Posts tagged "NFT ecosystem"

What You Need to Know About the Surge of NFTs 

Throughout 2021 and so far this year, you will find some news about an NFT being released, no matter the occasion or event. Just about everywhere you look, there are NFTs.

Celebrities have adapted to this new method of promotion (and monetization). The Indian film industry has also capitalized on the marketing potential of NFTs, with films like Radhe Shyam, Jhund, and many more. We had an NFT release of previously unseen images of Kalpana Chawla even on the eve of International Women’s Day on March 8th.

NFTs have also established themselves as a means of supporting worthy causes and have been given to charitable organizations.

Nearly every day, new partnerships and integrations involving NFTs are announced by different companies. Anyone who is invested in or interested in the NFT space should applaud all this activity as good for the industry.

But at this point, it’s nearly impossible to keep up with the daily influx of new NFTs, and it’s entirely possible that many NFT collectors will become confused or miss out on some of the NFTs they’ve been hoping to acquire. While it would be ideal to have them all on day one, this is simply not possible. This leads us to the next obvious step, acquiring these NFTs from another individual or via the market for pre-owned NFTs.

Questions like, “Which NFTs should I buy from another user?” will arise whenever you go out into the market to acquire NFTs. What do you think is a fair price for them? A discussion on what constitutes a fair asking price, and more. The most popular way to determine a reasonable price for an NFT is to look at its demand and rarity. Price is determined by the demand for a certain NFT, which increases if the NFT is in high demand and limited in supply.

Scour and Liquify will provide comprehensive and precise data on the proportion of legitimate to wash-traded transactions in a given NFT collection. Through AI, Scour can detect spoofing transactions that artificially inflate or deflate the value of assets in the NFT ecosystem. Thus, you can rest easy knowing that the price you pay for a collection is in line with its true market worth and that you have access to Liquify, a reliable technique for assessing fair valuations for NFT assets using AI, which further improves the situation.

By constantly innovating and creating solutions that benefit you as an artist, an NFT marketplace, or even as an NFT trader or collector, we want to make the NFT ecosystem a safer and better environment for the whole community.