NFT Ratings Platform FungyProof Rebrands to Skry
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.
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.
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