#Web3Hot – AI in NFT Market: Insights from bitsCrunch AMA with Vijay Pravin – NFTs
In the rapidly evolving world of Non-Fungible Tokens (NFTs), detecting authenticity and determining true value remain paramount. Vijay Pravin, the founder and CEO of bitsCrunch, recently shared valuable insights during an Ask Me Anything (AMA) session hosted by Cointelegraph. bitsCrunch is a blockchain analytics and forensics platform known for its capabilities in estimating NFT prices, identifying fraudulent NFTs, and providing comprehensive analytics.
bitsCrunch’s Role in NFT Space
bitsCrunch has emerged as a pivotal player in the NFT arena, collaborating with notable entities like Dapradar, Unstoppable Domains, EY, PricewaterhouseCoopers, and Mastercard. Pravin delved into the array of tools available for diverse stakeholders in the NFT ecosystem, including creators, builders, analysts, brands, and enterprises.
NFT Market Dynamics and Challenges
Pravin discussed the current state of the NFT market, acknowledging its challenges and potential. While not all NFTs may thrive in the long run, similar to cryptocurrencies, exceptional collections have shown promise. He cited the example of Pudgy Penguins, which have extended their reach to physical retail, being sold in Walmart stores across the US.
Success Stories in the NFT World
The AMA highlighted success stories such as Mocaverse and Bored Apes. These “blue-chip” NFTs have gained traction and value due to their associated utility and intellectual property (IP). This trend is not limited to independent creators; established brands like Nike, Reebok, Adidas, Mastercard, Visa, Porsche, Reddit, and Starbucks are increasingly venturing into the NFT space.
The Future of NFTs
Pravin emphasized the importance of maintaining a positive outlook on the NFT market. While some NFTs may start with little or no floor price, their potential should not be underestimated. The NFT market is witnessing a significant trading volume, signaling a growing interest and value perception.
Real-World Applications and the Road Ahead
The integration of NFTs with real-world assets was a key topic. Pravin predicts that as NFTs become more intertwined with tangible assets, they will solidify their standing in the digital space. This integration is crucial for the future growth and acceptance of NFTs.
