If we scroll through Rarible or OpenSea, we encounter a huge number of NFTs. As an NFT investor, you then ask yourself which of these NFTs are actually a good investment. The BitsCrunch team wants to solve this very problem with an NFT verification.
BeInCrypto spoke with bitsCrunch CEO Vijay Pravin Maharajan. He was born in India and has lived in Germany for almost ten years, completing his master’s degree in electrical engineering at the Technical University of Munich.
“I worked for companies like Telefonica, Volkswagen and Siemens before founding bitsCrunch during the pandemic last year.”
Vijay is one of India’s 40 under 40 Data Scientists, is a TEDx speaker and has been following the NFT area for some time now. Together with his colleagues Saravanan, Ashok, Ajay, Vijay has entered the NFT rabbit hole. “In February 2021, the famous $ 69 million NFT sale took place. A guy named MetaKovan bought this incredibly expensive NFT, and we thought: Who is MetaKovan? And what is it? What are NFTs? What are these $ 69 million NFTs? “is? And we found out that he is from the same place as us, from Chennai, Tamil Nadu in India.”
So Vijay’s team decided that this was probably not a coincidence and that the NFT area still has a lot to offer.
What is an NFT again …?
An NFT, or digital asset, is an object on a blockchain. Blockchain is a logbook that records all transactions and allows everyone to do so to verify the authenticity of an NFT and to identify.
Each NFT is unique, or at least rare – unlike other digital objects, which can be reproduced indefinitely. NFTs can be purchased with fiat or various cryptocurrencies and are publicly visible to anyone. But only the buyer owns it official ownership.
So and these non-fungible tokens have experienced a real hype in the last year. However, it is also clear that investor enthusiasm in this young economic field is also attracting some scammers. For where the money flows, scammers try to participate. Counterfeit NFTs are among the most common NFT scams, and NFTs are becoming increasingly popular as a money laundering tool.
The problem with this is clear: How safe is the investment in a potentially expensive NFT?
The BitsCrunch team is trying to solve this very problem. Vijay explains: “Laundry trade is a serious problem. And with that comes the question of price valuation. People just give the NFTs random prices. We wanted to create a fair environment, which is why we are supported by big brands like Coinbase. So we are the NFT police. ”
Similar to the “blue tick” on Twitter accounts, NFT approval aims to make prices less confusing in the market. “It gives confidence to the NFT creators. So in the near future we will also offer a tick for NFTs. Because in everyday life, NFT investors scroll through thousands and thousands of NFTs on platforms like Rarible or OpenSea. If the investors then a check mark next to the NFTs means: Verified and controlled by bitsCrunch. ”
“The goal is for people to know what to buy!”
“Blockchain is an ocean …”
Vijay explains that the team selects all NFT data available on the blockchain – this is also reflected in the name “bitsCrunch”: “We crush every bit of data that is on the blockchain. That’s why we call the project bitsCrunch. Blockchain is an ocean That’s why we chose NFTs as a niche area. We currently use all data from the Ethereum and Polygon chains. In the near future we plan to launch other chains such as Binance, Polkadot, Avalanche, Solano and others. ”
And Vijay feels particularly comfortable in the computer world. Right from his first job, he started as a junior data scientist at Telefonica and then at Volkswagen as a senior data professional. “And my last work experience before bitsCrunch was a data analysis expert at Siemens, where I developed visualizations, data visualizations. And even when I speak on the TEDx stage, I remove a lot of data points. Whether it’s work or social impact, I inspire a lot of people out there and I create a lot of jobs in computer science. “
Among the next few years’ NFT trends, Vijay counts not only the elite NFTs, which sell for millions of dollars over the virtual disk, but above all cheaper NFTs from the arts and music industry. “I definitely see the media as an option because people have started offering movie trailers and movie tickets as NFTs. In the future, there may also be invoices in the form of NFTs.”
What is still lacking for Vijay, however, is regulation that promotes innovation.
“Regulation is far from what innovation can and already could offer.”
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