NFT Inspect, a Web3 social intelligence platform specializing in NFT market analysis, said it was back in business, via a tweet, on March 24. Previously, NFT Inspect announced on January 4 that it would completely shut down its operations by January 17. .
However, the team said the shutdown may not be irreversible. “We are very grateful for the outpouring of support following our recent announcement. Several parties have offered alternative solutions to our original closure plan. As such, we are postponing the shutdown to allow these conversations to continue” , NFT Inspect noted January 11.
While it’s unclear why NFT Inspect decided to get back on track now, the community has been very supportive and offered to help. For example, Twitter user @Hantao, co-founder of QU3ST_io, offered to use the project’s technology for some Web3 games in development. Another Twitter user, @elliottradesa SuperVerseDAO developer, offered undisclosed assistance to the NFT Inspect team.
NFT inspect market outlook
THE announcement to re-open Operation NFT Inspect has garnered a lot of attention from community members as seen in the comments section on Twitter. NFT Inspect brought together over 1,000 NFT communities and generated over 175,000 new NFT connections during its first term.
NFT Inspect highlights NFT collections and provides crucial data including total number of NFT holders, floor price, total volume and total number of items in each NFT project. Additionally, the NFT Inspect website provides a collection comparison feature to help users analyze different metrics, including social media tracking and uniqueness, among others.
According to experts, NFT Inspect has the potential to disrupt the global NFT market as it uses artificial intelligence (AI) to enable NFT enthusiasts to explore digital artworks on Twitter.
The 2022 cryptocurrency winter brought an end to several very large crypto projects. Additionally, the global crackdown on crypto regulations has greatly discouraged many development teams, leading to shutdowns and rug pulls. As a result, some crypto projects with potential growth prospects have been forced to downsize, raise more funds, or partner with other projects to survive.
With the ongoing global banking crisis, which saw the collapse of three regional banks in the United States within weeks, investor confidence in the blockchain, digital banking and cryptocurrency sectors has increased. As a result, the flow of money to the altcoin market is expected to increase, which includes the non-fungible token (NFT) industry which is NFT Inspect’s primary niche.