On June 16, Blockchain Intelligence Group launched an industry first: the NFT Explorer, an NFT analytics and investigation tool. The first-of-its-kind blockchain tool creates transparency for NFT ownership helping mitigate counterparty risk and power investigations for crypto exchanges and Virtual Asset Service Providers (VASPs), banks, and law enforcement agencies.
The NFT Explorer is designed to make crypto asset risk management easy and provide banks, FIs and VASPs with reliable data and instruments to safely offer banking services to the NFT market that has created an attraction for many retail investors. Law Enforcement gets a needed tool to investigate possible criminal activities.
Development of the new NFT Explorer relied on client feedback and work with expert collaborators across financial, tech, and law enforcement sectors. One such collaborator was Los Angeles County Sheriff’s Department Detective Tony Moore.
“The world of cryptocurrency is rapidly evolving and so are crypto-crimes. 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 the 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,” said Tony Moore, Detective, Los Angeles County Sheriff’s Department. “The ability to trace multiple cryptocurrencies, ERC-20 and now ERC-721 tokens all on one graph is a game-changer for an investigator.”
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.
“We’re really excited about NFT Explorer and the depth of insights it brings us,” said Nik Horniacek, CEO, Rug Pull Finder. “As a leading provider of data-driven open-source intelligence on NFT projects, being able to provide this level of information to the community and our stakeholders is invaluable.”
Check out Nik and team’s insanely popular Twitter account.
Sales of digital works of art, and future platform of ownership, are believed to have exceeded $40 billion in 2021. Similar to any assets, the increase in value comes with a demand for clarity and security to overcome any risks or vulnerabilities. The NFT Explorer meets the market’s demand on Ethereum, the most popular blockchain for NFTs.
We aim for regulated companies to use the tool and facilitate the adoption of NFT technology. Banks and traditional financial institutions (FIs) can identify ownership, counter-party risk exposure, and assess value. Furthermore, adoption has the potential for new business models and consumer services. NFT Investor Journal and NFT Street share some of the most vital facts about the journey of NFTs, including an 18,000% growth in 12 months and millions of Google user searches for information about NFTs every month.
In the launch phase, The NFT Explorer supports ERC-721 and aggregates a large number of attributions to over 80,000 NFTs. Several more blockchains are slated for integration in 2022.
Get NFT analytics today. Book a demo.
Written By: Omar Marzouk
Writer, Content marketing at Blockchain Group
