The new solution is purpose-built for law enforcement, financial institutions, and crypto exchanges to assess risk and investigate NFTs
VANCOUVER, British Columbia, June 16, 2022 (GLOBE NEWSWIRE) — Blockchain Intelligence Group, a global cryptocurrency compliance and intelligence company, owned by BIGG Digital Assets Inc. (“BIGG” or the “Company”) (CSE: BIGG, OTCQX: BBKCF, WKN: A2PS9W), is pleased to announce the launch of NFT Explorer, the first risk and investigation solution for NFTs, built on the QLUE™ data analytics platform.
Development of the new NFT Explorer core capabilities relied on client feedback and work with expert collaborators across financial, tech, and law enforcement sectors. One such collaborator was Los Angeles County Sheriff’s Department Detective Tony Moore.
“The world of cryptocurrency is rapidly evolving and so are crypto-crimes. In just a short time, I’ve handled multiple smart contract compromises and NFTs thefts, which are now quickly becoming the norm. To date, there was no graphical analytics tool that could help trace an NFT case from point of theft to the subsequent sale and liquidation of proceeds all on one graph. With true NFT (ERC-721) tracing, Blockchain Intelligence Group solves that problem,” said Tony Moore, Detective, Los Angeles County Sheriff’s Department. “The ability to trace multiple cryptocurrencies, ERC-20 and now ERC-721 tokens all on one graph is a game changer for an investigator.”
Core capabilities include:
- Comprehensive token tracking on the ERC-721 standard, including market cap and 24-hour volume
- Explorer function for ERC-271, displaying NFTs by collection, along with lists of token traits, including name, image, token owner, and associated transactions
- Ability to perform investigations that include NFT transfers
Additional blockchains that support NFTs are slated for integration.
“We’re excited to launch a true innovation in blockchain analytics. The NFT Explorer positions Blockchain Intelligence Group as an ideal blockchain solution partner for law enforcement, finance and crypto,” said Lance Morginn, president, Blockchain Intelligence Group. “With the increasing number of scams and hacks impacting the adoption of NFTs, it’s critical that blockchain investigators, as well as traditional financial institutions, can track them effectively to mitigate risk. We’re proud to be the first blockchain analytics company to provide a solution specifically created to track NFTs and support further adoption.”
Despite the falling crypto prices, the NFT market is expected to grow by at least 33% year over year and is forecasted to reach approximately $80 billion in net sales volume by 2025. That prediction increases to nearly $350 billion by 2030. What’s more, use cases are increasing in tandem – there is great potential in real estate, art, collectibles, sports, loyalty programs, and more. With this growth and expansion comes increased vulnerability and risk for investors.
One of the challenges to successful risk analysis and investigation to date has been the inherent privacy of the blockchain. This is less so the case with NFTs, since they are fundamentally unique. With the new NFT Explorer tool, users can track the ownership related to projects easily, providing increased investigative and analytical capabilities to investigators and financial institutions to make data-informed decisions about NFT projects.
Another collaborator was Rug Pull Finder, which protects members of the NFT community by providing up-to-date information on projects, NFT safety, and education.
“We’re really excited about NFT Explorer and the depth of insights it brings us,” said Nik Horniacek, CEO, Rug Pull Finder. “As a leading provider of data-driven open-source intelligence on NFT projects, being able to provide this level of information to the community and our stakeholders is invaluable.”
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About BIGG Digital Assets Inc.
BIGG Digital Assets Inc. (BIGG) believes the future of crypto is a safe, compliant, and regulated environment. BIGG invests in products and companies to support this vision. BIGG has three portfolio companies: Netcoins (netcoins.ca), Blockchain Intelligence Group (blockchaingroup.io) and TerraZero (terrazero.com).
Blockchain Intelligence Group provides global cryptocurrency compliance and forensics. We enable financial institutions, fintechs, crypto exchanges, custodians, and more, to transact cryptocurrencies and monitor risk. Our tools equip governments, analysts, and investigators with cutting-edge software to investigate nefarious activity on the blockchain. By offering best-in-class data analysis and insights, our goal is to help organizations unlock the potential of cryptocurrency and blockchain with easy-to-use compliance and investigation tools, customer support, and education.
Netcoins develops brokerage and exchange software to make the purchase and sale of cryptocurrency easily accessible to the mass consumer and investor with a focus on compliance and safety. Netcoins utilizes BitRank Verified® software at the heart of its platform and facilitates crypto trading via a self-serve crypto brokerage portal at Netcoins.app.
TerraZero is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in the Metaverse space. The Company’s Metaverse agnostic vision is to develop, acquire, and finance the Metaverse’s most promising companies, entrepreneurs, and developers. TerraZero also owns digital real estate and provides offices and services to those interested in the Metaverse. BIGG owns ~30% of TerraZero.
Luxxfolio is a publicly traded, vertically integrated digital asset company based in Canada. It operates an industrial scale cryptocurrency mining facility in the United States powered predominately by renewable energy with a focus on the blockchain ecosystem and generation of digital assets. Luxxfolio provides a liquid alternative for exposure to digital assets for the broader capital markets. BIGG owns ~15% of Luxxfolio.
Certain statements in this release are forward-looking statements, which include completion of the search technology software and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof or similar variations. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur. These assumptions, risks and uncertainties include, among other things, the state of the economy in general and capital markets in particular, and other factors, many of which are beyond the control of BIGG. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. Undue reliance should not be placed on the forward-looking information because BIGG can give no assurance that they will prove to be correct. Important factors that could cause actual results to differ materially from BIGG’s expectations include, consumer sentiment towards BIGG’s products and Blockchain technology generally, technology failures, competition, and failure of counterparties to perform their contractual obligations.
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