Electric Capital, a web3 venture capital firm, is delving into the analytical aspect of the NFT market to address two unresolved issues.
In an X thread on Mar. 22, <a href="https://crypto.news/tag/electric-capital/" target="_blank" rel="noopener noreferrer nofollow">Electric Capital</a> founder Avichal Garg unveiled a new analytical platform designed to address the scarcity of cross-chain data and transparency within the turnover of digital collectibles.
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 1/ Announcing NFT Pulse!<a href="https://t.co/rcIdebM3Q2" target="_blank" rel="noopener noreferrer nofollow">https://t.co/rcIdebM3Q2</a> At <a href="https://twitter.com/ElectricCapital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ElectricCapital</a> we kept asking NFT questions but had 2 problems: A. data sources were sus B. data was not cross chain We built a v1 on <a href="https://twitter.com/AlliumLabs?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@AlliumLabs</a> data &amp; are opening the dash publicly. Feedback is appreciated! Fun charts👇— Avichal – Electric ϟ Capital (@avichal) <a href="https://twitter.com/avichal/status/1770939461309989273?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 21, 2024</a>
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Named NFT Pulse, the platform is a collaborative effort with Allium Labs and seeks to provide insights into the activities of digital collectibles across various blockchain networks, including <a href="https://crypto.news/tag/solana/" target="_blank" rel="noopener noreferrer nofollow">Solana</a>, <a href="https://crypto.news/tag/polygon/" target="_blank" rel="noopener noreferrer nofollow">Polygon</a>, and <a href="https://crypto.news/tag/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>. However, no support for Tezos and Coinbase’s Base, but at least for now. Garg noted the dominance of Bitcoin in terms of fee payments, suggesting potential benefits for exchanges operating within its ecosystem:
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 “Amazing to see Bitcoin dominate in terms of people willing to pay fees. Naturally the exchanges that are big in those ecosystems will do well.” Avichal Garg
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You might also like: <a href="https://crypto.news/bitcoin-leads-charge-weekly-nft-sales-skyrocket-423m/" rel="noopener noreferrer nofollow"> Bitcoin leads charge as weekly NFT sales skyrocket to over $423m </a>
Data from NFT Pulse reveals significant user activity on networks like Solana and Bitcoin, surpassing that of Ethereum. For instance, a majority of Bitcoin-based NFT trades occur on <a href="https://crypto.news/tag/magic-eden/" target="_blank" rel="noopener noreferrer nofollow">Magic Eden</a>, while <a href="https://crypto.news/tag/opensea/" target="_blank" rel="noopener noreferrer nofollow">OpenSea</a> accounts for the majority of Polygon-based transactions. Moreover, Bitcoin’s network has witnessed a surge in market share, reaching over 60% in March.
Electric Capital’s venture arrives amid <a href="https://crypto.news/ethereum-nft-prices-sales-fall/" target="_blank" rel="noopener noreferrer nofollow">fluctuations</a> in the value of Ethereum-based NFT collections and a decline in overall market activity. Trade volumes on Ethereum-based platforms have decreased since January, with monthly revenue also experiencing a significant drop. Platforms like OpenSea, X2Y2, and LooksRare have been affected by this downtrend, signaling potential shifts within the NFT market landscape.
Read more: <a href="https://crypto.news/nft-sales-decline-opensea-falls-to-the-4th-spot/" rel="noopener noreferrer nofollow"> NFT sales decline, OpenSea falls to the 4th spot </a>

Electric Capital to address cross-chain cnalytical data challenges with new NFT venture

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