NFT Inspect, a Web3 social intelligence platform that specializes in NFT market analysis, has said it is back in business, via a tweet, on March 24. Previously, NFT Inspect announced on January 4 that it would shut down its operations completely by January 17.
However, the team did say the shutdown may not be irreversible. “We are so grateful for the outpouring of support following our recent announcement. Several parties have come forward with alternative solutions to our original plan of shutting down. As such, we’re deferring shutdown to allow those conversations to continue,” NFT Inspect noted on Jan 11th.
While it is unclear why NFT Inspect decided to get back on track now, the community had been very supportive and offered help. For instance, Twitter user @Hantao, a cofounder at QU3ST_io, offered to utilize the project’s technology for some Web3 games in development. Another Twitter user, @elliottrades, a developer at SuperVerseDAO, offered undisclosed help to the NFT Inspeact team.
NFT Inspect Market Outlook
The announcement to reopen NFT Inspect operation has sparked a lot of attention from the community members, as the Twitter comments section shows. NFT Inspect brought together over 1,000 NFT communities and generated over 175K new NFT connections during its first tenure.
NFT Inspect highlights NFT collections and provides crucial data, including the total number of NFT holders, floor price, total volume and total items in each NFT project. Additionally, the NFT Inspect website provides a collection comparison feature to help users analyze different metrics, including social media following and uniqueness, among others.
According to experts, NFT Inspect has the potential to shake up the worldwide NFT market as it utilizes artificial intelligence (AI) to allow NFT enthusiasts to explore digital artworks on Twitter.
The 2022 cryptocurrency winter took down several very large crypto projects. Additionally, the global crypto regulatory crackdown significantly discouraged many developing teams, which resulted in shutdowns and rug pulls. As a result, some crypto projects with potential growth prospects were forced to cut down their workforce, raise more funds or partner with other projects to survive.
With the ongoing global banking crisis, which has seen the collapse of three regional banks in the United States in a matter of weeks, investors’ confidence in the blockchain, digital banking and cryptocurrency industries has been on the rise. As a result, money flow to the altcoin market is expected to spike, which includes the non-fungible tokens (NFT) industry that is NFT Inspect’s primary niche.
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