Blockchain Intelligence Group Unveils NFT Risk Analysis Solution
NFT Explorer is the foremost risk and scrutiny solution for NFTs, and it was developed on the QLUE data analytics system. Blockchain Intelligence Group is crypto conformance and intelligence firm owned by BIGG Digital Assets. The company made the announcement that it has launched NFT Explorer. The creation of the new main features of the NFT Explorer was dependent on the input from customers as well as the work of experienced partners from the financial, technological, and enforcement agencies. Detective Tony Moore of the Los Angeles County Sheriff’s Department was among the individuals that worked together on this case.
Tony Moore, Detective, Los Angeles County Sheriff’s Department, pointed out “In a concise amount of time, I’ve assisted with a number of studies and thefts using smart contracts and non-fungible tokens (NFTs), which are rapidly turning into the standard. To this day, there is no visual analytics tool that can assist in tracing a non-financial transaction instance from the moment of theft to the following transfer and liquidation, all of which may be shown on a single graph. Blockchain Intelligence Group offers a solution to that issue via the use of genuine NFT (ERC-721) monitoring.”
Core skills include:
- Full monitoring of tokens based on the ERC-721 standard, including market capitalization and volume over the last 24 hours.
- Explorer tool for ERC-721 that displays NFTs organized by collection and lists of token characteristics like as name, picture, token possessor, and related transactions.
- Capability to conduct scrutinies, including those involving NFT transfers
An additional contributor was Rug Pull Finder, which safeguards those who are a part of the NFT community by disseminating current data on a range of topics, including projects, NFT security, and educational opportunities. In spite of the declining prices of cryptocurrencies, it is anticipated that the NFT industry would expand by at least 33 percent year over year and is anticipated to reach roughly $80 billion in net sales volume by the year 2025.
This forecast is expected to reach about 350 billion dollars by the year 2030. Additionally, the number of use cases is growing in parallel, and there is a significant amount of opportunity in a variety of industries, including real estate, art, collectibles, sports, loyalty programs, and more. This development and expansion bring with it a corresponding rise in the investors’ exposure to risk. The confidentiality of the blockchain has been one of the obstacles standing in the way of fruitful risk analysis and inquiry. Because of their fundamentally different nature, this is not as much of an issue with NFTs.
Users of the innovative NFT Explorer platform will have the ability to monitor the ownership of ventures once the tool has been deployed. This will give researchers and financial firms enhanced investigatory and analytical functionality, allowing them to make choices concerning NFT ventures that are made aware by data.
Lance Morginn, President of Blockchain Intelligence Group, said “Because of the growing number of frauds and cyberattacks that are having an influence on the adoption of NFTs, it is essential that blockchain investigators, in addition to conventional financial firms, be able to efficiently follow these activities in order to reduce risk. We are thrilled to be the foremost blockchain analytics business to offer a solution that was developed only with the intention of monitoring NFTs and encouraging broader usage of the technology.”