The first-of-its-kind NFT ratings platform, FungyProof, has rebranded to Skry. The rebrand aligns their name with their expanded product vision. 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 decentralized assets.
Information asymmetry remains a severe problem despite most of the web3 ecosystem being built on public blockchains. Understanding blockchain-backed assets requires deep knowledge of blockchain technology and countless hours of research. This research involves digging through convoluted interfaces like block explorers, spending hundreds of hours deep in discord communities and social media, and reading in-depth technical white papers and road maps. As NFTs mature, this complexity will continue to grow, and those unable to keep up are at risk of getting scammed and missing out on opportunities.
According to a Chainalysis report at the end of 2021, 5% of NFT traders received 80% of the profits generated on NFT marketplace OpenSea.
To overcome this problem, the web3 ecosystem desperately needs ratings infrastructure. Ratings are abundant in traditional markets, from the Big Three (Moodys, Fitch, S&P) to consumer star reviews. Ratings improve issuer accountability, reduce information asymmetry, and make discovery simple and intuitive for everyone. Until now, this fundamental piece of infrastructure has been completely missing from web3 markets.
Skry offers its users comprehensive NFT ratings through an automated algorithm that pulls data from multiple sources on and off-chain. The data is compiled into an objective weighted rubric that covers the most critical factors of each NFT use case. This automated rating, combined with user reviews and NFT market data, gives Skry users everything they need to make an informed decision about decentralized assets.
“NFTs have the potential to enable an accessible, permissionless, free market for all digital and physical assets. Unfortunately, the current nascent industry is one where a select few individuals are making most of the profit while others are falling victim to scams and low-quality NFTs. Skry helps bridge the gap between those with perfect information and everyone else,” says Mike Roth, Skry’s CEO.
Skry’s rebrand comes alongside a major update to their application. This update further simplifies a user’s search for the best NFTs through an updated interface, improved rating algorithm, and improved search functionality. The update allows Skry users to filter NFTs by a wide variety of tags, such as whether an NFT is open source, has a staking mechanism, and more.