Quick Take:
- Mnemonic is an analytics solutions provider focusing on the non-fungible tokens space.
- The company has raised $4 million to help develop a B2B API platform providing insight into NFTs.
- Its founders have background experience from leading technology companies like Google, Uber and Reddit.
Crypto analytics startup Mnemonic on Thursday announced the launch of a B2B API platform that will focus on the non-fungible token market. Mnemonic is co-founded by four technological minds including data engineers with experience from Google, Uber, Reddit and Change.org.
The startup is emerging from a six-month incubation period during which it secured $4 million in funding from venture capital firm, Kinetic. Other participants in the funding round include Sound Ventures, Tribe Capital, Coinbase, IntoTheBlock and People.ai.
Mnemonic will use the funds to develop an NFT analytics platform, allowing the development of NFT-focused applications.
The platform will also provide on-chain insights and data analytics on top NFTs, led by Lazy Lions, World of Women, Gutter Cat Gang and Dystopunks. The collections covered could be expanded in the future to include more NFTs.
Mnemonics is also looking to expand its addressable market after forging strategic partnerships with Dapper Labs and Mintable.
In a recent interview with Cointelegraph about the potential impact of on-chain data insights on the education of retail investors, Mnemonic co-founder and CEO, Andrii Yasinetsky said, “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.”
Mnemonic’s launch of an NFT-centric B2B API platform has received positive sentiment on social media, which some NFT enthusiasts pointing OpenSea’s recent API issues.
On the other hand, Sound Ventures investors lauded Mnemonic’s B2B API announcement, expressing their satisfaction in choosing to invest in the platform.
Mnemonic is looking to capitalize on the rising data consumption for tradable items. Yasinetsky thinks that with the emerging adoption of NFTs amid the influx of celebrities and creators, the demand for correlated data tools will also witness an insatiable appetite from the community.
He likened Mnemonic to Google, due to its specified crawling ability “hat 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.”
Yasinetsky said that Mnemonic is different from the multi-sector competitor, Nansen.
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