Decentralized NFT data networks empower communities and make the market safer

cointelegraph.com:

In a digital world, companies, organizations and influencers are leveraging the latest technologies and practices to get closer to their communities in a more direct way. Digital tokens and nonfungible tokens (NFTs) bring even more features to make this happen.

Blockchain-based tokens, especially NFTs, can be used to create new experiences to drive community engagement in Web3 and develop a sense of belonging. This can be a game-changer for brand managers, digital artists, influencers and any entity with an online presence.

Previously, initial coin offerings (ICOs) were the first choice to build communities around blockchain projects. However, the high prevalence of scams has compromised this fundraising approach. To avoid a similar fate, the NFTs space needs to stay away from scams and price manipulation.

With specialized services like bitsCrunch, NFTs are a much safer market, allowing digital artists and businesses to grow active communities. The data analytics company uses the power of artificial intelligence (AI) to help NFT issuers and holders manage the risks associated with wash trading, fraud and unfair pricing.

Source: bitsCrunch

Launched in 2021, bitsCrunch started with a traditional business model and is now looking to decentralize the key processes of its data network. A major step toward this goal is to encourage active user participation to improve services and ultimately make the NFT space safer for all parties.

BitsCrunch’s decentralized network is still under development. It will address the challenges of NFT sales data analysis by collecting and enriching data using advanced computational and AI algorithms linked to on-chain and off-chain resources. The community-driven network will accept contributions