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NFT Inspect is closing permanently…Here’s why:
One of the best NFT research tools NFT Inspect announced earlier today that it will shut down on January 17th. The decision comes due to tough market conditions. The company states that both the website and the chrome extension will be unavailable on 17 January. Read on to find out why this is and how NFT Twitter has responded.
Why does NFT Inspect shut down?
Earlier today (January 4, 2023), the project took to Twitter to announce that they will be shutting down operations over the next two weeks. Although this announcement has not been a sudden one. The company states that the decision comes after months of work and reworking of growth strategies and the decline in their sales volume is down by double digits every quarter. The company also claims that it cannot sustain itself going forward.
NFTs have been on a rollercoaster ride throughout 2022. A recent report stated that there has been a 77% global decline in NFT trading between mid to late 2022. Furthermore, resale profits have hit a low of 84 % in this period. The market has also hit new lows due to bad actors, scams and scams that have been rampant over the past year. These conditions and more have totally hindered the growth of many builders, and NFT Inspect is the latest to be hit by turbulent market winds.
In their Twitter thread, their thanks and respect to the people who have supported them to this date. In thanks to their team, NFT Inspect also mentions how they have tried to crack complex social problems in web3. Moreover, they announce a final statistic that boasts of their historic achievements on stage. NFT Inspect is an iconic team that brought together over 1,000 global communities, generating 175,000 new NFT connections. It is not a stretch to say that it is still one of the best tools on the market. Furthermore, the team has also announced that they will refund all new members’ fees.
In reaction to the news, several high-profile NFT builders have reached out to the team with support. Users have also suggested using NFTs to raise money for their company; some have even initiated talks to buy out the company. Others have also suggested open-sourcing the company and leveraging the infrastructure behind it. This unwavering support is exactly what keeps web3 going in dark times. In case NFT Inspect is tru down, we in NFT Evening show our respect to this unique tool to be a champion of web3 culture.
About NFT Inspect
NFT Inspect is a unique web3 social intelligence tool that uses AI to automatically detect NFTs and their communities on Twitter. The user-friendly tool provides information about properties, sales, rarity, etc. for various NFTs directly to users’ feeds. The tool allows users to see how much a current pfp/NFT is going for, or research giveaways, or even explore new collections people are talking about. The tool is a game-changer in the space, and thousands have used it to build their communities.
