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NFT Inspect is ready to make a comeback after its unexpected closure
NFT Inspect teased a return to Web3 last week. Despite widespread use, the NFT analysis tool was shut down earlier this year in January. Why does NFT Inspect return?
Image credit: NFT Insight
Why does NFT Inspect return?
No one knows for sure yet. NFT Inspect tweeted, “We are baaaaaaaaaaaaaackkkkk” on Friday afternoon, but did not explain what has changed since they closed earlier this year. The company also never disclosed why it closed in the first place, stating only, “After months of work and rework, we have come to the difficult conclusion that we cannot sustain Inspect going forward.”
Many suspect that NFT Inspect has closed down due to funding problems. The service had already achieved good product-market fit with integrations in 1000+ 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 is possible that the team was able to secure external funding and resume operations.
It is also possible that the team succumbed to the pressure of working in Web3 during an NFT bear market. In early January when NFT Inspect announced it would be shutting down, NFT volumes were down, the Ethereum price was hovering around $1,200, and the overall market sentiment was negative. It’s possible they just needed a break. Now that the NFT and crypto markets have recovered a bit, many are theorizing that improved market conditions gave the Web3 company an opportunity to make a comeback.
What is NFT Inspect?
NFT Inspect branded itself as “The social intelligence layer of Web3”. The Chrome plugin 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. In addition, it also helps break down projects by properties and provides sales history on individual properties.
However, the most viral part of NFT Insight is the Twitter Profile Global Reach ranking. It essentially ranks NFT influencers by popularity. This ranking was a common sight on NFT Twitter, giving influencers material to post and brag about.
Image credit: NFT Insight
Traders sorely missed NFT Inspect in the last couple of months. As the overwhelmingly positive reaction to news of its return indicates, the tool will surely be a Web3 fixture for the foreseeable future.
