One of the top NFT research tools NFT Inspect announced earlier today that they will shut down on January 17th. The decision comes due to harsh market conditions. The company states that both, its website and its chrome extension will be unavailable come January 17th. Read on to learn why this is and how NFT Twitter has responded.
Why Is NFT Inspect Shutting Down?
Earlier today (January 4th, 2023), the project took to Twitter to announce that they will be shutting down operations within the next two weeks. However, this announcement has not been a sudden one. The company states that the decision comes through after months of working and reworking growth strategies and the downturn of their sales volume going down double digits every quarter. The company also claims that it cannot maintain itself going forward.
NFTs have been on a rollercoaster run through all of 2022. A recent report stated that there has been a 77% global decline in NFT trading between mid-to-late 2022. Furthermore, resell profits have hit an 84% low during this period. The market has also struck new lows due to bad actors, frauds, and scams running rampant throughout the last year. These conditions and more have altogether hindered the growth of many builders, and NFT Inspect is the latest to be hit by turbulent market winds.
How Did They Announce The Shut Down?
In their Twitter thread, NFT Inspect gave thanks and respects to the people who have supported them to this date. Giving thanks to their team, NFT Inspect also mentions how they have tried to crack complex social problems in web3. Moreover, they announce an end-of-business stat that boasts their historic accomplishments in the scene. NFT Inspect are an iconic team that brought together over 1,000 global communities, generating 175K+ new NFT connections. It is not a far stretch to say it is still one of the best tools in the market. Furthermore, the team has also announced that they will be refunding all new joiners their fees.
Reacting to the news, several high-profile NFT builders have reached out to the team showering support. Users have also suggested using NFTs to fundraise for their company; some have even initiated talks to buy the company out. Others have also suggested open-sourcing the company and leveraging the infrastructure behind it. This unwavering support is exactly what keeps web3 going during dark times. In the case that NFT Inspect does close, we at NFT Evening pay our respects to this unique tool for being a proponent 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 easy to use tool provides information on traits, 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.