Reports said that Mnemonic has emerged from a six-month incubation period to announce the upcoming launch of its nonfungible token (NFT) analytics platform designed to facilitate API and cross-chain aggregation functionalities, which enable developers to build NFT-centric applications.
It has been reported that above this foundational layer, the platform also intends to provide on-chain quantitate data insights into popular collections in the emerging sector, commencing with Lazy Lions, World of Women, Gutter Cat Gang, and Dystopunks, with plans to expand in the near future.
However, the San Francisco-based firm was co-founded by four entrepreneurs with experience working as senior executives and lead engineers at blue-chip technology firms Google, Uber, and Reddit, among others, on aspects of machine learning, big data, application programming interfaces (API), and more.
The report said that earlier this year, the company completed a seed funding round of $4 million led by venture capital investor Kenetic, and participated by Sound Ventures and Tribe Capital, as well as angel investors Coinbase, IntoTheBlock, and People.ai.
Alongside this, the company has also established relationships with Dapper Labs and Mintable in a bid to expand their market position.
Andrii Yasinetsky, the co-founder and CEO of Mnemonic, said:
“While these dashboards are not our core product, and are instead simply a showcase of our data, it's exciting to see even more awareness being brought to the attention of NFT collectors, and potential collectors and investors. We power the tools, services and applications retail investors will use to gain a better understanding of the market they are transacting in.”
Likewise, as the NFT market emerges into the mainstream, the demand for correlated data tools is witnessing a parallel ascension. Yasinetsky noted how the Mnemonic platform differs from other multi-sector competitors such as Nansen.
Yasinetsky added:
“They are primarily wallet-focused, providing insights into more abstract trends and behaviors within wallets. Our intelligence platform focuses on NFTs and covers a wider spectrum of considerations than just wallet behavior: NFT traits, transaction volumes and values, metadata analysis and more.”
Thus, he said:
“We have built a Google-like crawling system that not only ingests what's available on chain, but also indexes all pieces of the metadata associated with every NFT — millions of NFTs — to provide the freshest and most relevant results to our customers. On its own, this is a very hard engineering problem that had not been widely addressed in the space until now.”
Source: Cointelegraph
Comments