NFTs metrics suck — Introducing NFTCap

Markets need reliable data to function. Data and metrics help both existing users and new users make informed decisions and participate in price discovery.

Buyers and sellers, but also builders, VCs, investors and journalists/bloggers who tell stories about the market — we all need data.

We’re about to release NFTCap, a tool aiming to bring more clarity to the NFT market through stats, metrics and charts.

We’re about to go public with our v1. If you’re keen to try it out before we do, clap this post and reach out at tobia at cryptodecks dot co

In this post we’ll be introducing one of our main features — a simple but much better way to measure the “market cap” for NFTs.

A Better “MarketCap”

NFTMarketCap and use a similar approach to calculate the market cap of a collection — average price, times the total number of tokens available.

The major problem with this type of calculation is that makes it super easy to manipulate the market: even assuming a collection sells the entire available supply, it could print new tokens just to pump the price.

We know from the cryptocurrency market that this happens routinely.

We can do better. Meet the Circulating Supply Market Cap.
Screenshot from NFTCap

Circulating Supply Market Cap

We calculate it by taking the average price of an item, times the total amount of items sold.

Quite simply, our marketcap is cleaned up from the unsold inventory.

The numerical difference between the NFTmarketcap and our Circulating Supply Market Cap is quite staggering for almost every brand.

Take CryptoKitties — NFTmarketcap shows a total value of $18M for the last week, while our own returns a value of $3M. A $15M delta.

Circulating Supply Market Cap makes it pretty evident that NFT market is young and immature: it doesn’t even exist a single brand with inventory value exceeding $10M.

For context — Magic The Gathering has an estimated “Market Cap” of $5bn dollars.

There is loads of room for growth. But there won’t be growth if there are no realiable ways for the market to stay informed.

If you’re keen to try it out before we do, clap this post and reach out at

👉 tobia at cryptodecks dot co


Thanks Brian Flynn for inspiring this post! 👌