Unlocking CoinStats Midas: Smart & User-Friendly Alerting System for NFTs
Remember the chaos that unfolded during the NFT boom of the summer of 2021? Traders like myself resorted to tracking and mimicking transactions from high-profile NFT wallets on platforms like Nansen. It was a goldmine...until it wasn't. The marketplace soon became a cacophony of countless transactions, making it challenging to identify the most promising opportunities.
Frustration mounted, and available tools offered no respite: Discord or Telegram bots were super noisy and required intensive manual labor to discover new wallets. It was then, in the eye of the storm, that CoinStats Midas was born.
Welcome to Midas, the ultimate NFT alerting system designed for investors demanding more than just a nerdy bot!
Midas is a smart and user-friendly tool that leverages the power of big data to send you meaningful alerts – crucial signals in the bustling NFT market.
Unveiling the Power of Numbers: Statistical Backing Behind Midas
At the heart of Midas lies the power of data and statistical significance. A single wallet making a purchase may not carry much weight. Even two wallets interacting with the same NFT could be a coincidence. But three or more wallets engaging with the same NFT is statistically significant.
This statistical threshold is what defines significance within the Midas system. Relying on this principle, Midas ensures you receive alerts based on meaningful data, separating the noise from the truly impactful events in the NFT market.
In its initial iteration, Midas successfully addressed the issue of navigating a sea of transactions and eliminating noise. But there was another hurdle to overcome: the process of manually discovering promising wallets. And so we integrated Midas with the top NFT collection holders like punk holders and other alpha groups.
The Midas Journey From Concept to Execution
Following months of rigorous testing, refining, and bug fixing, Midas started to demonstrate its true potential.
One of the key revelations was that even famous wallets were prone to making unprofitable trades. Armed with this insight, Midas entered its next critical phase of development: We started fine-tuning its ability to filter out the noise.
We devised a method to calculate the profit and loss (PnL) of the wallets, effectively filtering out the unprofitable ones. However, the task of identifying wallets for which PnL could be accurately determined posed yet another challenge.
The Blur airdrop event in February provided us with an opportunity to identify active wallets in the market. From a pool of 100,000 participants, we refined our database to a curated list of ~2000 profitable wallets.
Midas users now have access to a system that meticulously monitors these wallets, delivering alerts in an easy-to-understand format.
An alert might read, "5 notable wallets purchased 15 items at an average price of 0.05 ETH in the last 5 minutes."
Isn't this refreshing amidst the typical nerdy bot alerts?
Making Informed Decisions With Midas
Midas transforms the whole experience on the NFT market, providing traders with only relevant alerts to make swift and informed decisions.
One of its standout features is the PnL checker, which conducts automatic checks every three months to ensure the tracked wallets remain profitable. And the best part? It's as simple as flipping a toggle.
Just like that, you receive minting and secondary market alerts right out of the box. Say goodbye to finding new wallets to track manually and embrace quality time with loved ones, hobbies, and more, all while staying on top of promising NFT collections.
How You Can Assess Midas?
- Open the CoinStats app
- Go the the Alerts page
- Click on the Midas tab
- Turn on the NFT smart alerts toggle
On the other hand, you can get notifications on your Discord/Telegram by turning on Midas Alerts on desktop.
What's Next for Midas?
We're just getting started. Midas has already integrated with popular platforms like Discord and Telegram, and we're planning on enhancing its customization options for our tech-savvy users. We're even exploring the possibilities of applying the same logic to tokens.
Why limit ourselves to NFTs when we can extend the reach of Midas to the broader crypto landscape?
Midas is more than just a smart alerting system—it's a revolutionary tool that makes NFT trading more accessible, profitable, and user-friendly. It transforms the noise of the NFT market into music for your ears.
We invite you to join the Midas Revolution, get the golden touch, and experience the future of crypto trading today.
Read more: https://coinstats.app/blog/unlocking-coinstats-midas/
Text source: CoinStats Blog
