Published July 17, 2023
As the digital realm evolves, non-fungible tokens (NFTs) have emerged as a revolutionary frontier, reshaping our understanding of value and ownership. This surge in popularity has brought with it a maze of complexities, particularly in pricing these unique digital assets. Relying solely on NFT marketplaces or exchanges can provide an incomplete picture due to the vast volume of transactions occurring outside these platforms. Moreover, deciphering transaction prices from blockchain data presents its own set of challenges. BlockSpan's NFT API Platform steps in to address these complexities, offering a comprehensive solution for accurate NFT pricing.
Navigating the NFT Marketplace
Imagine a bustling marketplace, teeming with traders, collectors, and creators, all dealing in a myriad of NFTs. Now, add to this scene a plethora of transactions occurring outside the marketplace, and you have a dynamic, ever-changing ecosystem that is as exciting as it is challenging to navigate. This is where BlockSpan steps in, wielding the power of advanced algorithms to cut through the chaos and deliver precise NFT pricing data.
{ "contract_address": "0x3bf99d504e67a977f88b417ab68d34915f3a1209", "id": "1042903", "hash": "0x496b66fe7b5283f0af730a5f43289a2b6dcdccb195653e24a236b52e8bec585a", "hash_nft_count": "1", "from_address": "0x36afaa72178efea27697703eed464ed5773ce9f4", "to_address": "0x0b0556b56b1c8f265a737b7148f3372d6c8d47d7", "date": "2022-09-26T20:17:59.000Z", "quantity": "1", "price": "1725", "price_currency": "DAI", "price_usd": "1724.88355834770006", "price_native": "1.30300709703248114278" }
BlockSpan's solution is akin to a master key, unlocking the intricate world of blockchain transaction activity. It delves into the heart of the blockchain, parsing through internal contract activity and ERC20 token transfers to provide a comprehensive and accurate picture of NFT pricing.
The Price Object
The Price Object, a cornerstone of BlockSpan's system, is a treasure trove of information. It distills the complexity of NFT token transfers into four essential fields: hash_nft_count, price, price_currency, and price_usd. These fields provide a snapshot of the transaction, including the number of NFT token transfers, the sale price in the original currency, the currency used for the transaction, and the equivalent sale price in USD at the time of the transaction.
{ "hash_nft_count": "1", "price": "1725", "price_currency": "DAI", "price_usd": "1724.88355834770006" }
BlockSpan's system is designed to handle a wide array of transactions. However, in the rare instances where accurate pricing attribution is not possible, the system returns null, ensuring that the integrity of the data is maintained.
Tokens and Transfers Endpoints
The BlockSpan platform also offers a suite of Tokens and Transfers endpoints. These endpoints return pricing data when the algorithms can correctly attribute it, providing a comprehensive view of NFT pricing. The currency array and erc20_transfers array provide additional insights into the tokens exchanged during the transaction, including both native and ERC20 tokens.
{ "currency": [ "ETH", "MATIC", "APE", "CHI", "COVAL", "CRO", "DAI", "ENJ", "GALA", "LINK", "QUICK", "SAND", "SHIB", "SUSHI", "USDC", "USDT", "WBTC", "WETH", "WMATIC" ], "erc20_transfers": [ // additional ERC20 tokens ] }
In addition to ETH and MATIC, BlockSpan recognizes a host of major currencies including APE, CHI, COVAL, CRO, DAI, ENJ, GALA, LINK, QUICK, SAND, SHIB, SUSHI, USDC, USDT, WBTC, WETH, and WMATIC. This list continues to grow, reflecting the dynamic nature of the NFT marketplace.
Final Thoughts
In conclusion, BlockSpan's NFT API Platform offers a powerful solution for navigating the complex world of NFT pricing. Whether you're a seasoned developer or a newcomer to the world of NFTs, BlockSpan provides the tools and insights you need to build robust applications and make informed decisions.
For more information, join the BlockSpan community on Discord and sign up for our newsletter. Embark on this exciting journey with us and unlock the secrets of NFT pricing!
