Wash trading and forgery plague the current NFT market, but AI arrives on the scene to help. bitsCrunch [Cointelegraph Acceleration]
detects forged material across blockchain networks and flags newly-minted and existing counterfeit NFTs by analyzing real-time data.Confusion across the NFT market also arises when users want to put a fair price tag on an NFT they aim to sell, as floor price — the lowest-priced item listed for a specific collection — rarely gives a reliable perspective.
Many factors, including trading volume and history, last traded price and the profile of previous buyers, come into account when deciding the final price of a digital collectible. However, AI can now aid buyers and sellers in the form of the NFT Price Estimation tool by bitsCrunch.
The full potential of the NFT space can only be unlocked via tools that fight against issues like wash trading and forgery plaguing the market for the last couple of years. Users need AI-powered advanced analytics and intelligence presented on easy-to-understand screens to benefit from market data.to supply users with reliable insights into the market.
Additionally, as part of its commitment to bring more awareness and data transparency to the NFT ecosystem, bitsCrunch has launched its. Companies working with NFTs can join this initiative to get quick access to bitsCrunch tools for analyzing and managing risk via API. Equipped with AI-powered analytics, NFT creators, traders and businesses can detect and avoid malicious activities while making transactions, thus expanding the NFT ecosystem in a healthier direction.
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