Non-fungible token (NFT) research tool NFT Inspect is making a surprise comeback after its acquisition by blockchain company JVH Technology Inc.
March 28th statement, JVH said its acquisition is an important milestone for the NFT industry. According to the team, NFT Inspect is “the premier destination for Web3 social intelligence and the ultimate hub for NFT communities and enthusiasts to analyze their community’s growth and health.”
Alan Satim, Head of Business at JVH, said:
“This market downturn presents a real opportunity to consolidate technology and resources through strategic acquisitions, enabling significant growth.”
The press statement did not disclose the amount of the acquisition for NFT Inspect.
NFT Inspect’s official Twitter handle is first alluded to Released on March 24th. thread Speaking about the acquisition on March 27, its founders Evan King and Stefan Mai added that it will pursue a new endeavor.
NFT Inspect is a social intelligence platform that allows users to investigate projects happening in the industry. In January it was announcement Closing the business without revealing why the decision was made.
At the time, trading volumes for several NFT collections were plummeting following the cryptocurrency market’s record-breaking implosion in 2022. The bear market conditions have also led to the implosion of several cryptocurrency companies such as FTX.
However, NFT volume surged 117% to $2 billion before returning to pre-LUNA crash levels in February. The increase in trading volume coincided with a recovery in the broader crypto market, with Bitcoin (BTC) and other digital assets posting impressive profits despite recent problems plaguing the space. rice field.