BitsCrunch Raises $3.6M in Funding for NFT Analytics Tools

BitsCrunch, a multichain NFT analytics firm, has secured $3.6 million in a recent funding round. Some of the cryptosphere’s most powerful investment firms have contributed to this event. So, while the project is still developing, it clearly benefits from important industry support.

What is BitsCrunch?

BitsCrunch combines artificial intelligence with analytics tools to determine a fair price for NFTs. Additionally, it identifies wash trading warnings and calculates whether an NFT is genuine or fake. The company operates from Germany and India.

Animoca Brands led the recent funding round and helped BitsCrunch attract $3.6 million from major investment firms. For example, some of the companies contributing to this event were Coinbase Ventures, Crypto.com Capital, and others.

Yat Siu, Animoca’s co-founder, showed his company’s support for BitsCrunch and its promising future. In a recent interview, he stated:

[BitsCrunch can] contribute meaningfully to the safety and security of the emerging open metaverse.

Currently, Animoca Brands is one of the most successful VC firms investing in the NFT sector. Last month, it increased its value to $5 billion by adding Axie Infinity and The Sandbox to its investment portfolio.

$3.6 Million Worth of NFT Analytics Tools

BitsCrunch will now use the $3.6 million to develop its complex analytics tools. The firm believes the NFT sector will expand substantially in the next few years. Therefore, it seeks to protect investors from fake non-fungible tokens and dishonest trading volume.

At the moment, BitsCrunch supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX). However, the firm aims “to expand the team that can focus on securing many prominent blockchains like Solana (SOL), Polkadot (DOT), Algorand (ALGO) and others.”

In a recent tweet, the firm reiterated its goal to make the “whole ecosystem more trustworthy & secure for the community.”

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In recent months, the NFT sector has dipped following the downtrend of the crypto market. For instance, the most popular NFT marketplace, OpenSea, has reduced its trading volume. Nevertheless, interest for non-fungible tokens remains high. Also, emerging NFT analytics tools like those from BitsCrunch could help develop the NFT space into a safer investors’ environment.

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