Skry is a first-of-its-kind NFT rating platform that simplifies searching for the best NFTs. Skry aims to be the “Moodys of NFTs” by providing its users with NFT ratings. These ratings empower users to make data-driven decisions about decentralised assets.
Skry has employed bitsCrunch‘s wash trade detection API to improve its rating system, which detects wash trading down to each collection existing on the blockchain.
Wash trading is a form of market manipulation where an individual or group artificially inflates an asset’s trading volume and price. This creates the illusion of high demand and market activity, which can artificially inflate the asset’s perceived value.
By integrating wash trading detection into NFT rating platforms, the overall accuracy of NFT ratings can be improved, helping investors make more informed and data-driven decisions. This benefits individual investors and helps increase the overall transparency and legitimacy of the NFT market, providing confidence to both existing and potential investors.
Today we’ll take a closer look at Skry and how they’re using bitsCrunch’s Wash Trade detection API to provide reliable NFT ratings to their customers. We’ll also learn more about the integration process, benefits, and plans from Mike Roth, the co-founder of Skry.
Integration Made Easy
Integrating bitsCrunch’s APIs into Skry was seamless, according to Mike. Even with a small team of three engineers, the process took less than a week to complete, including planning time.
“The documentation is really helpful. It’s simple and easy to read through. I didn’t even have any issues doing that. It was just a matter of deciding what data we needed, and things were seamless after that,” notes Mike when asked if the documentation was helpful when integrating with our API.
Wash Trading Detection API
Wash trading detection is a crucial component of Skry’s rating system. By pulling out wash trading data for each NFT collection through our API, Skry can compare the collections against each other, considering the level of wash trading and total volume to grade each collection. The API is helping Skry provide accurate NFT ratings to their customers, which is essential for making informed decisions about purchasing NFTs.
“Most of the time, our use cases revolve around the more prominent blue chip entities or emerging NFTs that people need to learn more about,” says Mike. “So, when you look at the ratings, you get an understanding of the NFTs before you purchase them. It’s a way to bet on the projects you believe in.”
Gets the job done
We asked Mike if anything had changed for the Skry team after they started using our APIs. He then revealed that they had initially planned to internally build a wash trading algorithm. However, after discovering our API and speaking with Kevin [bitsCrunch’s Global Head of Growth], they realized it was a bigger job than they anticipated. Instead, it made much sense to source bitsCrunch’s APIs instead of building one.
Mike believes that these tools stand out from other similar APIs. The only other API that provides wash trading analytics at the collection level is more expensive and harder to understand.
“It’s harder to understand their building model, and they also don’t have the same granularity. So we couldn’t get wash trading analytics at each collection level,” Mike explained. “We have found that bitsCrunch’s API is the only one that provides wash trading analytics down to per collection bases.“
Skry will work closely with bitsCrunch for future improvements, including a dashboard for managing the APIs. But the experience with bitsCrunch’s APIs has been excellent so far, and leaves open the possibility of integrating more of their endpoints in future.
Skry and bitsCrunch are working together to bring more transparency to the NFT market. With accurate NFT ratings, users can make informed decisions about purchasing NFTs, avoiding low-quality or illegitimate projects. The seamless integration and excellent documentation have made using bitsCrunch’s APIs effortless for Skry, and the team is looking forward to further expanding their use in the future.
Join forces with us now and safeguard your valuable NFTs!
The post bitsCrunch Wash Trade Detection API – A Case Study with Skry appeared first on bitsCrunch.