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NFTs Everywhere – How to make sense of this barrage

Over the course of 2021 and so far in this year, no matter what the occasion or event, you will come across some news about an NFT being released. It’s like “NFTs, NFTs everywhere”

The celebrities have taken quite a liking to this new form of marketing (and monetisation) for themselves. We even saw the use of NFTs as marketing by the Indian movie industry with some of the most anticipated movies like Radhe Shyam, Jhund and many more capitalising on the trend of NFTs. Even on the eve of International Women’s Day on 8th March, we had an NFT release of unseen images of Kalpana Chawla. 

NFTs have also established themselves as a source of supporting great causes and have been donated for charity. Bored Ape Yacht Club (BAYC) also announced that they have matched the donations from the community of $1 million ETH and donated $1 million from their end to Ukraine supporting them in the Russia invasion.

The use cases of NFTs are growing everyday and we have more partnerships and integrations being announced almost daily by companies. All this momentum in the NFT space is great news for the industry & should be lauded by anyone who is part of the community. 

However, at this stage, it would be almost impossible to keep a track of all the NFTs being released everyday and it’s quite possible that most NFT collectors might be confused or might just miss out on some of the NFT collections on their wishlist. While most people would like to have them all, you will not be able to get them all on day one. That brings us to the next logical step of acquiring these NFTs from another person or the market for pre owned NFTs.

When you venture out in the market to buy NFTs from another user, you will have questions like which NFTs to buy? How much should you pay for them? How do you determine the right asking price and more. The common method to identify a fair price of an NFT is through studying its demand and rarity. If it has more demand and it is rare, it will be expensive and the demand will be ascertained by the transactions of a particular NFT. While you might be able to get analytics of an NFT or a collection from various sources, we at bitsCrunch have a complete range of solutions especially designed to tackle this scenario. 

With Scour and Liquify , we make sure you have accurate and detailed information of how many transactions of a particular NFT collection are genuine and how many of them are wash-traded. Scour identifies the spoofing transactions that manipulate both the volume and price of the assets in the NFT ecosystem using Artificial Intelligence. So, you can be assured of the genuine market price of a collection and Liquify further enhances this experience by being an accurate method of determining fair values for NFT assets using AI is at your disposal.

We are committed to making the NFT ecosystem a safer and better place for the entire community by relentlessly innovating and developing solutions which help you as an artist, an NFT marketplace or even as an NFT trader or collector.

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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.