Blog Dec. 29, 2021, 5:25 p.m.

What is NFT?

Written By Ginoa

Introduction

A NFT, is a digital asset on the blockchain that represents a digital and unique item. They are “digital” just like Bitcoin and Ethereum, but the main thing that sets NFTs apart from them is that NFTs are unique assets. While one bitcoin is equal to another, one NFT may not be equal to another.

 

NFTs can represent any object in real life, such as music, videos, paintings… NFTs are created by uploading files to the auction market such as Opensea, KnownOrigin, etc. These assets can be traded with cryptocurrencies. Even if the original creator of an NFT sells that NFT, they can keep the copyright. On the other hand, the buyer is allowed to own the original item.

 

NFTs can also be created as collectibles and offered for sale. Pricing can be made according to the rare properties of the NFTs in the collection (This is where Ginoa comes into play, but we'll talk about that a little later.).

 

The popularity of NFTs, which were created for the first time in 2011 and public awareness became in 2017, is increasing rapidly today. Now many people can create their own NFT and trade. Due to the increasing popularity of NFTs, problems such as high prices and fraud began to arise. Ginoa was founded to provide a solution to these problems.

 

What Does Ginoa Actually Do?

 

Ginoa is basically an artificial intelligence-based NFT pricing service. Basically, Ginoa offers a price for NFTs in collections based on the rarity of the properties they have. The “Price” part you see in the examples shows the current price of NFT. In the "Ginoa Price" part, it is seen that the artificial intelligence calculates the actual value of this NFT according to its properties. In the “ROE” part, the profit you will make if you trade is shown.

 

Ginoa makes this process by storing historical sales data. A long training time and processing power was spent for the artificial intelligence model to produce the most accurate results. After all, Ginoa is here with the most accurate price calculations…

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