Introducing Unleash NFTs: The CoinMarketCap/CoinGecko of NFTs with a Twist
During a recent session on Twitter Spaces, Vijay Pravin described his ambitious project, Unleash NFTs, as the CoinMarketCap/CoinGecko for NFTs, but with a forensic twist. Pravin, the Founder and CEO of Unleash NFTs, believes that his project, along with bitsCrunch, represents the next generation of AI-powered NFT data analytics tools.
Already being utilized by big players in the industry such as DapRadar, Unstoppable Domains, and Blockbrain, bitsCrunch raised an impressive $4 million through a community sale on CoinList in 2023. This achievement nearly broke the time record, as it took less than half an hour. The company has also received recognition for its work, winning prestigious awards like PwC Germany’s Best Impact Startup Award and Accenture Asia Southeast Asia Award.
As someone with a background in data analytics at reputable companies like Volkswagen and Siemens, Pravin sees his projects as game-changers for the industry. He believes that while digital assets are the future, the current systems in Web3 lack trust and transparency. This is primarily due to the ease with which NFTs can be copied and faked, potentially misleading users into purchasing counterfeit assets.
To combat this issue, bitsCrunch utilizes a powerful combination of computer vision and AI to identify copycats – NFTs that are similar to existing ones – stored in IPFS or centralized databases like Google Drive. Pravin emphasizes that AI has been an integral part of bitsCrunch since its inception in 2021 and is critical for effectively detecting scams and protecting users in the NFT space.
Additionally, AI helps bitsCrunch analyze on-chain data and identify unusual patterns. This includes detecting “wash trading” (artificially inflating trading volume) and identifying potential scams. The company also keeps track of wallets that are blacklisted by governments (e.g., OFAC) and traces suspicious money flows within the NFT space, going multiple levels deep.
Unlike other platforms that simply provide information, bitsCrunch aims to empower users by giving them the tools to analyze and interpret data on their own. Pravin believes that educating people and enabling them to make informed decisions is crucial, especially since many newcomers in the NFT space rely on FOMO or recommendations without exercising independent judgment. The platform aims to help users overcome information overload and make better investment decisions.
The bitsCrunch team initially focused on selling APIs to provide answers to questions like what the whales are holding, the current market status, and the number of trades happening. However, they later decided to create a B2C platform called UNleashNFTs to cater to users directly. Pravin describes it as not just an NFT data analytics platform but also an NFT data forensics platform.
Pravin predicts a continued uptick in the NFT market, with more projects, use cases, and funding coming in. He believes that NFT adoption has expanded beyond traditional chains like Ethereum, Polygon, and Avalanche, as other platforms like Solana, Base, Zora, and Optimism have experienced significant growth in recent months. He also mentions the emergence of a new NFT-specific chain called Burnt and Rarible’s plans to launch its own NFT-centric chains, fostering artist communities without the high cost of minting.
Furthermore, Pravin expects to see an influx of brands entering the NFT space during the current market cycle. He cites Nike, Adidas, Reddit, Starbucks, Mastercard, and Visa as examples of companies already experimenting with NFTs. He believes that it’s not just about gaming assets but also about utility and exclusivity. B2C brands can engage specific groups of people by running airdrops or giving away free merchandise to create a sense of exclusivity.
Looking ahead, Pravin envisions a future with diversified blockchain options tailored specifically for NFTs. This could lead to faster transaction speeds and lower user costs. He also emphasizes the importance of data protocols for the long-term success of Web3 in the coming decade, with bitsCrunch playing a vital role in that.
In conclusion, Pravin aspires for bitsCrunch to become a market leader in the data space, serving as a one-stop shop for all data related to digital assets, including not just NFTs but also ERCs, Solana tokens, and more. With its focus on trust, transparency, and empowering users, bitsCrunch aims to revolutionize the NFT industry and contribute to its long-term success.
Learn more about bitsCrunch.