Multichain NFT analytics firm BitsCrunch has successfully raised the sum of $3.6 million in a funding round. The round which had several high-profile investment firms like Animoca Brands and Coinbase Ventures in participation, suggests that focus on the NFT sector will not be dwindling anytime soon.
BitsCrunch To Support More Prominent Blockchains — CEO
BitsCrunch — based out in Germany and India, is a company that uses innovative AI technology to help users track the latest NFT information. These information may include identifying wash trade warnings and determining whether an NFT is a copy or original.
Interestingly, the firm BitsCrunch operates on the belief that investors in the evergrowing space need better access to data that will protect them from falling victim of fakes.
As BitsCrunch CEO Vijay Pravin Maharajan confirms, the company currently supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX). But with the new funds that have just been secured, the plan is to expand and secure more prominent blockchains. Maharajan then mentioned the likes of Solana (SOL), Algorand (ALGO), Polkadot (DOT), Algorand (ALGO), and others.
Meanwhile, according to a Thursday tweet by the firm, the company is also hoping that the new additions will make the “whole ecosystem more trustworthy & secure for the community.”
Animoca Brands is without a doubt one of the most prolific investment firms when it concerns the NFT space. The firm led BitsCrunch’s funding round after its valuation reached $5 billion just last month. Of course, this is not unrelated to its high level of profit from its investment portfolio, which includes The Sandbox, Axie Infinity, and many other NFT-based projects.
NFT Projects Have Raised Over $250 Million In The Past 1 Month
Figures don’t lie and if the amount of funds raised for NFT projects within the past 30 days is anything to go by, then demand in this sector is not waning soon. According to crypto fundraising tracker Airtable, 27 other NFT projects have also collectively raised $251 million since Jan. 25.