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bitsCrunch 2022 NFT WASH TRADE REPORT is ready for you.
Unless you live under a rock, you already have heard of the word NFT. You do not have to be actively involved in the web3 community or crypto space because this term has made it to mainstream conversations.
But if you are still confused with questions like
Then fret not because we have got you covered here. Today we want to talk about something that is making news because it is reported as the largest-ever NFT-backed loan to date
So what is the loan amount, you ask—$ 8 million. YES, you read it right. Now, if you are scratching your head about how they used an NFT as collateral for this enormous value, well, there are many ways it is decided. Binance has a good write-up on it. And while this is a momentous occasion that should be celebrated and seen widely as the “IT MOMENT” for the NFT ecosystem, just like the pitfalls of any new technology, we should be careful with what we celebrate. The NFT ecosystem has grown exponentially in a concise span of time. It has attracted the attention of celebrities from every sphere of life, and that list is growing every day, but that does not mean everything is perfect, and you can just go out there and get yourself an NFT collection to find your own engagement levels in this space.
Remember that you are spending your hard-earned money on a digital asset, so you need to be absolutely sure that you are making the right decision. Now, if you may ask, how?
Well, glad you asked. Enter Scour, our product that shows you what amount of transactions done for a particular NFT, can be suspicious. These transactions are normally termed as “wash trade” transactions. Demand and supply are big factors in determining the price of NFTs, so if you see a lot of transactions on an NFT, you immediately assume it is in high demand. With our tool, you will know what percentage of that demand is artificially created and what percentage is genuine.
You will see this integrated with a lot of NFT workplaces. Still, as we ramp up our efforts to sign up more partners on our platform, we will also eventually offer it to the community to make better and more informed decisions on NFT purchases.
But that’s not all. We also have Liquify, which we like to define as “An accurate method of determining values for NFT assets using AI is at your disposal.” With tools like these and more under development, we like to call ourselves the #NFTPolice. We are passionately #BUIDLing a lot of stuff to make the whole ecosystem a safer and better place for the community we care deeply about.
Once you arrive at a market value for the NFT, you could approach either a centralized financial institution for a loan or even go through a decentralized exchange (or DeX) depending on your engagement with the technology. Either way, your NFT acts as a unique receipt of ownership, similar to the deed for a house, enabling you to get a collateralized loan just as you would with a physical asset.
You essentially place the NFT temporarily in the ownership of your lender, with the Smart Contract executing your mutually agreed terms automatically. Upon repayment of the loan, transfer of ownership back to you is automatic and seamless, using an NFT as collateral for a loan is quite efficient!
Remember, a collateralized loan with an NFT as collateral works best when you have up-to-date information about the NFT in question to arrive at a market price!
We promise that you will hear a lot about us (from us and from some of the biggest names in the industry) over the next couple of weeks, so if you want to be the 1st one in the line to know what our product team is busy cranking on, drop us a line here and we will keep you posted.
As for now, keep yourself updated with the latest in the industry by visiting our blog regularly, or if social media is your jam, we have got you covered here too.
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.