NFT Inspect teased a return to Web3 last week. Despite achieving widespread adoption, the NFT analytics tool shut down earlier this year in January. Why is NFT Inspect coming back?
Why is NFT Inspect coming back?
Nobody knows for sure yet. Their official Twitter account tweeted, “We’re baaaaaaaaaaaaaacckkk” on Friday afternoon, but has not explained what changed since they closed earlier this year. The company has also never revealed why it closed in the first place, only stating, “After months of working & reworking, we’ve come to the difficult conclusion that we cannot maintain Inspect going forward.”
Many people suspect that the business shut down due to funding issues. The service had already achieved a great product-market fit with integrations into 1,000+ NFT communities and a robust user base, so it doesn’t seem like the team didn’t believe in the business itself. Given their success, it’s possible the team was able to secure outside financing and resume operations.
It’s also possible that NFT Inspect fell victim to the NFT bear market earlier this year. In early January, NFT volumes were down, the Ethereum price was hovering around $1,200, and the general market sentiment was negative. Now that the NFT and crypto markets have recovered a bit, many people are theorizing that improved market conditions allowed the Web3 company to make a comeback.
What is NFT Inspect?
Labeling itself as, “The social intelligence layer of Web3”. The chrome plug-in allows users to track NFT projects by community popularity. The tool uses factors such as PFP-usage on Twitter, influencer reach, and overall sentiment to rank projects. Additionally, it also helps break down projects by traits and gives sales histories on individual assets.
The most viral part its service, however, is its Twitter Profile Global Reach rankings. It essentially ranks NFT influencers by popularity. This ranking was a common sight on NFT Twitter, giving influencers material to post and brag about.
Traders sorely missed NFT Inspect over the last couple of months. As the overwhelmingly positive reaction to the news of its return indicates, the tool will surely be a Web3 fixture into the foreseeable future.