BOULDER, Colo., September 15, 2022 (Newswire.com) –
The first of its kind NFT valuation platform, FungyProof, has rebranded as Skry. The rebrand aligns their name with their expanded product vision. Skry aims to be the “Moodys of NFTs” by providing its users with NFT ratings. These assessments empower users to make data-driven decisions about decentralized assets.
Information asymmetry remains a serious problem despite most of the web3 ecosystem being built on public blockchains. Understanding blockchain-backed assets requires deep knowledge of blockchain technology and countless hours of research. This research involves digging through convoluted interfaces as block explorers, spending hundreds of hours deep in dissent communities and social media, and reading in-depth technical white papers and roadmaps. As NFTs mature, this complexity will continue to grow, and those who fail to keep up risk being cheated and missing out on opportunities.
According to a Chainalysis report at the end of 2021, 5% of NFT traders received 80% of the profits generated on the OpenSea NFT marketplace.
To overcome this problem, the web3 ecosystem desperately needs assessment infrastructure. Ratings are plentiful in traditional markets, from the Big Three (Moody’s, Fitch, S&P) to consumer star reviews. Ratings improve issuer accountability, reduce information asymmetry, and make discovery easy and intuitive for everyone. Until now, this fundamental part of the infrastructure has been completely absent from the web3 markets.
Skry offers its users comprehensive NFT assessments through an automated algorithm that pulls data from multiple sources on and off-chain. The data is compiled into an objectively weighted rubric that covers the most critical factors in each NFT use case. This automated assessment, combined with user reviews and NFT market data, gives Skry users everything they need to make an informed decision about decentralized assets.
“NFTs have the potential to enable an accessible, permissionless, free market for all digital and physical assets. Unfortunately, the current nascent industry is one where a select few individuals make most of the profits while others fall victim to fraud and low-quality NFTs. Skry helps bridge the gap between those with perfect information and everyone else,” says Mike Roth, Skry’s CEO.
Skry’s rebrand comes alongside a major update to their application. This update further simplifies a user’s search for the best NFTs through an updated interface, improved rating algorithm and improved search functionality. The update allows Skry users to filter NFTs by a wide variety of tags, such as whether an NFT is open source, has a staking mechanism, and more.
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About Skry
Skry is an NFT rating platform that simplifies the search for the best NFTs. The company was founded by the Roth brothers, who previously co-founded one of the first decentralized exchanges, Radar Relay, in 2017. In the long term, the brothers see decentralized assessments as a critical component of a transparent and accessible web3 ecosystem. Skry is backed by some of the industry’s top investors, including Cadenza Ventures, Hypersphere Ventures, Red Beard Ventures, Bollinger Investment Group and ZMT Capital.
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Source: Skry
