A Beginner’s Guide to Using Icy.Tools for NFTs

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TL;DR- Icy.Tools has a great user interface and some useful free tools, but the premium/paid version is not worth the cost. Other tools like Rarity and OpenSea offer the same functionality for free. Below I’ll do a quick walkthrough of using Icy.Tool’s features to see if an NFT collection is legit.

Be sure to check out my guide to using Rarity.Tools to find the relative rarity of an NFT you’re looking to buy. Price is what you pay- value is what you get. Using tools like this helps you get more value than the price you pay.
If you like OpenSea, be sure to check out my guide on how to spot legit NFT collections on OpenSea.io.


The problem Icy.Tools is trying to solve


As NFT collectors and investors, we’re always looking to get in on hot collections early. What if you had minted a Bored Ape at 1/100th of the cost it is now? That would be a 100x return on investment. You’d have been airdropped a Mutant Ape that you could’ve turned around and sold for thousands.

The problem is that when if comes to NFT collections, supply greatly outstrips demand. Similar to how there are too many cryptos listed on CoinMarketCap (10,000), there are too many NFT collections released. Don’t get me wrong- NFTs are awesome, but not enough people are interested in the space to drive the prices up of all collections.


A quick walkthrough of Icy.Tool’s features

Trending


This is a lot like OpenSea’s ‘stats’ page. Icy.Tools displays the top NFT collections by trading volume. This is the total dollar amount of buying and selling that’s happening with collections. On the top, you’re able to select different time periods for measuring the volume. Hourly? Twice a day? Daily?


This provides a little more use than OpenSea’s stats, which offers 24 hours, 7 days, and 30 days.


On the listed collections, you’ll see the floor price (the lowest price of any NFT in the collection), the average price, and the total volume sold.


Just because a collection has a lot of trading volume doesn’t mean it’s a good time to ape into it. Often it’s the opposite- trading volume is high when there’s a FOMO period and those who are trying to make quick money come in and lose money.

If you click on any of the collections, you’re taken to that collection’s individual information page. On that project’s home page, you’ll see a text description of the project. There will also be links to that project’s OpenSea page, Twitter, Discord, and Etherscan for on-chain monitoring.


Believe it or not, the links to the Twitter and Discord are quite useful. One of my criteria for finding great NFT collections is spotting large followings on Twitter and Discord. Using this, you could make a spreadsheet and divide the project’s market cap by social media follower to see how much backing the project has relative to its value.


Across the middle of the page, you’ll see the Charts, Activity, Tokens, Holders, and Leaderboard tabs. Unfortunately, the only tab available now on the free version is the Tokens tab. Similar to Rarity.Tools, Icy.Tools lists the pieces in the collection by relative rarity. Lots of rare traits = more valuable NFT in the collections.


By click the discover tab on the top, you’re brought to the discover feature. This shows the top collections that are being minted (created) right now. This is a useful feature if you’re looking to spot a hot collection as it’s being created. Be careful though- plenty of projects have hot mints and then flop.


You can see the number of mints in the time period and number of mints all time. The % status bar indicates how many NFTs have been created out of the total about that are going to be created.

Unfortunately, the watch, feed, and alerts sections are off-limits for unpaid users. Lame.

Keep in mind that like OpenSea and rarity.tools, Icy.Tools currently only has analytics for NFTs on the Ethereum blockchain (ERC-271 transactions).

Quick Review of Icy.Tools

The good


Speaking as a product manager in tech here, Icy.Tools has an excellent user-friendly interface. The site does a good job of displaying NFT collections as if they were cryptos or stocks. This used to include changes in floor prices and buying volume over time, but now this functionality is part of the paid version. Icy.Tools also offers ‘on chain’ NFT analytics complete with wallet addresses and large transactions.


The bad


Other features and levels of usage are ‘premium’ features. A monthly membership to premium is set at $62/month. Premium used to be 0.03 ETH (around $100). But Icy.Tools probably realized this was way too expensive and lowered their prices. Premium functionality includes real-time data updating, custom notifications, and unlimited on-chain analysis/wallet tracking. OpenSea.io offers all these features for free sans the custom notifications.

Not financial advice, but I’d recommend sticking to the free version instead of paying upwards of $1200/year for some wallet tracking.

Conclusion


My thesis with NFTs is this: if you’re looking to make a quick buck, the NFT space isn’t for you. You should actually like the NFTs you buy and be willing to hold them for a long time. Looking at trending NFT collections and minting activity on Icy.Tools and monitoring social media following could help you get ahead of the NFT curve.
If you’re an NFT investor/trader then I’d keep the free version of Icy.Tools on your shortlist of websites you use to do NFT research. Pay attention to social media followings and be careful when trading volume is high- this is often when the dumb money is FOMOing into collections. Then a sell off occurs and the collections sheds tons of value! Stay careful out there, folks.

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