Their startup NFTScoring helps investors analyze the NFT phenomenon in the world of cryptocurrencies, where a person can trade a particular digital work, which is, for example, an image on the Internet or a musical composition. NFTScoring thus serves to verify the value of these digital works being purchased and also helps in finding new investment opportunities among NFTs.
Being just the third Czech startup, NFTScoring has made it into the prestigious American accelerator Y Combinator, where only a handful of the best from around the world succeed. Although the startup has only been in existence for a few months, its founders have already managed to raise an investment of CZK 37 million, which is unique in the Czech Republic. The startup helps analyse the value of non- fungible tokens confirming ownership in the digital world, the so-called NFT (non-fungible token).
When we say NFT, we think of digital images of strange monkeys or pixelated dolls that sell for staggering sums. The idea of founding NFTScoring came from the realization that NFTs are mainly connected to social events and social community. Zvada and Mokoš noticed that the main platforms where NFTs are discussed are Twitter and Discord, and the more NFTs are talked about, the higher the price goes.
"The technology behind NFT is fascinating, bringing true ownership into the digital world for the first time. NFTs are gradually starting to see real use, but at the moment they are primarily seen as an investment asset," says Adam Zvada, co-founder of NFTScoring, adding: "NFTScoring's goal is to professionalize NFT trading and provide comprehensive tools used by, for example, equity traders."
The strength of the startup lays in evaluation of the community. Both Adam and David have studied artificial intelligence and know how to create data flows and mathematical models. They plan to use this a lot in the future.
"NFT is a new and very differentmarket from others due to the uniqueness of each asset. We are one of the first in the world to analyse NFTs. We are currently building an infrastructure on which we hope to create a plethora of new applications," adds David Mokoš, co-founder of NFTScoring.
The entire NFTScoring team currently consists of ten people. The money from investors will be used for its expansion. The founders themselves are already working on several projects. After working at Avast, Zvada and Mokoš founded Cognitic, an artificial intelligence agency, and then worked together on the startup GoDeliver, which subsequently helped deliver food to people in quarantine during the coronavirus pandemic. Zvada is also the co-founder of Fuzee, an app that efficiently connects different modes of transportation in Prague. Fuzee combines current public transport timetables, the user's location, bicycle accessibility and walking.
More info on NFTScoring here: https://nftscoring.com
