Although the NFT industry has experienced a considerable number of peaks and troughs, this asset class is born with the potential for industrial transformation and development. Unfortunately, before NFTs can effectively enter the epidemic, there are still many areas that need to be improved.

In the following conversation, Saravanan Jaichandaran, co-founder and top data expert of BitsCrunch, delves into all areas of NFT, including their origins, popular criticism, and key elements that need to be improved in this area. They also address the importance of data availability, the impact of clearing transactions and ongoing efforts to standardize data file formats and metadata. In addition, bitsCrunch recently launched an innovative data and data analysis platform for NFT indoor space, which is committed to bringing more universality to traders.

Q: how did you get into NFT in the first place, and what do you think is his development potential?

You enter NFT while exploring the hackathon, and we can win this race by building a MVP product on the blockchain and closely combining artificial intelligence. This brings us exposure and enables us to explore more of this space. Up to now, NFT has quietly spread in various fields. It is only a matter of time before more enthusiasts and enterprises realize the value of their use and move forward.

Even in 2023, NFT is not well known as a fashion trend of "art and design". However, since the beginning of this century, experts and scholars have always stressed that he has great potential for development in many industries, such as health care, real estate, financial industry, sports and so on. Even so, his reform in the field of art and design can not be ignored.

Q: how will we respond to the popular criticism that NFT is not easy to stay here, just a flash in the pan?

The NFT field is not facing a new situation. During the technological breakthroughs of the Bitcoin era in the first decade of the 21st century and the Internet era in the 1990s, the reaction was basically the same. Similarly, NFT is still in its infancy, and with the exception of art design and Metverse, not many people have explored their use. However, it is worth noting that NFT has already subverted the model of paid work for artists and creators. More originators can continue to benefit from his handicrafts by getting paid every time someone resells their art treasures.

Q: the NFT market peaked in 2021 and 2022, but there is still a lot of room for improvement. What do you think are the three main points of the improvement area?

Concept, openness and adoption rate.

The field of NFT and Web3 has been one of the most discussed topics since 2020, which is more and more self-evident when the field is selected on a large scale in the second half of 2022. Since then, however, the field has fallen by about 70% from its peak because of initial hot spot failures and lack of ideas. At the same time of hype, the market has also encountered a variety of security risks, including Internet man-in-the-middle attacks, big changes in trading, market control, money laundering, plagiarism and so on.

Q: how does optimized data accessibility benefit the NFT market?

So far, blockchain technical data cannot be opened by anyone, although all transactions are transparent. By using NFT data, you can understand the specific market, analyze the water drawing / disorderly dumping plan, and make wise management decisions.

There is a major difference between data transparency and data accessibility. Although blockchain applications greatly improve clarity because of their stability and traceability, tracking transactions is still very difficult for non-technicians. Therefore, even if the data is transparent, if we cannot open the data to make wise management decisions, technology is of no use to us, thus hindering its large-scale selection.

Q: UnleashNFTs, the newly launched NFT data analysis platform, brings a detailed main view of shock trading for the collection. Why is this important?

A group of people can circulate some NFT property and raise prices by selling to each other. This also makes NFT property more meaningful, because there are a large number of transactions, which misleads NFT customers into thinking that NFT is more meaningful than their intrinsic value. Clearing transactions is an illegal activity, which seriously affects the investors and market credibility of NFT to a great extent. For years, we have felt that NFT WASH trading is still a less controversial topic in the market, but to some extent it is not conducive to the growth of NFT as an asset class. Therefore, I decided to add WASH transaction statistics and analysis data to your NFT data analysis platform UnleashNFTs to improve people's understanding of this topic and allow you to invest in NFT based on intrinsic value projects.

Origin: UnleashNFT

Q: standardized data file formats and metadata are being designed for the NFT marketplace. What efforts are under way?

During this period of time, there are no standardized file formats. It's more or less about personal collections and markets, and how they want to store his metadata. However, OpenZepplin has established some standards to store metadata specifications. In bitsCrunch, people have their own way to store metadata.

Q: how will the increase in data availability determine market liquidity?

With reliable and more transparent color data, investors will not be able to sell his assets with the FOMO established by the company. Improved data availability further improves market clarity, promotes better price discovery, completes more complex trading strategies, and improves market availability. All kinds of factors finally further improve the efficiency of the market.

Q: what are your goals for UnleashNFT in 2023 and beyond?

In 2023, we will focus on the government procurement process. You will soon put our data layer and all the API block chain technology about releasing NFT, which will be given by bitsCrunch on the web. In addition, we will add more KPI and unique indicator values to the more than 50 unique indicator values we have provided.

The ongoing development and design of standardized data file formats and metadata, as well as the growing concern for the data analysis platform, show that it can promote the continuous innovation of the NFT market. Looking forward to the future, the development potential of NFT to change the market and create new opportunities is very obvious, and it is necessary to once again promote a deeper understanding and wider adoption of this pioneering technology.