BitsCrunch Raises $3.6M for NFT Analysis Tool

Cryptocurrency and non-fungible token (NFT) ecosystem analysis company BitsCrunch has received $3.6 million in financing, led by Animoca Brands, with participation from Coinbase Ventures and Crypto.com Capital.

BitsCrunch uses AI-based analytics tools to determine fair prices for NFTs, identify wash trading warnings, and determine whether NFTs are replicas or fakes of real assets. The company is headquartered in Germany and India.

The firm believes investors in this growing space need better access to data to protect them from fakes and from being duped by inauthentic volumes.

We are pleased to announce that we have closed an oversubscribed $3.6 million token private placement round led by Animoca Brands with participation from Coinbase Ventures, Crypto.com Capital, Polygon Studios and others.

— bitsCrunch | #SecureYourNFTs (@bitsCrunch) February 24, 2022

On Feb. 25, BitsCrunch president Vijay Pravin Maharajan told Cointelegraph that his company currently supports NFTs on Ethereum, Polygon, and Avalanche, but he plans to use the funds to “expand teams that can focus on supporting many well-known blockchains, such as Solana, Polkadot, Algorand, etc.”

The company tweeted on Feb. 24 that it hopes the new team members will make "the entire ecosystem more trustworthy and safe for the community."

Animoca Brands, the lead investor in this round of financing, has been one of the most invested venture capital firms in the NFT space. Last month, the company was valued at $5 billion due to the level of profitability of its portfolio, which includes Axie Infinity, The Sandbox and many other NFT-based projects.

Animoca co-founder Yat Siu said in a statement on Feb. 25 that BitsCrunch is well-positioned to assist investors in making informed investment decisions. It could "make a meaningful contribution to the safety and security of the emerging open metaverse," he added.

The amount of funding raised by NFT projects in the past 30 days alone shows that there is still a high demand for development in this space. At least 27 other NFT projects have raised a combined $251 million since Jan. 25, according to crypto funding tracker Airtable.

While OpenSea, the longtime leading NFT marketplace, has suffered from reduced trading volumes, interest in the asset class has not waned. Most of the trading volume on Ethereum, the most popular asset besides ETH, appears to have shifted from OpenSea to the LooksRare marketplace due to its lower fees and better returns for investors.

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