Mnemonic raises $4 million to launch B2B API platform focused on NFT's

Mnemonic raises $4 million to launch B2B API platform focused on NFT’s

 

Mnemonic has emerged from a period of six-month incubation 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.

Above this foundational layer, the platform also intents 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.

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.

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.

Cointelegraph spoke to the co-founder and CEO of Mnemonic, Andrii Yasinetsky, for insight into his expectations for how on-chain data insights could impact the education of retail investors entering the NFT space:

“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.”

Related: Blockchain analytics service Nansen to incorporate DeFi protocol Arbitrum

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:

“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 consideration than just wallet behavior: NFT traits, transaction volumes and values, metadata analysis and more.” 

“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,” he said.