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Over the past few years, regularly occurring crypto scams have burned countless users in the NFT market. Fraudulent activities such as wash trading, the circulation of counterfeit copies and various other swindles within the NFT sector are still an unfortunate reality. Viewing this mess, many have steered clear of the market, despite having a genuine interest in NFTs.
Some data providers have set up tools for NFT analysis, such as fraud analytics, to help users avoid scams. However, most of these providers operate as centralized entities, lacking complete transparency in their processes. Moreover, typical NFT analytics providers rarely invest deeply in identifying fraud, with most of them focused on NFTs’ price history, rarity rankings and other basic data points.
In order to address these challenges, bitsCrunch (BCUT), a new decentralized platform, aims to offer NFT enthusiasts tools to conduct thorough forensic analytics and mitigate the risk of falling victim to scams. Leveraging AI models, bitsCrunch delivers timely, granular and comprehensive analytics, along with all the latest details on NFTs and collections. Importantly, bitsCrunch’s decentralized setup ensures the transparency of its NFT analytics and operations security.
Key Takeaways:
bitsCrunch is a decentralized data platform that provides AI-powered NFT analytics to help creators and investors access the best quality data on NFTs and collections.
The platform uses a delegated proof of stake (DPoS) chain, with several functional nodes — query processors, data enrichers, indicators and contributors — working to deliver the most up-to-date and accurate NFT insights.
bitsCrunch’s native token, BCUT, has multiple uses across the network, including governance and transaction payment. BCUT is available on Bybit as a Spot pair.