Discover how bitsCrunch's Unleash NFTs leverages advanced tech for reliable NFT data analytics, empowering users in the evolving NFT ecosystem.
"Unveiling Unleash NFTs, Vijay Pravin depicted his grand vision as akin to being the CoinMarketCap/CoinGecko equivalent for NFTs, enriched with forensic capabilities," this is how Vijay Pravin described his ambitious project Unleash NFTs during Cointelegraph’s latest session on Twitter Spaces.
💥 LIVE NOW! Click the link below and engage in the discussion with @bitsCrunch CEO Vijay Pravin. Gain insights into their utilization of advanced technology to furnish dependable #NFT data and empower users within the evolving NFT ecosystem.👇 🎧 https://t.co/2s6DmVojaK
Through bitsCrunch, Unleash NFTs embody the next wave of AI-driven NFT data analytics tools already embraced by DapRadar, Unstoppable Domains, and Blockbrain. In 2023, bitsCrunch amassed $4 million via a community sale on CoinList, nearly shattering the record time - in just under half an hour. Additionally, the company clinched several accolades, including PwC Germany’s Best Impact Startup Award and Accenture Asia Southeast Asia Award.
The brain behind the venture, Founder and CEO Vijay Pravin, with a background steeped in data analytics roles at Volkswagen and Siemens, envisions his endeavors as transformative for the sector. Citing PFP as an example, Pravin underscored that digital assets epitomize the future, yet prevailing systems in Web3 lack trust and transparency. This vulnerability stems from the ease with which NFTs can be replicated and counterfeited, potentially ensnaring users into procuring "counterfeit assets."
Paired with computer vision, AI forms a potent alliance that bitsCrunch harnesses to identify replicas – NFTs bearing resemblance to existing ones – archived in IPFS or centralized repositories like Google Drive. “We don’t merely ride the AI bandwagon because it’s in vogue,” Pravin remarked. “We’ve integrated it since the inception of bitsCrunch, back in 2021. AI plays a pivotal role in effectively unearthing scams and safeguarding users within the NFT realm.”
AI also aids bitsCrunch in scrutinizing on-chain data and pinpointing anomalous patterns. This encompasses detecting “wash trading” (the artificial inflation of trading volume) and spotting potential scams. bitsCrunch flags wallets blacklisted by governmental bodies (e.g., OFAC) and traces transactions across multiple tiers to unravel suspicious money trails within the NFT sphere.
Steering clear of spoon-feeding information, the company endeavors to furnish users with the tools to dissect and interpret data autonomously. “Our aim is to leverage data optimally to educate individuals, enlightening them on what holds long-term value,” Pravin affirmed. “Many newcomers gravitate towards the NFT realm driven by FOMO or recommendations, lacking independent discernment. This often culminates in ill-advised investment decisions. I observe novices grappling with information overload, struggling to sift through the chaff to discern the wheat.”
Expanding on this, Pravin remarked, “The queries don’t cease there. What holdings do the whales boast? How robust is the current market? What's the trade volume relative to market cap and volume?” To furnish answers to these queries, the bitsCrunch team initially pivoted towards vending APIs, which posed challenges during bearish market cycles. Hence, they birthed a B2C platform, UNleashNFTs. “It's not solely about NFT data analytics, but also NFT data forensics,” Pravin elucidated.
Regarding the NFT market outlook, Pravin discerns an upswing, with an influx of projects, use cases, and investments. He observed that NFT adoption transcends conventional chains like Ethereum, Polygon, and Avalanche, along with marketplaces like OpenSea: “Solana, Base, Zora, and Optimism are witnessing substantial growth in recent months. A nascent NFT-specific chain dubbed Burnt is also on the horizon. Rarible is set to launch its own NFT-centric chains. Together, they foster artist communities, enabling creators to forge connections and collaborations sans the exorbitant minting costs.”
The speaker also anticipated a surge in brands venturing into the NFT realm during the ongoing market cycle. He cited Nike, Adidas, Reddit, Starbucks, Mastercard, and Visa as entities already dabbling in NFT experimentation. “It transcends gaming assets; it's about utility and exclusivity. B2C brands can orchestrate airdrops, dispense free merchandise, anything to engage specific demographics and cultivate that aura of exclusivity.”
Pravin envisaged a future landscape adorned with diversified blockchain options tailored explicitly for NFTs, potentially heralding expedited transaction speeds and reduced user costs. He also underscored the significance of data protocols in ensuring the enduring triumph of Web3 in the forthcoming decade, with bitsCrunch being an indispensable cog in that machinery.
“I aspire to emerge as a frontrunner in the data realm, the quintessential destination for digital asset data. Not limited to NFTs, but encompassing ERCs, Solana tokens, and beyond. A one-stop emporium housing all the data that users crave,” he concluded.
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