By Sharan Kaur Phillora
Web3 research tool and NFT community platform NFT Inspect has announced that it will shut down on January 17, coinciding with the global decline in NFT trades.
Here’s what we know:
NFT Inspect’s toolset allowed NFT traders and enthusiasts to gauge and assess NFT values properly, in terms of how it is performing within the NFT market in general, as well as in terms of their popularity on Crypto Twitter. This was done by tracking changes in NFT Twitter profile photos and extracting analytics based on these changes.
“After months of working and reworking, we’ve come to the difficult conclusion that we cannot maintain Inspect going forward […] we want to sincerely thank each and every one of you for your support over the rollercoaster of this last year,” the NFT Inspect team stated in a Tweet thread.
Reacting to the news, several high-profile NFT builders have showered support. Some users also suggested fundraising for their company; some even initiated talks to buy it out. Others suggested open-sourcing the company and leveraging the infrastructure behind it.
The crypto industry is taking notice of the declining trade dynamics in NFTs, and projects like NFT Inspect have been forced to make tough decisions that best suit their business model. Nevertheless, the crypto industry has much more to offer beyond NFTs, with emerging use cases in other areas, such as DeFi, continuing to show promise for investors.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.