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Animoca-backed Forkast Labs creates S&P 500 of NFTs

Player of media and web3 infrastructure Forkast Labs developed a suite of index trackers for digital assets that monitor data from various sectors in real time.

Trackers like as the Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite are intended to be the crypto equivalents of stock market indexes such as the S&P 500 and the Nasdaq Composite, which monitor equities.

Forkast Laboratories was formed in January of this year by the combination of the media firm Forkast.News with the NFT tracker CryptoSlam. The two are portfolio firms of Animoca Brands, a software investment firm. At the time, Forkast Labs’ editor-in-chief and co-CEO Angie Lau, a former Bloomberg anchor, said that one of the partnership’s goal statements was to restore faith in cryptocurrency.

“The world is accelerating toward a digital economy, but conventional measures sometimes provide a myopic picture since they are fragmented, price-centric, and incomplete.” “Lau said in a statement.

Randy Wasinger, the creator of CryptoSlam, described the initiative as a “passion project” that has been in the works since roughly 2018. “We shared the same idea of what was required in the digital economy,” he told The Block of the collaboration. “We want this to be acknowledged as the source of truth first and foremost,” he continued.

The flagship index, the Forkast 500 NFT, will serve as a proxy for the whole NFT market. According to the firm, it is driven by billions of on-chain data points that are indexed, structured, and updated in real time. On any given day, the index comprises up to 500 qualified smart contracts from blockchains including Ethereum, Solana, Polygon, Cardano, BNB Chain, Avalanche, Cronos, and others. The Forkast 500 NFT data set starts on January 1, 2022. The approach is available here.

“By using standard approaches, Forkast Labs can give a deeper and more substantial picture of the basic performance of digital assets. These technologies may assist every investor and participant in better navigating the digital economy “Lau said.

In the future, the team plans to increase its product offering. This might involve segmenting data by industry, such as a gauge of virtual real estate or fashion NFTs.

 

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