How bitsCrunch ensures fraud prevention in the NFT ecosystem
bitsCrunch’s analytical and security products provide customers with deep knowledge and learning about NFT and threats associated with it, hence working towards safeguarding the NFT assets of its clients.
Tuesday April 19, 2022,
4 min Read
Technology has taken a boom in the 21st century. And, the pandemic has made so many changes in technology, people’s thoughts, and their lifestyles that people have started to think of ways to put their money into work. Doesn’t putting money to work sound a little funny? But it’s the new way to be financially stable.
New virtual tools have emerged in these past few years which allow an individual to invest in unlayered financial models so that the investors have control over their assets and transparency about each transaction done. NFT is one such virtual asset that has made the virtual marketplace more interesting rather than artistic.
What are NFTs?
NFT came into the virtual platform in 2014 but started to gain popularity in 2017 when CryptoPunks were introduced. NFT stands for Non-Fungible Tokens; these are built with similar programming methods as cryptocurrencies but are not similar to them. Unlike cryptocurrency, NFTs cannot be traded as no two NFTs have similar value, each one of them has unique digital signatures thus making them impossible to be exchanged.
NFTs are on blockchains, thus making their transactions unlayered and transparent. Created from digital objects like art, GIFs, collectibles, etc, NFTs are virtual collectible items with exclusive ownership rights. For example, if someone wants to buy an art piece, they can buy its virtual format with a unique digital signature; they can own that art piece and can re-sell it to another person.
But with every upcoming technology, there is a threat. Where there is technology, there is a possible way for hackers to forge the system and fool the person on the other end. Many platforms work to secure cryptocurrency but how to protect NFTs from bugs and forges is one of the biggest questions that arise.
As a solution to these questions,has built an AI-enabled secure service that is focused on building a safe NFT ecosystem for their customers, hence stepping towards becoming the police of NFT.
bitsCrunch: Guardians of the NFT ecosystem
Chennai and Munich-based blockchain analytics startup bitsCrunch was founded by Vijay Pravin Maharajan (Founder and CEO) in May 2020 to establish a new milestone in the world of data. Leveraging Machine Learning, Data Analytics, Artificial Intelligence, and Blockchain, bitsCrunch solves potential problems in the NFT ecosystem with the help of AI. bitsCrunch has dedicated itself to building customer-friendly products that can secure the NFT ecosystem along with industry-relevant analytics.
Technology and innovation is accompanied by threat and disruption, and the biggest threat to the NFT platform is wash trading. One of the biggest wash trading was done in 2021 for about $500+ million. Also, about three out of 100 secondary NFT transactions are being traded.
bitsCrunch mainly focuses on dealing with these types of threats with their offerings which include:
- Unleash NFTs: They help their customers with near-real-time tracking and NFT analytics with speed, accuracy, and reliability across blockchains like Ethereum, Avalanche, Polygon with the help of wholesome analytics dashboards.
- Product Scour: These are specifically for wash trade detections and preventions. It helps to search all the NFT transactions to identify whether a particular NFT asset has been involved in wash trade in order to make informed decisions. These patterns are identified and recorded with the help of AI and ML technologies, thus collecting information that is analysed to detect potential wash trades.
- Product Liquify: This uses various variables for estimating the correct price of an NFT, thus making it easy for the users to identify the fair price of that specific NFT.
- Product Crunch DaVinci: These are the digital asset forgery detection systems that use AI technology to detect and report copycats, bootlegged digital arts, etc, and raise flags against them to protect their users’ digital assets.
bitsCrunch became a deep-learning AI ambassador in 2020 and the runner-up at an untitled Hackathon in October 2020. They have also been listed in the top 40 startups at Web Summit 2020, gaining recognition in the top machine learning companies in Germany, and have powered Black Artist Community by providing an NFT tracker and Analytics dashboard.
bitsCrunch will change the whole NFT ecosystem, providing its customers a safe and secure platform for enabling, empowering, and engaging with the big NFT ecosystem. Their analytical and security products give their customers deep knowledge and learning about NFT and threats associated with NFT, hence working towards safeguarding the NFT assets of their clients. bitsCrunch is successfully providing a simple and easy-to-use AI-powered platform for users to secure their NFT, thus becoming the police of NFTs.