By providing real-time NFT analytics powered by advanced technologies such as artificial intelligence and machine learning, our platform equips Cardano users with a comprehensive understanding of NFT markets. This empowers creators, investors, and enthusiasts to make informed decisions based on accurate and up-to-date data.
- Market Transparency: NFTCONOMY enhances transparency within the Cardano NFT ecosystem. It offers access to tokenomics, financial metrics, community data from social media platforms, blockchain transactions, and news. This transparency helps users better gauge the health and trends of the NFT market, fostering a more open and trustworthy environment.
- Data Accessibility: Our platform contributes to the accessibility of NFT-related information on the Cardano blockchain. By offering a wide range of data points in one location, NFTCONOMY simplifies the research process and reduces the barriers to entry for those interested in exploring the NFT space on Cardano.
- Investment Decision Support: With advanced charts, statistical algorithms, and AI-driven insights, NFTCONOMY provides users with valuable tools for evaluating NFT investment opportunities. This not only encourages more confident decision-making but also attracts investors to the Cardano NFT ecosystem.
- Promotion of Cardano’s Capabilities: By showcasing the capabilities of the Cardano blockchain through the development of our sophisticated analytics platform, NFTCONOMY highlights Cardano’s potential beyond its transactional capabilities. This can attract more attention to Cardano’s unique features and foster broader adoption of the blockchain.
- Contribution to the NFT economy: NFTCONOMY supports the growth of a sustainable and inclusive NFT economy on the Cardano blockchain. By providing valuable insights to both creators and collectors, the platform aids in the creation of high-quality NFTs and helps collectors identify valuable assets, ultimately leading to increased participation and economic activity.
In summary, NFTCONOMY adds substantial value to the Cardano ecosystem by providing comprehensive NFT analytics, enhancing transparency, simplifying data accessibility, supporting informed investment decisions, promoting Cardano’s capabilities, and contributing to the growth of a vibrant NFT economy.
How does NFTCONOMY plan to use the funding to support the Cardano ecosystem?
NFTCONOMY: Our team is fully committed to leveraging the grants and funding received from the Cardano EMURGO BUILD 2023 Hackathon to further enhance and support the Cardano ecosystem in meaningful ways. Here’s how we plan to utilize the resources to benefit the ecosystem:
- Platform Development and Enhancement: A significant portion of the grants and funding will be allocated to the ongoing development and enhancement of the NFTCONOMY platform on the Cardano blockchain. We will allocate resources to refine the user experience, expand data sources, and integrate cutting-edge technologies to provide even more insightful analytics and features.
- Blockchain Integration: We will invest in deeper integration with the Cardano blockchain, ensuring seamless access to on-chain data and NFT transactions. This will strengthen the platform’s accuracy and reliability, providing users with real-time and comprehensive information about the NFTs on Cardano.
- Research and Innovation: Our team recognizes the importance of staying at the forefront of NFT analytics and blockchain technology. We will allocate resources to research and innovate in the fields of AI, machine learning, and data analytics. This will allow us to continuously improve our platform’s capabilities and provide users with increasingly sophisticated insights.
- Educational Initiatives: A portion of the funding will be dedicated to educational initiatives aimed at helping users understand the NFT market and how to interpret the data provided by NFTCONOMY. This will contribute to a more informed and educated Cardano NFT community.
- Community Engagement: We will organize workshops, webinars, and online events to engage with the Cardano community. This will foster a sense of collaboration, gather user feedback, and ensure that the platform addresses the specific needs of Cardano NFT enthusiasts.
- Marketing and Outreach: To ensure widespread adoption and awareness, we will allocate resources to marketing and outreach efforts. This includes promoting the platform to artists, collectors, investors, and stakeholders within the Cardano ecosystem.
What are the next steps for NFTCONOMY?
- Refinement of Platform: We will continue refining the NFTCONOMY platform based on user feedback and technological advancements. This includes optimizing the user interface, enhancing data visualization, and expanding the range of insights provided.
- Blockchain Integration: Our team will work closely with Cardano’s development community to strengthen the integration of NFTCONOMY with the Cardano blockchain. This will involve seamless data retrieval and on-chain analytics.
- Advanced Features: We will develop and implement advanced features, such as predictive analytics, sentiment analysis, and market trend forecasts. These features will provide users with actionable insights to make strategic decisions.
- Community Involvement: We will actively engage with the Cardano community to gather insights, share updates, and encourage user participation. This will ensure that our platform remains aligned with user needs and expectations.
- Launch and Expansion: We will launch NFTCONOMY on the Cardano blockchain, making it available to users. As adoption grows, we will expand the platform’s capabilities and offerings to cater to a wider range of NFT stakeholders.
In essence, our team’s plan is centered around continuous development, integration, education, engagement, and expansion, all of which are designed to strengthen and support the Cardano ecosystem while providing users with valuable NFT analytics and insights through NFTCONOMY.
How can people learn more about NFTCONOMY?
NFTCONOMY: To learn more about our project and our dedicated team, you can explore the following resources:
- Project Website: Visit our official website at https://www.nftconomy.com to gain a comprehensive understanding of NFTCONOMY and its features. Here, you’ll find detailed information about the platform’s functionalities, benefits, and how it enhances the Cardano NFT ecosystem.
- Twitter/X: Follow us on Twitter/X at https://twitter.com/nftconomy to stay up-to-date with the latest announcements, updates, and insights about NFTCONOMY. Our Twitter account is a hub for sharing valuable information, engaging with the community, and showcasing our project’s progress.
Additionally, you can connect with our team members individually:
- Daniel Mark: Follow Daniel Mark on Twitter @thedanielmark to learn more about his background and expertise.
- Fabian Ferno: Follow Fabian Ferno on Twitter @fabianferno to gain insights into his role within the team and his expertise.
We encourage you to explore these resources to delve deeper into our project, discover our team’s unique talents, and stay informed about the latest developments as we continue to enhance the Cardano NFT ecosystem through NFTCONOMY.
