NFT Research Tool NFT Inspect Is Shutting Down

The move comes as sales and trading volumes of non-fungible tokens plummet.

AccessTimeIconJan 4, 2023 at 10:49 a.m. UTC
Updated May 9, 2023 at 4:05 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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.

  • What's the Biggest Misconception People Have About Bitcoin Mining?
    00:39
    What's the Biggest Misconception People Have About Bitcoin Mining?
  • Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
    08:53
    Is Crypto at the 'Mercy' of Fed Rates and Macro Conditions Now?
  • Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
    01:47
    Traders Bet on Ether's Drop; Sen. Lummis, Gillibrand Take on Stablecoin Legislation, Again
  • Crypto Fee War Intensifies in South Korea
    01:02
    Crypto Fee War Intensifies in South Korea
  • “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.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.



    Read more about