Tech companies are working to find solutions to the problems caused by the uncontrolled growth of NFTs. NFTs have developed from pixelated punks to proofs of ownership for both digital and physical assets in less than ten years. Like DeFi, NFTs expanded unrestricted.
The NFT ecosystem’s unrelenting expansion made true decentralization possible, but it was plagued by the same problems as the DeFi space’s early development because there were no standards. Users find it difficult to make informed NFT purchases due to the fragmentation of the NFT ecosystem, which is brought on by a variety of marketplaces, collections, and pricing strategies.
Unchecked transactions risks
There are so many unchecked transactions that it leads to NFT-specific issues like copy minting, wash trading, and plagiarism. Without the right guidelines and resources, dishonest NFT owners will continue to use wash trading to artificially inflate NFT prices through fictitious transactions, copy-minting, and other unethical practices.
Although NFTs have been around for more than seven years, Vijay Pravin Maharajan, co-founder and CEO of its crunch, a blockchain technology data analytics and AI team, claimed that they have only recently begun to be recognized as one of the most revolutionary technologies the world has seen. Along with recognition and advancement, this sector needs more trust and transparency in the form of accurate and readily available NFT insights.
bitsCrunch launched UnleashNFTs, an AI-powered NFT analytics and forensic platform, to give users and creators reliable insights into the NFT market, including NFT marketplaces and rapidly growing collections. UnleashNFTs offers in-depth analysis, research, and statistics about the NFT ecosystem to help users make informed NFT transactions. Maharajan pronounced:
“The innovation in the space is encouraging, and we hope to see many more positive developments and new use cases of NFTs with the rising confidence of robust threat mitigation methods.”
UnleashNFTs defends NFT producers and traders by providing accurate blockchain analytics on a dashboard.
Robotic trading wash
The platform’s visualizations powered by AI display potential wash trading activities over time. The act of buying and selling an NFT in order to raise floor prices is known as wash trading.
UnleashNFTs shows the name of the NFT collection, the contract address, the suspected volumes, the washed value, and the wallets trading them.
Users of DeFi now have access to pricing transparency and data visualization. Apply the same successful strategy to a high-quality, more dispersed ecosystem. In an effort to grow the NFT market while maintaining accessibility and transparency, UnleashNFTs offers NFT users user-friendly infographics, in-depth market reports, and a section on wash trading analysis.
Content Source: cointelegraph.com