Blockchain Intelligence Group, the cryptocurrency compliance and intelligence company, owned by BIGG Digital Assets, today announced the launch of NFT Explorer, the first risk and investigation solution for NFTs, built on the QLUE data analytics platform.
Development of the new NFT Explorer core capabilities relied on client feedback and work with expert collaborators across financial, tech, and law enforcement sectors. One such collaborator was Detective Tony Moore of the Los Angeles County Sheriff’s Department.
“In just a short time, I’ve handled multiple smart contract compromises and NFTs thefts and investigations, which are now quickly becoming the norm. To date, there was no graphical analytics tool that could help trace an NFT case from point of theft to the subsequent sale and liquidation of proceeds all on one graph. With true NFT (ERC-721) tracing, Blockchain Intelligence Group solves that problem.”
– Tony Moore, Detective, Los Angeles County Sheriff’s Department
Core capabilities include:
- Comprehensive token tracking on the ERC-721 standard, including market cap and 24-hour volume
- Explorer function for ERC-721, displaying NFTs by collection, along with lists of token traits, including name, image, token owner, and associated transactions
- Ability to perform investigations that include NFT transfers
Additional blockchains that support NFTs are slated for integration.
Another collaborator was Rug Pull Finder, which protects members of the NFT community by providing up-to-date information on projects, NFT safety, and education.
Despite the falling crypto prices, the NFT market is expected to grow by at least 33% year over year and is forecasted to reach approximately $80 billion in net sales volume by 2025.
That prediction increases to nearly $350 billion by 2030. What’s more, use cases are increasing in tandem – there is great potential in real estate, art, collectibles, sports, loyalty programs, and more. With this growth and expansion comes increased vulnerability and risk for investors.
One of the challenges to successful risk analysis and investigation has been the privacy of the blockchain. This is less so the case with NFTs since they are fundamentally unique.
By deploying the new NFT Explorer tool, users can track the ownership related to projects, providing increased investigative and analytical capabilities to investigators and financial institutions to make data-informed decisions about NFT projects.
“With the increasing number of scams and hacks impacting the adoption of NFTs, it’s critical that blockchain investigators, as well as traditional financial institutions, can track them effectively to mitigate risk. We’re proud to be the first blockchain analytics company to provide a solution specifically created to track NFTs and support further adoption.”
– Lance Morginn, President of Blockchain Intelligence Group