NFTs have been on the uprise in the past year, but people are still struggling with the actual use and purpose of NFTs. It appears that the more the NFT market matures, the more blockchain companies understand how to integrate NFTs into their business models. The blockchain company aiRight, is one of them. They found a way to combine NFTs with AI and DeFi.
What is aiRight?
aiRight is a new blockchain protocol which recently launched on the Binance Smart Chain. The aiRight token is called AIRI. aiRight was developed by the same team that developed Oraichain. They saw a need for a fully developed NFT marketplace and decided to build it themselves. This is how aiRight was founded. This is the first time that NFTs, AI and DeFi have been combined into one platform in this way.
aiRight combines NFTs, AI and DeFi
aiRight will be the first artificial intelligence built oracle that supports a fully functional NFT marketplace. aiRight will regulate authenticity and point of origin for NFTs built on-chain. And the developers of aiRight have identified and addressed several core issues in the growth of NFT market places. One major problem facing the NFT marketplace today is being able to identify the origin of a multimedia piece. For example, is this an authentic work or a copy? aiRight will be able to use artificial intelligence and oracle utilities to create and manage copyright for each individual work of art created.
aiRight has also introduced the world of DeFi to NFTs. This is a fascinating concept that hasn’t been developed at great length before. Owners of NFTs will be able to stake their assets like any other type of crypto. There will be many sectors of DeFi which owners of NFTs on the AiRight chain will be able to interact with. This includes yield farming and borrowing and lending. Stakers and lenders are rewarded in AIRI tokens.
Additionally, Farming is done on the Gallery Token Pool. While aiRright is a token on the Binance smart chain, it’s token will facilitate the distribution and collection of fees on the network. This means farming fees will be paid in AIRI tokens.
The AIRI token has an initial total supply of two billion plus emission of 100 AIRI per block. There is an initial circulating supply of 140 million which includes liquidity in addition to a portion of marketing. Here are more details below from the aiRight whitepaper.
The developers of aiRight are the same team behind Oraichain as mentioned above.
Chung is the CEO and co-founder of both protocols. He is from Japan and has a PHD in computer science. He is also the Co-founder of another company, Rikkeisoft.
Thao Nguyen is the CEO Vietnam and co-founder of Oraichain. He has two years of experience working in blockchain development.
Diep has a PHD from Kei University. She has extensive experience in the field of technology education. She is the head of the AI department for Oraichain.
It’s quite fascinating how a digital art collector can now earn passive income on a work of art that they own. Before art was digital, this concept would have not made sense. It’s a fascinating example to see here how DeFi has turned digital art into a utility. This is the major criticism by many in crypto of NFTs. They claim that they have no utilities. While this is true of many tokens and projects in the NFT space, NFTs appear to be blossoming into a more mature market place and aiRight is a great example for this.
If you enjoyed this article, you might also want to learn about Glitch Protocol: An ecosystem built specifically for DeFi.