BitsCrunch raises $3.6 million in funding for NFT analytics tools

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2022-03-02 02:37:25

Cryptocurrency and Unavailable Token (NFT) ecosystem analytics firm BitsCrunch raised $3.6 million in a funding round led by Animoca Brands, Coinbase Ventures, Capital and others leader.

BitsCrunch uses AI-based analytics tools to determine the fair price of NFTs, identify wash trade alerts, and determine if the NFT is a copy or counterfeit of a genuine asset. The company is based in Germany and India.

The company believes that investors in the growing space constantly need better access to data that will protect them from counterfeiting and being misled by non-genuine trading volumes.

BitsCrunch CEO Vijay Pravin Maharajan told Cointelegraph on Feb. 25 that his company currently supports NFT on Ethereum (ETH), Polygon (MATIC) and Avalanche (AVAX), but he plans to use fund “to expand the team can focus on protecting many prominent blockchains such as Solana (SOL), Polkadot (DOT), Algorand (ALGO) and others.”

The company stated in a February 24 tweet that it hopes the new additions will make “the entire ecosystem more trusted and secure for the community.”

Animoca Brands, the round’s top investor, is one of the most heavily invested VC firms in the NFT space. Last month, it was valued at $5 billion due to the profitability of its portfolio, which includes Axie Infinity, The Sandbox and many other NFT-based projects.

Animoca co-founder, Yat Siu, stated in a February 25 announcement that BitsCrunch is in a good position to assist investors in making informed investment decisions. He added that it could “meaningfully contribute to the safety and security of the emerging open metaverse.”

The amount of money raised for NFT projects in the last 30 days alone shows that the demand is still high for growth in this sector. Cryptocurrency fundraising tracker Airtable shows that at least 27 other NFT projects have raised a total of $251 million since January 25.

Although the all-time leading NFT market, OpenSea, has suffered from a drop in trading volume, interest in the asset class has yet to fade. Much of the trading volume of the most popular asset other than ETH on Ethereum seems to have moved from OpenSea to the appearance market because of lower fees and greater returns for investors.

Source: Cointelegraph

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