In one of its first products since its formation, Forkast Labs has launched three specific indices as it looks to double down on its influential role in the world of cryptocurrencies.
As reported Per The Block, the three indices include Forkast 500 NFT, Forkast SOL NFT Composite, and Forkast ETH NFT Composite respectively. These indices are billed to serve as the S&P 500 of the crypto ecosystem and are designed to help restore confidence in crypto data and analysis. The digital currency ecosystem is growing and one of its offshoots, the non-fungible token ecosystem, has gained additional strength in the last 2 years.
The indices 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 name a few.
Forkast Labs was the product of the merger between 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-heading the new company.
Prior to the merger, Forkast.News was reported to be 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 parties involved believe will be critical in helping chart a new path to profitability.
Based on the latest indices released, the data point was remarkably set to January 1, 2022 with a pre-defined methodology.
“By implementing standard methodologies, Forkast Labs can provide deeper and more substantive insight into the fundamental performance of digital assets. These tools can help all investors and participants navigate the digital economy with greater clarity,” said Angie Lau, Editor-in-Chief and Co-CEO of Forkast Labs.
Beyond the NFT Index: Forkast Labs Creates Innovative Products
While the Indices that are now operational turn out to be viable products, the visions of Forkast Labs’ leaders are noticeably broader. Speaking about the plan to launch the indices first, Lau said that it was necessary to build confidence in the industry, as it is about accurate data pricing for a more or less controversial crypto product.
“The world is accelerating towards a digital economy, but traditional metrics often only provide a myopic view, being largely fragmented, price-focused and incomplete,” he said.
The product is slated to roll out to other sectors in the near future, and likely to be focused on includes what the report labels “sector-specific data, such as a measure of virtual real estate or trendy NFTs.”
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.
