Meta/crypto

Mnemonic raises $ 4 million to launch a B2B API platform focused on NFTs

Mnemonic emerged from a six month incubation period to announce the upcoming launch of its non-fungible token analytics platform (NFT), which is designed to facilitate cross-API and cross-chain aggregation capabilities that enable developers to build NFT-centric applications.

Above this basic level, the platform also intends to provide on-chain quantitation data insights into popular collections in the emerging sector, starting with Lazy Lions, World of Women, Gutter Cat Gang, and Dystopunks, with plans for expansion in the near future.

The San Francisco-based company was educated by four entrepreneurs with experience working as senior executives and lead engineers at blue-chip technology companies Google, Uber and Reddit on aspects of machine learning, big data, application programming interfaces (API) and more .

Earlier this year, the company completed a $ 4 million seed funding round led by venture capital investor Kenetic and invested in Sound Ventures and Tribe Capital, as well as angel investors Coinbase, IntoTheBlock and People.ai. Alongside this, the company has also developed relationships with Dapper Labs and Mintable to expand their market position.

Cointelegraph spoke to Mnemonic Co-Founder and CEO Andrii Yasinetsky to get an insight into their expectations of how on-chain data insights could impact the education of retail investors entering the NFT space:

“While these dashboards are not our core product, but are just a showcase of our data, it is exciting to see how NFT collectors, as well as potential collectors and investors, are made even more aware of awareness. We support the tools, services and applications that retail investors will use to better understand the market in which they operate. “

Related: Blockchain analysis service Nansen for the integration of the DeFi protocol Arbitrum

Retrieving on-chain data for NFTs should be easy, with basic search, intelligence with analytics, rarity, metrics, etc. with no rate limit

That is why we invested in the seed round of @mnemonichq. Their simple B2B NFT API solution makes it SO easy to get this data. https://t.co/cG5k3ea9jW

-maaria.eth (@maariabajwa) December 7, 2021

As the NFT market moves into the mainstream, the demand for correlated data tools is experiencing a parallel surge.

Yasinetsky noted how the Mnemonic platform differs from other multi-sector competitors like Nansen:

“They are primarily focused on wallets and provide insight into more abstract trends and behaviors within wallets. Our intelligence platform focuses on NFTs and covers a broader range of considerations than just wallet behavior: NFT characteristics, transaction volumes and values, metadata analysis and more. ”

“We developed a Google-like crawling system that not only records what’s available in the chain, but also indexes all of the pieces of metadata associated with each NFT – millions of NFTs – to give our customers the latest and greatest deliver the most relevant results. In and of itself, this is a very difficult technical problem that has not been fully addressed in space, ”he said.

Related posts

Here’s how DAOs are making digital land more accessible to Metaverse denizens

TechLifely

Bitcoin price drops to lowest since May as Ethereum market trades at 18.4% loss

TechLifely

Flexa App Adds Regal To Offer Cryptocurrency Payments For Movies And More

TechLifely

Leave a Comment