German blockchain startup bitsCrunch is looking all set to revolutionize the NFT ecosystem. bitsCrunch has launched two of their most significant and important products: Scour, a Wash trading detection tool and a NFT Analytics Dashboard that provides analytical information based on Key Performance Indicators. Together these products can make NFT marketplaces much more reliable and transparent.
But that’s not the end of the story – a third platform, known as Liquify – Fair Price Estimator, is also under development and almost on the verge of going live. It will allow people to arrive at the fair price of any non-fungible token, and it is being tested with one of the renowned NFT marketplace. The company is also building a Digital Asset Forgery Detection System (currently in the MVP stage) to prevent forgeries in the NFT marketplace.
The core products of bitsCrunch
As explained above, bitsCrunch has a number of products in its portfolio, some of which are live and some under development. But their core products are following ones:
- Scour Wash Trading AI Application – A platform designed to detect and flag wash trades in NFT marketplaces.
- The Analytics Dashboard, which comes with built-in NFT Analytics based on certain Key Performance Indicators (KPI) like floor price, MarketCap, primary and secondary sales, etc.
- The Liquify Price Value Estimator AI Tool helps in determining the fair value of digital assets. It is currently in the MVP stage and in testing with Rarible Marketplace.
- The Digital Asset Forgery Detection System, which is an AI model to flag forgeries, illegal copies and bootleg digital art contents to protect the creators.
The problems bitsCrunch is solving
The NFT ecosystem is plagued by a number of issues, which include asset forgery, wash trading, unfair valuation, unavailability of reliable information, etc. Due to these issues, fraudulent activity is not uncommon in the NFT marketplaces. Each of the platforms developed by bitsCrunch aims to solve these problems. The company wants to act as a watchdog supported with AI technology to find out manipulators and their activities in the NFT ecosystem.
What makes bitsCrunch stand out?
The entire project is aimed at increasing the trust, safety and adoption of NFTs, which makes them the guardians of the NFT ecosystem. bitsCrunch is also not limited to any single blockchain platform, and solutions developed by them work across Ethereum, Polygon, Polkadot and Avalanche blockchains. They also share impactful insights from the data sourced by leveraging the power of analytical systems.
Why does the market need this idea?
There is a need to combine data, technology and people in a context to best understand the stakeholdership of digital ecosystems. As we move into a virtual world because of the pandemic, there is a greater need for AI and blockchain technology to come together for developing reliable automated solutions that can cater to our various requirements. That’s why the role of companies like bitsCrunch is even more important today than it has ever been before.
bitsCrunch is an Indo-German Blockchain Analytics startup specializing in the blending AI with blockchain technology. Founded in 2020, the company is on a mission to leverage the full potential of AI to bring about new blockchain-based services that are safer and trustable, starting with the services for the NFT ecosystem.
To learn more, visit: https://bitscrunch.com/
Name – Akansha Kesarwani
Company – bitsCrunch
Email – [email protected]
Location – Munich, Germany