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bitsCrunch Wash Trade Detection API – A Case Study with Skry

Skry is a first-of-its-kind NFT rating platform that simplifies searching for the best NFTs. Skry aims to be the “Moodys of NFTs” by providing its users with NFT ratings. These ratings empower users to make data-driven decisions about decentralised assets.

Skry has employed bitsCrunch‘s wash trade detection API to improve its rating system, which detects wash trading down to each collection existing on the blockchain.

Wash trading is a form of market manipulation where an individual or group artificially inflates an asset’s trading volume and price. This creates the illusion of high demand and market activity, which can artificially inflate the asset’s perceived value.

By integrating wash trading detection into NFT rating platforms, the overall accuracy of NFT ratings can be improved, helping investors make more informed and data-driven decisions. This benefits individual investors and helps increase the overall transparency and legitimacy of the NFT market, providing confidence to both existing and potential investors.

Today we’ll take a closer look at Skry and how they’re using bitsCrunch’s Wash Trade detection API to provide reliable NFT ratings to their customers. We’ll also learn more about the integration process, benefits, and plans from Mike Roth, the co-founder of Skry.

Integration Made Easy

Integrating bitsCrunch’s APIs into Skry was seamless, according to Mike. Even with a small team of three engineers, the process took less than a week to complete, including planning time.

“The documentation is really helpful. It’s simple and easy to read through. I didn’t even have any issues doing that. It was just a matter of deciding what data we needed, and things were seamless after that,” notes Mike when asked if the documentation was helpful when integrating with our API.

Wash Trading Detection API

Wash trading detection is a crucial component of Skry’s rating system. By pulling out wash trading data for each NFT collection through our API, Skry can compare the collections against each other, considering the level of wash trading and total volume to grade each collection. The API is helping Skry provide accurate NFT ratings to their customers, which is essential for making informed decisions about purchasing NFTs. 

“Most of the time, our use cases revolve around the more prominent blue chip entities or emerging NFTs that people need to learn more about,” says Mike. “So, when you look at the ratings, you get an understanding of the NFTs before you purchase them. It’s a way to bet on the projects you believe in.”

Gets the job done

We asked Mike if anything had changed for the Skry team after they started using our APIs. He then revealed that they had initially planned to internally build a wash trading algorithm. However, after discovering our API and speaking with Kevin [bitsCrunch’s Global Head of Growth], they realized it was a bigger job than they anticipated. Instead, it made much sense to source bitsCrunch’s APIs instead of building one.

Mike believes that these tools stand out from other similar APIs. The only other API that provides wash trading analytics at the collection level is more expensive and harder to understand. 

“It’s harder to understand their building model, and they also don’t have the same granularity. So we couldn’t get wash trading analytics at each collection level,” Mike explained. “We have found that bitsCrunch’s API is the only one that provides wash trading analytics down to per collection bases.“

Future Improvements

Skry will work closely with bitsCrunch for future improvements, including a dashboard for managing the APIs. But the experience with bitsCrunch’s APIs has been excellent so far, and leaves open the possibility of integrating more of their endpoints in future.

Skry and bitsCrunch are working together to bring more transparency to the NFT market. With accurate NFT ratings, users can make informed decisions about purchasing NFTs, avoiding low-quality or illegitimate projects. The seamless integration and excellent documentation have made using bitsCrunch’s APIs effortless for Skry, and the team is looking forward to further expanding their use in the future.

Join forces with us now and safeguard your valuable NFTs!

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Frequently Asked Questions

NFTs are Non-Fungible Tokens, and in layman terms, representing digital art or collection, video clips of best moments in the sports and entertainment field, gaming skins and collectibles, stored in a distributed ledger powered by blockchain technology. These are unique items and are not interchangeable with another NFT.

Generally, things are valuable when they are scarce. There is only one Mona Lisa. There are only 59 Le Bron James dunking NBA Top Shots (one of which sold for $US387,000).

The primary difference between the two is that unlike cryptocurrency and digital currency, NFTs cannot be traded for each other as they are unique. representations of real-world assets. Cryptocurrencies and digital currencies can be traded for each other as there will be no loss to their value.

An NFT is a unique digital signature that you can attach to an asset. Whether that’s a song, or an image, or a piece of footage, a unique digital signature is like a fingerprint that contains information like who created the asset, when, and any conditions on its future sale (for example, whether or not the creator gets a percentage of when it is on-sold).

BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network.

BCUT is the native digital utility token, it provides access to bitsCrunch services and the bitsCrunch network. It is designed to play a vital role in the functioning of the bitsCrunch ecosystem and is intended to be solely used as the primary utility token on the network.

We are a Cross-functional team with more than 25+ years of experience in Data Analytics & Artificial Intelligence and Blockchain. We already have all the NFT data since its inception. We blend our AI expertise with the Blockchain to bolster the NFT ecosystem.

We have built a model to identify the impersonation of artworks, thereby preventing the Provenance of the artist and the artwork. We are offering our services in a SaaS manner, wherein the customers can stake a certain amount of our native tokens to avail our services.

We haven't launched our BCUT Token yet, but we will send out a confirmation on the launch of the token on our official website and official Telegram channel.