The new solution is purpose-built for law enforcement, financial institutions, and crypto exchanges to assess risk and investigate NFTs
Press Release
VANCOUVER, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) — Blockchain Intelligence Group, a global cryptocurrency compliance and intelligence company, owned by BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG, OTCQX: BBKCF, WKN: A2PS9W), is pleased to announce the launch of NFT Explorer, the first risk and investigation solution for NFTs, built on the QLUE™ data analytics platform.
Development of the new NFT Explorer core capabilities 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, which are now quickly becoming the norm. To date, there was no graphical analytics tool that could help trace an NFT case from 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.”
Core capabilities include:
- Comprehensive token tracking on the ERC-721 standard, including market cap and 24-hour volume
- Explorer function for ERC-271, displaying NFTs by collection, along with lists of token traits, including name, image, token owner, and associated transactions
- Ability to perform investigations that include NFT transfers
Additional blockchains that support NFTs are slated for integration.
“We’re excited to launch a true innovation in blockchain analytics. The NFT Explorer positions Blockchain Intelligence Group as an ideal blockchain solution partner for law enforcement, finance and crypto,” said Lance Morginn, president, Blockchain Intelligence Group. “With the increasing number of scams and hacks impacting the adoption of NFTs, it’s critical that blockchain investigators, as well as traditional financial institutions, can track them effectively to mitigate risk. We’re proud to be the first blockchain analytics company to provide a solution specifically created to track NFTs and support further adoption.”
Despite the falling crypto prices, the NFT market is expected to grow by at least 33% year over year and is forecasted to reach approximately $80 billion in net sales volume by 2025. That prediction increases to nearly $350 billion by 2030. What’s more, use cases are increasing in tandem – there is great potential in real estate, art, collectibles, sports, loyalty programs, and more. With this growth and expansion comes increased vulnerability and risk for investors.
One of the challenges to successful risk analysis and investigation to date has been the inherent privacy of the blockchain. This is less so the case with NFTs, since they are fundamentally unique. With the new NFT Explorer tool, users can track the ownership related to projects easily, providing increased investigative and analytical capabilities to investigators and financial institutions to make data-informed decisions about NFT projects.
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.”
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