Inspect (INSP): Social Media Analytics Platform with 50% Token Appreciation in 3 Days

Like the majority of financial products and assets in the world today, crypto is highly dependent on social media.

Social media has become the main source of information for the majority of investors and traders because when new information comes out, it spreads quickly thanks to social media.

In the crypto world, information on social media is one of the things that cannot be missed because of its significant impact on the growth of a project and even the price of its token or coin.

Twitter (X) is the main social media used by crypto investors and traders to find information.

But, often, the information is too scattered and scrambled, so investors and traders need to sort through the information and then convert the information into data for analysis.

This is a time-consuming process that can be costly for traders and investors due to the fast-paced nature of the crypto market.

The good news is that there is now a new analytical tool that can speed up the process, Inspect, an analytical tool in the SocialFi category that simplifies the process of crypto research on social media, especially on Twitter.

What is Inspect?

Inspect markets itself as a second-layer network for Twitter where this decentralised application collects onchain data coupled with offchain data coming from Twitter and summarises it into graphs and tables.

The goal is for users to be able to get data in a short time without the need to collect it themselves, and be able to use it for analysis.

Currently, Inspect's main focus is still on NFTs or Non Fungible Tokens because NFTs are assets that rely heavily on information, especially from Twitter.

However, Inspect also provides crypto-related data in general through a browser extension that is given to users to find real-time data related to prices and more related to a project's token or coin.

The idea for Inspect came from the Inspect Foundation, a company based in Seattle, United States with a team of 13 people according to the company's LinkedIn page.

The company was founded in December 2021 by Stefan Mai and Evan King, two individuals who have more than 10 years of experience in the tech industry with a track record of companies like Meta and Amazon.

The two most likely met at Meta, as both have a track record of working at the company when it was still called Facebook.

Inspect Foundation was built by the team and its founders for two years before it was sold in March 2023 to a company called JVH Technology Inc. which made the acquisition but did not change anything except the employee structure in the company.

One of the changes made after the acquisition was the appointment of Oliver Cohen as the President Director of Inspect Foundation. He himself was the President Director of JVH Technology Inc. so his decision was made on his own.

This decision was made because Oliver Cohen liked Inspect but had some different ideas so decided to change some of the structure but still maintain the mission and vision of Inspect.

After the acquisition, Inspect has experienced an increase in the quality of its team, where there are now several figures in the crypto world who have also contributed.

One of them is Hasan Sheikh of DAOMaker who is currently serving as an advisor to the Inspect Foundation.

Inspect also recently completed a series of funding from some of the biggest companies in the crypto world, including Polygon Ventures, Avalanche, and Algorand.

Following this funding, Inspect looks to expand to several other blockchains besides Ethereum which is the original blockchain where Inspect was first created.

Inspect Ecosystem

JVH Technology Inc. is also making some changes to the Inspect ecosystem by providing some innovations that improve the quality of the product.

One of the innovations made is the launch of the token which occurs at the end of the second half of 2023.

This is one of the reasons why the Inspect project suddenly became famous at the end of 2023 and surprised crypto market participants because the project was actually established already from 2021.

Overall after the token launch, Inspect managed to get 500,000 users and has managed to become one of the famous SocialFi application platforms in the crypto world.

This fame was successfully driven because Inspect managed to run several applications and protocols in its ecosystem.

Inspect Extension

First up in the ecosystem is the Inspect Extension, a browser extension that can be used to view a project's data directly on Twitter when visiting the project's account profile.

This extension is free and can be installed immediately for use. To use it, it is only necessary to connect a personal Twitter account to the application on the official Inspect website and then start using it on Twitter through the extension.

The usage is different when interacting with NFT-based project accounts and regular crypto-based projects.

In NFT project-based accounts, there will be a green button that says "Community" which can be viewed to analyse the project as shown above.

When the button is pressed, a pop up will appear containing information data related to the account's NFT project, starting from who are the famous twitter accounts that follow it, who are the teams active on Twitter, and overall who are the main supporters of the community.

Plus, if you press "see more" the user will be directed to the official Inspect website-based application which provides data related to Twitter user interactions with the project, who uses the project's NFT as a profile picture, and some other information.

Users can also see who uses the project's NFT as a profile picture and see what previous NFTs were used.

This information can give an idea of the flow of NFT investment from where and where NFT investors are going based on the NFTs used from their Twitter profile photos.

For example, Inspect users can look at a Twitter account with the NFT profile photo "Invisible Friends" and see that the previous NFT profile photo used by the account is the Bored Ape Yacht Club NFT.

If the account has a large following, it is likely that many are following its lead, which could suggest that investors from Bored Ape Yacht Club have moved to Invisible Friends as an example.

There are many more analyses that can be used so to find out, readers should try the app for themselves.

In addition to NFTs, the app can be used for crypto projects, but the green button that will come out will say "Inspect". When the button is pressed, information related to the token or coin of the project will appear.

The information that will be available is news related to the project, the market capitalisation of the token or coin, the current price of the token or coin, and a brief description of the project.

Inspect users can also be redirected to the official website app where there will be more information about the project, including if the project is doing an airdrop or free giveaway.

Lastly, the tool can also be used to press the "vote" button to give credibility to the project that other users can read to better understand and trust the project.

Inspect Website App

The second tool is the official Inspect website application where users can get access to some data, especially related to NFTs.

Starting from the NFT collection ranking data per blockchain, interest from the community on Twitter, to all other data related to social media activities from the project, all can be seen on the site-based application on the official Inspect website.

With this tool, users can view more detailed data by clicking on each collection they wish to view.

Starting from data related to transaction volume, lowest price, flow profile photos of investors and some other complete data.

Users can also see the number of Twitter accounts that have the greatest influence in the NFT industry based on the number of followers, number of tweets per day, comparison with other influencers, and their interaction with Twitter users globally.

Lastly, the web-based application can also provide information related to NFTs that will be sold soon to ensure that investors do not miss out and get an early price when they hit the market.

The on-site application can also analyse a user's personal Twitter account by seeing which influencers are following the user's personal account.

Additionally, if a user registers a personal wallet address with the app, the user's data will be visible, and users can also view other accounts' data to analyse influencers, for example.

Some things that can be seen are whether the profile picture used is an NFT, interactions with other Twitter users, and the contents of the wallet because you can see the address of the wallet.

To date, there are 30,000 Inspect Extension users and 150,000 application users on the official website.

The entire ecosystem has also successfully tracked more than 2 Million NFTs and published in the form of data for its users' analysis tools.

Inspect Ads

While site-based extensions and apps are Inspect's main products, within its ecosystem there are several other products that help generate revenue for the Inspect Foundation.

One of these is Inspect Ads which is a platform for Inspect app users to advertise their personal projects.

Through this platform, Inspect promises that projects can achieve interactions with 500,000 Inspect users, thus ensuring that the marketing process is successful.

The product is coupled with an engagement optimization protocol that helps projects collaborate on marketing campaigns with Inspect.

To be able to get a place as one of Inspect's marketing clients, users must carry out an auction mechanism by staking and paying auction fees through Inspect's native token INSP.

Listing Protocol

To complement Inspect Ads, Inspect also launched Listing Protocol, an application that makes it easier to launch NFT collections to the market through the Inspect ecosystem.

This protocol or application was created so that users who start an NFT collection from scratch can be helped to launch and market it at once by Inspect.

The way it works is, users must provide a launch proposal which will then be approved or rejected by Inspect's DAO which contains INSP Token holders.

To register the proposal, the user who is the owner of the project or NFT collection will have to pay an initial fee in the form of tokens of the project which will be locked. If the project does not have a token, the user will pay in INSP.

If the project is approved, then the locked funds will be sent to the DAO as a fee. But if the project is rejected, then the locked fee will be refunded but there will be a small fee deduction as compensation for inspecting the project proposal.

At the moment, Inspect's DAO has not yet launched, so all selection processes are still handled by The Council, which is a committee established by the Inspect Foundation to oversee the Inspect DAO once it launches.

So for now the vetting is still done by a team from the Inspect Foundation, and the transaction fees still go to that company.

Plans to Launch Other Products

In addition to the existing products, there are currently other product launch plans that will be implemented in the next few months.

Inspect Pro

First up is Inspect Pro, which is a higher-end version of the existing web-based Inspect app.

This advanced version will provide more data especially for crypto analysis so that it can be used not only for full NFT analysis but also crypto.

Unlike the current app, the advanced version of the app will be paid where payment can be made with INSP tokens.

It is rumored that this version will be launched in the first quarter of 2024, but there is no official word on the launch date.

Smartphone App

The second product is the smartphone or car version of the Inspect app which is rumored to provide both a free and paid version.

This application will be launched in the third quarter of 2024, but no official date has been issued by the Inspect Foundation.

Later this application is predicted to be one of the biggest positive sentiments for INSP in terms of price movement.

Inspect API

Third is the Inspect API or Application Programming Interface, so that later there will be other applications that can integrate with Inspect to use its features but in their own applications.

For now the Inspect API is still in the development process and is still only open to a few special partners of the Inspect Foundation. But it is rumored that this API will soon be available to all through a cooperation agreement.

Inspect Groups

The fourth is Inspect Groups which will be launched in the second quarter of 2024 and is predicted to help make it easier to build communities for all projects in the crypto world.

This product is inspired by Facebook Groups but has been developed and adopted with Web3 features so that later all crypto project community managers from various projects can use this product as a tool.

As an illustration, this product will move like a combination of Facebook Group, Discord, Telegram, and Zealy but in a decentralized manner.

The decentralized nature comes from the group mechanism that will be provided where each group will be created through smart contracts.

So because it is a smart contract, the ownership of the group can be traded and can be used as a place for individuals who are adept at creating successful communities to then sell the community.

There will be two options, free groups and paid groups, where the payment system is a subscription with monthly payments and Inspect will deduct 30% of the group's revenue per month.

Inspect Transact

The fifth is Inspect Transact which is an on-ramp tool or a tool for investors to deposit funds from the Web2 world to Web3 such as from a bank account to a blockchain wallet.

This product still does not have a clear launch date as it is still in the development stage.

It is rumored that one of the things that prolong the development process is cooperation with various liquidity pools to later maintain the liquidity of this product.

Inspect Academy

Sixth is Inspect Academy which is a way for users to learn about crypto, NFTs and Inspect while generating INSP.

There is still no clear date regarding the launch of this product, but for now what is known is that the launch will occur in 2024.

Inspect DAO

Lastly, the Inspect DAO will be one of the main components for the ecosystem of the Inspect Foundation.

Until now, there is still no clear time regarding the launch of the Inspect DAO so it cannot be confirmed whether it will be launched in 2024 or not. In short, this DAO will have a semi-decentralized mechanism where INSP owners can participate by staking and voting on decisions regarding updates to the Inspect ecosystem.

But, what makes it semi-decentralized is the participation of The Council which is a committee of the Inspect Foundation formed to oversee the DAO so not all decisions will be decentralized.

Overall, it can be seen that Inspect will be one of the busiest projects in 2024 with many plans to be implemented.

INSP Token

One of the main components in the ecosystem is INSP which has been discussed several times in this article.

INSP itself is the native token of the Inspect ecosystem that can be used for several things. The supply amount is fixed as there is no burn mechanism and no inflation mechanism. This token is an ERC-20 Token and has a fixed amount of supply at 1 Billion INSP.

There are currently 19,215 investors who own this token, including the team and several centralized and decentralized trading platforms.

INSP has four uses in the Inspect ecosystem: token governance, payments, staking, and rewards.

As a governance token, investors can store and stake with INSP to get voting rights on updates to approve or reject them.

The main purpose of this token is to help maintain the decentralized system and make Inspect fair to its community.

INSP can also be used for payment within the Inspect ecosystem as there are several products that require users to pay with this token.

Some examples of products that will use INSP as payment are the pro version of the app, Inspect Ads, and Listing Protocol.

INSP investors can also stake to benefit by providing liquidity. With INSP staking, investors can also participate in auctions to get marketing spots in Inspect Ads.

Lastly, INSP will also be used as a reward for community members who actively support the Inspect project.

Unfortunately in terms of token allocation, INSP looks a bit centralized with more than 50% allocated to early contributors, early investors, and the Inspect team itself.

If prejudiced, this condition could be used for market manipulation as more than 50% allocation could be used to move the price simultaneously.

Looking at Etherscan, there are currently five wallets holding more than 50% of INSP's token supply, which means that despite the danger, the Inspect team is honest in writing down its token allocation.

For now the largest exchange controlling INSP is Bybit, which controls over 1% of the token supply with other exchanges holding less than 1%. However, this allocation happened because Bybit is where INSP made its first public sale so this allocation is very reasonable.

Price Movement

Prediction INSP is a new token that launched on December 6, 2023, so there is not much data to make predictions at this time.

If you look at the price, INSP is currently trying to continue moving up especially after its price appreciation of around 52.8% in just 3 days on January 7, 2024 to January 10, 2024 before moving down.

It is most likely that the significant appreciation that increased its notoriety again happened due to some new integrations with other applications and blockchains.

One example is the integration with LayerZero, one of the more popular apps in the crypto market and one that could possibly ease Inspect's access to other blockchains.

In addition, the current positive sentiment is still relatively strong due to the integration with BNB Chain where Inspect is currently continuing its expansion plans.

Looking at Social Blade, interest in Inspect is also on the rise as Twitter users interact with Inspect and the number of followers continues to increase.

This data could be a sign that more and more new investors are interested in Inspect so it could drive the possibility of increased transaction volume for INSP due to this positive sentiment.

All this data could be a sign that INSP is growing but slowly. So if this movement continues especially towards a bull run, there is a possibility that INSP will become one of the best projects in the SocialFi category.

Conclusion

Overall, the Inspect ecosystem is a good tool to help crypto investors especially NFT investors.

Before buying INSP, there are a few things to consider, namely the semi-decentralized nature of the project as seen from the less than 50% token allocation to the market and the DAO mechanism that requires oversight from The Council or a committee of the Inspect Foundation.

Another thing to consider is the young age of the project which makes it vulnerable to some risks yet to be faced in the future such as hacking attacks which have not been faced to date.

Lastly, Inspect is a project that is growing slowly so INSP may also take a long time to move up.

In addition, INSP does not currently have derivative contracts, which may hinder the transaction volume to increase significantly.

But if there is a derivative contract in place, there is a possibility that INSP will experience a drastic increase in volume which will likely increase its price, due to the potential collateral mechanism and leveraged debt that could increase the demand for INSP.

In conclusion, this project could be one of the profitable projects with slow growth, so if you want to buy INSP, investors can use it as part of a long-term investment, of course with good risk management to minimize potential losses if something negative happens suddenly.