Last month, OpenSea, the world’s largest NFT marketplace, topped $4 billion in trading volume. While name-brand cryptocurrencies like Bitcoin and Ethereum navigate through current turbulence, non-fungible tokens and the metaverse have celebrities and corporations embracing the hype.
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Insights In Crypto Data
Blockchains are a globally shared public backend where thousands of apps and millions of transactions and apps create vast amounts of data every day. This open data represents an opportunity that is many times bigger than any data analytics business or product the world has seen to date. There are a ton of insights in crypto data, but without skilled and incentivized analysts coupled with great data tooling, those insights will remain hidden beneath the surface.
Dune Analytics, a community-first web3 analytics platform, today announced it has raised $69,420,000 in a Series B round led by Coatue, with additional participation from existing investors including Multicoin Capital and Dragonfly Capital. This latest round values the Company at $1 billion, following its $8M Series A which was conducted in August 2021. Dune will the funds from this Series B to attract and incentivize engagement from up to one million new web3 analysts, known as Dune Wizards, within the community. This new generation of citizen analysts will be empowered with real-time, actionable insights into web3 data.
To date, more than 10,000 analysts have created 100,000 pieces of analysis on Dune that cover a wide range of metrics, enabling users to take full advantage of previously inaccessible data.
Lack of data understanding is a problem for businesses from pharma and finance to sports and gaming. Dune Analytics is advancing data literacy across the crypto marketplace, opening up access to insights that are otherwise only made public on a quarterly basis in legacy finance. Dune Wizards will not only be able to create customized visualizations that communicate real-time on-chain intelligence, they will also receive financial compensation for their ongoing engagement and contributions.
The platform's flexibility lets users create industry-specific analyses with live insights, such as OpenSea NFT trading volume, and customizing dashboards with comprehensive financial reporting (i.e. balance sheets and P&L statements). One dashboard example provides the number of wallets that ever owned an NFT, cumulative as well as updates on NFT Weekly Unique Wallets.
Curious about Solana transactions? No problem, as Dune Wizard aalan3 published publicly available data visuals showing both vote and non_vote Solana transactions.
Making Crypto Data Accessible
Founded in Oslo, Norway, Dune's mission is to make crypto data accessible. The open crypto analytics platform enables anyone to query, share, fork, remix and collaborate on data charts and dashboards. The company makes on-chain crypto data accessible and consumable through its community-powered platform, providing state-of-the-art tools that allow data to be extracted, queried, dissected, and visualized in the form of real-time dashboards.
Dashboards can include metrics like DEX trading volumes, DAO financial statements, NFT trades and more. Dune is able to ingest data from multiple blockchains in real time and make it accessible via an easy-to-use Web UI. The unicorn's unique approach to visualizing on-chain data empowers users to not only gain deep insights into the crypto markets but it also gives them the power to bring fairness and transparency back into these systems for themselves.
"Ever-increasing amounts of capital flows through the crypto ecosystem, in turn producing extremely valuable data. The Dune community is extracting knowledge from this data at scale. Dune will provide the necessary tools so that users of all skill levels will be able to conduct more thoughtful, impactful analysis and gain deeper insight into the ever-evolving world of web3," noted Dune Analytics Co-founder and CTO, Mats Olsen. "We've got an exciting roadmap ahead to continuously improve our community-first platform. We hope to enable a 100x performance increase this year, and in time, our application will support more collaborative features for teams, APIs and support for every major crypto network."
