Germany and India-based Crypto and NFT analytics company BitsBrunch uses artificial intelligence-based tools to determine the true price of NFTs, set wash trading limits, and determine whether an NFT is a copy or fake of a real asset. BitsCrunch believes that continuously growing traders in its field need reliable data so that they are not fooled by fake transactions and untrue trading volumes.
BitsCrunch raised $3.6 million in a funding round attended by Animoca Brands, Coinbase Ventures, Crypto.com Capital and other companies.
Considering the amount of funds collected for NFT projects in the last 30 days, it is seen that the demand for developments in this field is high. Airtable, which tracks crypto funding, shows that at least 27 NFT projects have raised a total of $251 million since Jan.
"New Updates Will Make Entire Ecosystem Safer."
Speaking to Cointelegraph recently, BitsCrunch CEO Vijay Pravin Maharajan stated that the company currently supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX). He also said he plans to use the funds raised to expand the team, which will focus on including blockchains such as leading Solana (SOL), Polkadot (DOT), and Algorand (ALGO). In one of its recent tweets, BitsCrunch expressed hope that "the new updates will make the entire ecosystem safer."
Animoca Brands, the leading investor in the funding round, is one of the most prolific venture capital firms investing in the NFT space. The firm's valuation was around $5 billion last month, with profits coming from its investments in Axie Infinity, The Sandbox and many other NFT-based projects.
“BitsCrunch has the potential to help investors make informed investment decisions,” Animoca co-founder Yat Siu said in a Friday announcement. He also added that the firm could make a significant contribution to the safety and security of the metaverse.