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Non-fungible token (NFT) research tool NFT Inspect is making a surprise comeback after its acquisition by blockchain firm JVH Technology Inc.
In a March 28 statement, JVH said its acquisition represents a significant milestone for the NFT industry. According to the team, NFT Inspect had made itself “the premier destination for Web3 social intelligence and the ultimate hub for NFT communities and enthusiasts to analyze community growth and health.”
JVH’s Head of Business Allan Satim said:
“This market downturn presents a genuine opportunity for consolidation of technology and resources through strategic acquisitions, allowing for significant growth.”
The press statement did not reveal how much NFT Inspect was acquired.
NFT Inspect’s official Twitter handle first hinted about its sale on March 24. The project later tweeted a thread on March 27 about its acquisition, adding that its founders — Evan King and Stefan Mai — would be pursuing new endeavors.
NFT Inspect is a social intelligence platform that allows users to research happening projects in the industry. In January, it made an announcement that it was shutting operations without revealing why the decision was made.
At the time, the trading volumes for several NFT collections had tanked following the record implosion of the crypto market in 2022. The bear market situation also led to the implosion of several crypto firms like FTX and others.
However, NFT trading volume has returned to its pre-LUNA crash levels in February after surging 117% to $2 billion. The increased volume coincided with a broader crypto market recovery — Bitcoin (BTC) and other digital assets posted impressive gains despite the recent issues bedeviling the space.
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