It’s 2022, and if you haven’t yet heard of NFTs and what they’re about, I suggest doing a Google search or checking your Twitter trends, yes! right away! Otherwise you’d be missing out on a whole new world! That’s right, NFTs and the Metaverse have been breaking the internet for a while now and here’s why:
What are NFTs and why are they so popular?
NFTs (Non-Fungible Tokens), or nifties as some call it, represent real-world objects like art, music, in-game items and videos; they are bought and sold online, mostly with cryptocurrency and they are also generally encoded with the same underlying software as most cryptos.
As for why they’re so popular, well, in truth, NFTs have been around since 2014, but March 2021 was when NFTs really started making headlines as a piece of digital art, called “Everydays: The First 5,000 Days”, by a graphic designer better known in the online art world as “Beeple”, sold for a whooping $69.3m. It was a collage of 5,000 pieces of digital art that Beeple has been producing on a daily basis since 2007!
Since then we have witnessed the likes of CryptoPunks and Bored Ape Yacht Club also making insane sales.
What are NFT Marketplaces?
NFT marketplaces are simply where NFTs are listed and traded; think Amazon or eBay, but strictly for NFTs. Some Popular NFT marketplaces include: Opensea, Rarible, Foundation, SuperRare and a whole bunch of others.
NFT marketplaces make up the NFT ecosystem.
The problem with NFTs.
Sadly, the rising popularity of NFTs has also seen the entry of bad seeds into the market.
There has been a significant number of cases where unsuspecting NFT enthusiasts fall victim to wash trades, artist impersonators, forgery, fake marketplaces etc.
While the vulnerabilities and security concerns associated with NFTs can be huge setbacks for their adoption, I believe it would be completely unreasonable to dismiss NFTs only due to these issues. You should instead, look for solutions that can help you obtain a better impression of NFTs and you can also depend on tools for alerts about any suspicious activities on NFT marketplaces and in your accounts.
The bitsCrunch Advantage
bitsCrunch is a Blockchain Analytics company headquartered in Munich, Germany which is dedicated to making the NFT ecosystem safer for both creators and collectors.
How exactly is bitsCrunch securing the NFT ecosystem?
Through the hard work, brainpower, and proactivity of top-notch data science professionals, bitsCrunch has been able to blend Artificial Intelligence and Blockchain Technology to come out with customer-friendly digital products that not only secure the NFT ecosystem but also provide industry-relevant analytics that help rocket-launch NFT ventures.
These digital products include:
- Scour - Scour identifies the spoofing transactions that manipulate both the volume and price of the assets in the NFT ecosystem using Artificial Intelligence. So, no more worrying about misleading market price information.
- Liquify - Liquify acts as a precise value estimator of the NFT assets using Artificial Intelligence considering characteristics like sale history, metadata, and several other key features. So, you will only pay for its true value.
- Crunch Davinci - Crunch DaVinci is an AI model trained on different digital assets capable of identifying the forged/manipulated digital assets. All that and more so you can trust your asset, be sure of your tokens, & have freedom from the forging tools.
- Unleash NFTs - The real-time portfolio tracker/analytical dashboard for NFTs.
Unleash enables you to -
- Track your favourite collections on NFT anytime, anywhere.
- Improve your understanding of the value of your NFT holdings.
In summary, while you explore NFT marketplaces and maybe consider creating or collecting your very own NFT, it is imperative that you be careful enough to protect your assets against suspicious entities with malicious motives. Placing your trust in bitsCrunch to meet your NFT analytics and security needs wouldn’t be a bad bet. So there you have it! Thanks for reading and have a bitsCrunch day!
