May 12, 2023
By Anjali Kochhar
The market for non-fungible tokens (NFTs) has exploded in popularity, with a record number of new NFT collections launched in 2022 and sales volume reaching $50 billion.
However, as a digital marketer, the NFT industry has become a breeding ground for fraudsters and counterfeiters, with over half of the NFT activity on the Ethereum blockchain in 2022 being fraudulent.
Fake NFTs can result in significant financial losses for buyers and can damage the reputation of the NFT market, leading to decreased demand and lower prices.
Artificial intelligence (AI) is being used to combat these issues, with bitsCrunch launching an AI-powered tool that checks major blockchains and marketplaces for potential copycat or forged NFTs.
This tool can detect exact and near-exact matches to popular collections like the Bored Ape Yacht Club, as well as other trending collections like Azuki, Otherdeed, and CloneX. Additionally, bitsCrunch offers an NFT Price Estimation tool that uses analyzed historical info and metadata for an NFT to provide more accurate price estimates.
These AI-powered analytics and intelligence tools help users make better decisions when buying or selling NFTs and can detect and avoid malicious activities while making transactions, thus expanding the NFT ecosystem in a healthier direction.
Through its startup program, bitsCrunch is also bringing more awareness and data transparency to the NFT ecosystem, allowing NFT creators, traders, and businesses to analyze and manage risk via API.
Overall, AI-powered tools are necessary to unlock the full potential of the NFT space and to fight against issues like forgery and wash trading.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
