BitsCrunch Gets $3.6 Million in Funding for its NFT Project

Institutional funding has long been considered as a major factor set to bring growth and major developments in the cryptocurrency and nonfungible token (NFT) ecosystem. While many institutional and major investors are parking their capital in these technologies, a recent funding announcement has been made by crypto in China. The multichain NFT analytics firm has announced raising $3.6 million in funding for NFT analytics tools.

The firm announced that many high-profile investment firms have participated in the funding round. This suggests that the interest in NFT and cryptocurrencies is hot and is expected to continue rising.

What is BitsCrunch?

BitsCrunch is a crypto and NFT ecosystems analytics firm. It is seen as a global leader in blockchain and gamification, with a major portfolio comprising more than 150 investments in NFT-based businesses and decentralized projects. Most of these projects are specifically focused on the development of the open metaverse.It relies on AI-based analytical tools for the following functions:

  • To set the fair prices of NFTs
  • Identifying wash trading warnings
  • Validating NFTs for their genuineness

The firm is considered to be in the ideal position to help investors in making the right investment decisions in this field. It is seen as an important entity that can make a meaningful contribution to the security and safety in the emerging metaverse ecosystem.

The Key Participating Firms

The Germany-based company secured $3.6 million in a single funding round that involved big names such as:

  • Coinbase Ventures
  • Animoca Brands
  • Capital
  • Polygon Studios

And many others. Besides, BitsCrunch’s project has also been backed by JP Morgan, Facebook, and Goldman Sachs. The analytics firm has identified the need in the growing NFT space for improved data access to protect against any instances of forgery. 

According to reports, BitsCrunch currently supports NFTs on the following platforms:

  • Ethereum (ETH)
  • Avalanche (AVAX)
  • Polygon (MATIC)

As the firm grows, it has plans to secure major blockchains includingSolana, Algorand, and Polkadot among others. With its new additions, it expects the ecosystem to become more secure and trustworthy.

Animoca Brands is the leading investor during the round. It has been quite active as a venture capital firm seeking to explore NFT opportunities across the spectrum. The profits generated from its investment portfolio helped it gain a valuation of $5 billion in January. Some of the key NFT-based projects it has invested in include Axie Infinity and The Sandbox.

Growth in NFT Projects Funding

The total amount of funding that NFT projects have realized over the past month indicates the surge in demand for development in this area. Since January 25, over $251 million has been raised in NFT projects excluding the BitsCrunch project.

$100 Million Funding for Pixel Vault’s NFT Project

A few weeks ago, a startup named Pixel Vault raised a staggering $1090 million in funding. The NFT collection of superheroes that seeks to become a decentralized Marvel-like empire raised funding from the likes of Adman Bain, Velvet Sea Ventures, and 01 Advisors.

The firm’s projects revolve around Web3 and its key features including:

  • Decentralized governance
  • Community empowerment
  • True digital ownership

During its initial launch in May, it released thousands of digital and hardback comic books. These books featured characters from the CryptoPunks world. Users could exchange their comic NFT after some time to get a chance at its founder’s DAO. This crypto collective provided users with ownership in a significant collection of NFT artwork. This included many CryptoPunks NFTs with millions in worth at their current prices.

OpenSea’s $300 Million Funding

OpenSea, currently the largest NFT marketplace, raised $300 million in funding in January this year. This raised its valuation at a staggering $13.3 billion. It is both the largest and most popular NFT marketplace that exists today. Also known as the original P2P alternative to buy and sell NFTs online, its current trading volume has exceeded the $10 billion mark.

With these developments taking place in the NFT ecosystem more recently, the earlier claims of it becoming a $10 trillion marketplace cannot be ignored. Even when BitsCrunch’s funding volume seems to be small, it matters. Such key technology players in this field are drawing attention from investors of all sizes on altcoin and Bitcoin Trading Platform. The firm strives to make the NFT ecosystem a safe place for creators and collectors and with these financial investments, this field is expected to improve further in the near future.

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