Animoca Brands-Backed Forkast Labs Launches Index for NFTs

UTC by Benjamin Godfrey · 3 min read
Animoca Brands-Backed Forkast Labs Launches Index for NFTs
Photo: Depositphotos

In one of its first products since its formation, Forkast Labs has launched three specific indexes as it seeks to double down on its influential role in the crypto world.

As reported by The Block, the three indexes include the Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite respectively. These indexes are billed to serve as the S&P 500 of the crypto ecosystem and they are so designed to help restore trust in crypto data and analytics. The digital currency ecosystem is growing and one of its offshoots, the Non-Fungible Token ecosystem has gained additional traction over the past 2 years.

The indexes will be the first comprehensive index for digital collectibles in the space. According to the company, the Forkast 500 NFT Index is powered by billions of on-chain data points indexed, organized, and updated in real time. The index comprises 500 NFTs from different blockchain protocols including Ethereum, Solana, Avalanche, Polygon, and Cardano to mention a few.

Forkast Labs was the product of the merger between the crypto news media platform Forkast.News and data analytics firm, CryptoSlam. The merger, which was facilitated by Animoca Brands’ co-Founder and CEO, Yat Siu was completed this year with the CEOs of both separate companies now co-leading the newly spun venture.

Prior to the merger, it was reported that Forkast.News was operating at a loss, a scenario that played out as a result of the aftermath of the crypto winter. Forkast Labs was the answer to what all the parties involved believe will be instrumental in helping to chart a new path toward profitability.

Per the latest indexes launched, the data point was notably set for the first of January 2022 riding on a predefined methodology.

“By deploying standard methodologies, Forkast Labs can provide a deeper and more substantive view of fundamental performance of digital assets. These tools can help every investor and participant to navigate the digital economy with greater clarity,” said Angie Lau, Forkast Labs Editor in Chief and Co-CEO.

Beyond NFT Index: Forkast Labs Building Innovative Products

While the Indexes that are now operational come off as viable products, the visions of the leaders of Forkast Labs are notably bigger. Speaking about the plan to first launch the indexes, Lau said there was a need to establish trust in the industry as it concerns accurate data pricing for a more or less controversial crypto product.

“The world is speeding towards a digital economy, but the traditional metrics often only give a myopic view as they are largely fragmented, price-centric, and incomplete,” he said.

The product is scheduled to pivot into other sectors in the near future and among what the likely focus will be includes what the report tags as “sector-specific data such as a measure of virtual real estate or fashion NFTs.”

Altcoin News, Cryptocurrency news, News
Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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