The company will use the fund to further develop and refine AI-based analytical tools to determine the fair price of NFTs, identify wash trading warnings, and determine whether an NFT is a copy or forgery of a genuine asset.
The tools aim to help NFT buyers and traders to make an informed decision since the prices of NFTs are often inflated and affected by wash trading.
We are excited to announce that we have completed an oversubscribed private token round of $3.6M USD, led by @animocabrands & with participation from @coinbase @cryptocom @polygonstudios & a few others. A detailed thread 🧵 pic.twitter.com/a5La2z5jym— bitsCrunch | #SecureYourNFTs (@bitsCrunch) February 24, 2022
Some of BitsCrunch’s NFT analytics and security tools include:
- Scour, an AI-enabled tool that detects spoofing transactions that manipulate both volume and value of assets in the NFT ecosystem.
- Unleash NFTs, which tracks wallet NFT collections and sales across multiple marketplaces on all blockchains. As a result, wallet owners get a better understanding of their collections and are able to assess their collectibles’ value.
- Liquify, by using Artificial Intelligence, calculates the true value of NFT assets by considering characteristics like sale history, metadata, and other key features, enabling buyers to acquire NFTs at a fair price.
- Crunch Da Vinci, which identifies forged and manipulated digital assets, ensuring that buyers invest in original assets only.
BitsCrunch currently supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX) but it also plans to use funds “to expand the team that can focus on securing many prominent blockchains like Solana (SOL), Polkadot (DOT), Algorand (ALGO) and others.”