- Market Overview
- What is bitsCrunch?
- Comparison with market competitors
The NFT space started gaining traction during the year 2021. With the rise in interest among NFTs, new users are getting involved in the space. Although this is good news, it also invites malicious market participants to exploit NFT projects for their financial benefit. Giants from different industries are leveraging the advantages provided by NFTs. They are recreating the notion of NFTs as just images and adding new forms of value propositions inside the equation.
NFT space is a new planet for many to venture into and involves its fair share of risk to navigate.
The NFT ecosystem has shown tremendous growth over the years, and most of the growing volume is owed to the blue chip NFTs like Cryptopunks.
An internal case study conducted by the bitsCrunch team suggested that 17.92% of the volume was artificially influxed by wash trading. Along with wash trading, digital art forgery is also one of the rising concerns. bitsCrunch enters as guardian for the NFT space.
What is bitsCrunch?
bitsCrunch is a blockchain-based analytics provider strengthening the NFT ecosystem by providing AI-enabled security services.
bitsCrunch comes in with a 4 part solution to these problems:
- Unleash NFTs
It is a dashboard and real-time portfolio tracker. It saves you the time and effort of visiting various blockchain networks and markets to comprehend the actual value of your NFT assets. Unleash NFTs may be used to control every NFT in your wallet, regardless of whatever blockchain it is a part of.
Scour is an AI watchdog that sniffs out spoofing transactions and filters the wash trading volume. Thus tacking the wash trading problem leading to non-inflated prices.
Liquify helps users estimate the accurate price of an NFT by taking real-time factors into account.
- Crunch Da Vinci
Crunch Da Vinci flags digital arts that are fakes, copycats, or stolen. Similar to Liquify’s price estimator, the process for verifying an asset is the same. You only need to enter the NFT’s token ID or URL link.
The bitsCrunch ecosystem not only filters wash trading but also offers information on trends in wash trading, the majority of wash traded collections, and sales activity on primary and secondary markets. This will significantly increase the value of NFT collections because it will be much easier to tell whether a collection is receiving sincere interest from the communities.
How does bitsCrunch work?
bitsCrunch relies on multiple real-time data sources to ensure maximum credibility of the data being received. Using AI/ML models for pattern recognition, this data is analyzed for any wash trading events. It considers on-chain and off-chain occurrences, price movements, and other issues that may arise in the NFT ecosystem.
Comparison with market competitors
$BCUT is the native token empowering the bitsCrunch economy built solely for network use.
Holding a certain amount of $BCUT will enable users access to advanced reports, insights, API access, and securing services access.
Vijay Pravin Maharajan: Founder. Vijay is a TEDx Speaker, TU Munich Graduate, Top 20 Data Scientists to be followed on LinkedIn, followed by over 40k+ connections, and has over 8+ years of technical experience in Blockchain, Mobility, Automotive, and Telecom Industries.
Saravanan Jaichandaran: Co-Founder, Chief Data Scientist. Saravanan is a Data Analytics professional with proven ability in machine learning, deep learning, and data science to drive process efficiency and data integrity.
Ashok Varadarajan: CTO. Ph.D. (Germany) Ashok has over 9+ years of experience as a Data Scientist in the Life Sciences Industry. He is specialized in the field of multi-omics data analytics, Machine learning, and Artificial Intelligence.
Ajay Prashanth: Product – Ecosystem Growth. Top Forbes 30 under 30 under the cryptocurrency category. Ajay is also a certified DevOps Expert and has 5+ years of experience in the deployment of applications into AWS, Google Cloud, Azure, and with CI/CD and development/testing tools for Android and iOS.
With NFTs’ increased popularity, rug pulls, pump and dump, and wash trading, these kinds of malpractices have risen. The timing for bitsCrunch coming in to bolster the ecosystem is spot on. bitsCrunch is creating a safe environment for the onboarding process of the web2 people getting exposure to web3 because of NFTs. The team is trying to build a simple plug-and-play system for easy integrations eventually shifting more towards decentralization with more users on board. bitsCrunch is taking strides in becoming the guardian angel for the NFT space and we are happy to contribute to their mission.