NFT Research Tool NFT Inspect Is Shutting Down
The move comes as sales and trading volumes of non-fungible tokens plummet.
NFT Inspect, a popular research tool to measure the value of an NFT (non-fungible token) and the strength of its community, is turning off its virtual lights on Jan. 17, according to a tweet by the project.
“After months of working and reworking, we’ve come to the difficult conclusion that we cannot maintain Inspect going forward,” the team tweeted. “We want to sincerely thank each and every one of you for your support over the rollercoaster of this last year.”
For those on Crypto Twitter, NFT Inspect allows users to track the NFTs used in the profile pictures of the most prolific tweeters. It lets a researcher see which NFT projects are ‘in’ among Crypto Twitter’s hip crowd and flag changes.
The decision to shutter the project comes as market interest in NFTs has collapsed.
Data from a recent NonFungible report shows that the global trading volume of NFTs fell 77% to $1.7 billion in the third quarter last year from the second quarter. An 84% decrease in resell profit was observed during the period, according to the report.
Figures provided by CryptoSlam show that roughly $650 million in NFTs were sold in December, compared with $2.6 billion in December 2021.
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