[Blockchain Today reporter Jeong Seung-won] Morphing Eye CEO Kim Ki-young and IRO Co., Ltd. CEO Ahn Do-hyun signed a business agreement (MOU) for strategic partnership at the Morping Eye office in Mapo-gu, Seoul on the 4th.
NFT marketplace company Morpingi announced on the 4th that it has signed an MOU to form a strategic partnership with the IRO, a non-face-to-face value evaluation company through a group of experts, at the Mapo-gu office in Seoul.
Regarding this partnership, Kim Ki-young, CEO of Morping Eye, said, “In the existing NFT trading platform, we had to set an appropriate price for the NFT with only the information of the buyer himself and decide whether to purchase it. This was a huge burden for the general public, where it was not easy to collect massive amounts of information on individual NFTs. It is necessary to think of a number of transactions that would have been canceled because the fair price and the purchase price could not be compared. Morphing Eye and IRO will work together to solve these problems and create a more advanced NFT marketplace.”
The NFT trading market has already been proven overseas. The cumulative transaction value of the market leader Opensea is close to $290 million (approximately KRW 326.1 billion). Binance, the world’s largest cryptocurrency exchange, announced that it will launch the service in June, and the CEO of eBay also revealed that it is reviewing related services through an interview. In March, the work of digital artist Biffle (real name Mike Winkelman) was traded for 69.3 million dollars (about 78.3 billion won), attracting a lot of attention.
However, most of the NFTs have very low liquidity, except for some NFTs whose original authors are famous and reliable, such as Biffle. This is because it is difficult for the general public with poor access to information to determine an appropriate purchase price. This is why most of the actual transactions are concentrated on only a few items out of the more than 4 million NFTs registered with Opensea.
Morphing Eye announced that it will soon release a new NFT marketplace that improves the problems of these existing platforms. It is to provide information on the appropriate value of NFTs evaluated by experts in each field to users through the IRO, a value evaluation organization that operates a non-face-to-face evaluation platform using blockchain technology. In addition, Morphing Eye’s AI technology is used to present recommended purchase prices to help users make purchase decisions. In addition, Morphing Eye plans to introduce a variety of differentiating functions, such as dramatically reducing gas costs (transaction fees), which are incurred from as little as tens of thousands of won to as many as hundreds of thousands of won during sales registration and transactions.
Morping Eye recently launched a local currency FDS and analysis solution based on AI technology. The AI technology and know-how applied to the local currency transaction data analysis system are expected to be incorporated into the NFT trading platform. Morphing Eye predicts that if a sufficient amount of NFT transaction data is accumulated, it will be able to provide predictive information for NFT transaction or investment to users through AI learning.
Meanwhile, Morphing Eye is also preparing various services in connection with the NFT marketplace. In addition to trading art, it plans to link its own services such as metaverse service and used luxury goods trading service linked to NFT with the marketplace. Kim Ki-young, CEO of Morping Eye, said, “We plan to connect the NFT marketplace with various services as much as possible. We will make an effort to continuously expand our trading items.”
contact@blockcast.cc
