BitsCrunch Raises $3.6M In Funding For NFT Analytics Tools

BitsCrunch, a company that analyzes the crypto and nonfungible token (NFT) ecosystems, has raised $3.6 million in a round led by Animoca Brands, Coinbase Ventures, Crypto.com Capital, and others.

To estimate the fair pricing of NFTs and uncover wash trading warnings, BitsCrunch employs AI-based analytical methods.

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Determine whether an NFT is a forgery or a replica of the original asset. The company’s headquarters are in Germany and India.

The firm believes that investors in the rapidly expanding industry require better data to safeguard them from imposters and being duped by phony trade activity.

On February 25, BitsCrunch CEO Vijay Pravin Maharajan told Cointelegraph that his company now supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVL) (AVAX).

But he 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.” 

The firm stated in a Feb. 24 tweet that it hopes the new additions will make the “whole ecosystem more trustworthy & secure for the community.”

The round’s primary investor, Animoca Brands, has been one of the most active VC firms in the NFT market.

Due to the magnitude of profit in its investment portfolio, which includes Axie Infinity,

The Sandbox, and many other NFT-based initiatives, it was valued at $5 billion last month.

In a Feb. 25 statement, Animoca co-founder Yat Siu claimed that BitsCrunch is in an excellent position to assist investors in making informed investment decisions.

He added that it can “contribute meaningfully to the safety and security of the emerging open metaverse.”

The amount of money raised for NFT initiatives in the last 30 days demonstrates that desire for advancement in the industry is still high.

Since Jan. 25, at least 27 other NFT projects have raised a total of $251 million, according to cryptocurrency fundraising tracker Airtable.

Despite lower trading volume on the all-time leading NFT platform, OpenSea, interest in the asset class has not waned.

Because of its reduced fees and higher rewards for investors, much of the trade volume for Ethereum’s most popular asset other than ETH appears to have transferred from OpenSea to the LooksRare marketplace.