NFT Inspect teased a return to Web3 last week. Despite achieving widespread adoption, the NFT analytics tool was shut down earlier this year in January. Why is NFT Inspect coming back?
Image Credit: NFT Inspection
Why is NFT Inspect coming back?
No one knows for sure yet. His official Twitter account tweeted: “We are backaaaaaaaaaaaaacckkk” on Friday afternoon, but he has not explained what has changed since they closed earlier this year. The company has also never revealed why it closed in the first place, only stating, “After months of work and rework, we’ve come to the difficult conclusion that we can’t keep Inspect going forward.”
Many people suspect that the business closed due to financing problems. The service had already achieved a great product-to-market fit with integrations in over 1000 NFT communities and a strong user base, so it doesn’t seem like the team didn’t believe in the business itself. Given its success, the team may have been able to obtain external funding and resume operations.
It is also possible that NFT Inspect fell victim to the NFT bear market earlier this year. In early January, NFT volumes were down, Ethereum price was hovering around $1,200, and general market sentiment was negative. Now that the NFT and crypto markets have recovered somewhat, many people theorize that better market conditions allowed the Web3 company to make a comeback.
What is NFT inspection?
Labeling itself “The Social Intelligence Layer of Web3”. The Chrome plugin allows users to track NFT projects by community popularity. The tool uses factors like PFP usage on Twitter, influencer reach, and overall sentiment to rank projects. In addition, it also helps break down projects by characteristics and provides sales histories for individual assets.
The most viral part of his service, however, is his Twitter Profile Global Reach Rankings. It essentially ranks NFT influencers by popularity. This ranking was commonplace on NFT Twitter, giving influencers material to post and brag about.
Image Credit: NFT Insight
NFT Inspect has been greatly missed by traders in recent months. As the overwhelmingly positive reaction to the news of its return indicates, the tool is sure to be a fixture of Web3 for the foreseeable future.
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