bitsCrunch: Pioneering NFT Forensics to Establish Itself as the Ultimate Hub for Digital Asset Information

Unleash NFTs, a project described as the CoinMarketCap/CoinGecko for NFTs with forensic capabilities, was discussed by its founder Vijay Pravin during a recent session on Twitter Spaces hosted by Cointelegraph. The project, along with bitsCrunch, represents the next generation of AI-powered NFT data analytics tools that are already being used by prominent players in the industry such as DapRadar, Unstoppable Domains, and Blockbrain. In 2023, bitsCrunch raised an impressive $4 million through a community sale on CoinList, nearly breaking the record for the fastest fundraising time, achieving this feat in just under half an hour. The company has also received recognition through various awards, including the prestigious PwC Germany’s Best Impact Startup Award and the Accenture Asia Southeast Asia Award.
Vijay Pravin, the Founder and CEO of bitsCrunch, who has a background in data analytics at renowned companies like Volkswagen and Siemens, believes that his projects have the potential to revolutionize the industry. Using PFP as an example, Pravin pointed out that while digital assets are the future, the current systems in Web3 lack trust and transparency. This is due to the ease with which NFTs can be copied and counterfeited, potentially misleading users into purchasing fake assets.
To combat this issue, bitsCrunch utilizes a powerful combination of computer vision and AI to identify copycat NFTs that resemble existing ones. These copycats can be stored in IPFS or centralized databases like Google Drive. Pravin emphasized that AI has been an integral part of bitsCrunch since its inception in 2021 and is crucial for effectively detecting scams and safeguarding users in the NFT space.
AI also plays a vital role in analyzing on-chain data and identifying abnormal patterns. This includes detecting activities like “wash trading” and identifying potential scams. bitsCrunch also keeps a close eye on wallets that have been blacklisted by governments, such as OFAC. Additionally, the company tracks transactions multiple levels deep to trace suspicious money flows within the NFT space.
Unlike platforms that provide users with information without context, bitsCrunch aims to empower users by giving them the tools to analyze and interpret data on their own. Pravin stated that their goal is to use data in the best possible way to educate people and help them make informed decisions in the long run. He noted that many newcomers to the NFT space rely on FOMO (fear of missing out) or recommendations, which can lead to poor investment choices. The overwhelming amount of information available often makes it challenging for newcomers to differentiate between what is good and what is bad.
Pravin also highlighted the importance of addressing key questions about the NFT market, such as the holdings of influential players, the current state of the market, and the number of ongoing trades relative to the market cap and volume. To provide answers to these questions, the bitsCrunch team initially focused on selling APIs but later shifted to creating a B2C platform called UNleashNFTs. Pravin clarified that the platform offers not only NFT data analytics but also NFT data forensics.
Regarding the NFT market as a whole, Pravin expressed optimism, noting the increasing number of projects, use cases, and funding flowing into the space. He observed that NFT adoption has expanded beyond traditional chains like Ethereum, Polygon, and Avalanche, as well as marketplaces like OpenSea. Emerging platforms like Solana, Base, Zora, and Optimism have experienced significant growth in recent months. Pravin also mentioned the emergence of a new NFT-centric chain called Burnt and Rarible’s plans to launch their own NFT-specific chains. Together, these platforms are fostering artist communities where creators can connect and collaborate without the high costs associated with minting.
The speaker also predicted a significant influx of brands entering the NFT space during the current market cycle. Pravin cited Nike, Adidas, Reddit, Starbucks, Mastercard, and Visa as examples of companies already experimenting with NFTs. He emphasized that NFTs are not limited to gaming assets but also offer utility and exclusivity, allowing B2C brands to engage specific groups of people through airdrops and free merchandise to create a sense of exclusivity.
Looking ahead, Pravin envisioned a future with diversified blockchain options specifically tailored for NFTs. This could result in faster transaction speeds and lower user costs. He also emphasized the importance of data protocols for the long-term success of Web3 in the coming decade, with bitsCrunch playing a crucial role in that ecosystem.
In conclusion, Pravin expressed his ambition for bitsCrunch to become the market leader in the data space, providing a comprehensive range of data for various digital assets, not just limited to NFTs. He envisioned the platform as a one-stop shop where users can access all the data they need.