• Mnemonic has raised $4 million in funding to launch a B2B API platform focused on NFTs

  • The co-founders have previously worked as senior executives and lead data engineers at global corporations such as Google, Uber, Reddit, and Change.org, to name a few.

    Mnemonic has emerged from a six-month incubation period to announce the upcoming launch of its nonfungible token (NFT) analytics platform, which will enable developers to build NFT-centric applications through API and cross-chain aggregation functionalities.

    Above this foundational layer, the platform intends to provide on-chain quantitate data insights into popular collections in the emerging sector, starting with Lazy Lions, World of Women, Gutter Cat Gang, and Dystopunks and expanding in the near future.

    The San Francisco-based firm was co-founded by four entrepreneurs who previously worked as senior executives and lead engineers at blue-chip technology firms such as Google, Uber, and Reddit, among others, on machine learning, big data, application programming interfaces (API), and other topics.

    Earlier this year, the company closed a $4 million seed funding round led by venture capitalist Kenetic, with participation from Sound Ventures and Tribe Capital, as well as angel investors Coinbase, IntoTheBlock, and People.ai. In addition, in order to strengthen their market position, the company has formed alliances with Dapper Labs and Mintable.

    Andrii Yasinetsky, co-founder and CEO of Mnemonic, spoke with ULTCOIN365 about 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, but rather a showcase of our data, it’s exciting to see even more awareness brought to the attention of NFT collectors, as well as potential collectors and investors.” We power the tools, services, and applications that retail investors will use to gain a better understanding of the market in which they are trading.”

    As the NFT market becomes more mainstream, the demand for correlated data tools rises in lockstep.

    Yasinetsky highlighted how the Mnemonic platform differs from other multi-sector competitors like Nansen:

    “They are primarily wallet-focused, offering insight into more abstract trends and behaviors within wallets.” Our intelligence platform focuses on NFTs and considers factors other than wallet behavior, such as NFT traits, transaction volumes and values, metadata analysis, and more.”

    “We built a Google-like crawling system that not only ingests what’s available on chain, but also indexes all pieces of metadata associated with every NFT — millions of NFTs — to provide our customers with the most up-to-date and relevant results.” “On its own, this is a very difficult engineering problem that has not been widely addressed in space until now,” he explained.

    What's your reaction?