In2021, NFTs take the world by storm, but due to the lack of an interface that can accurately assess the value of NFT on the chain, the NFT market transaction volume has not reached the Defi market transaction volume. Banksea Oracle is a decentralized NFT oracle, which provides NFT data from Oracle AI nodes off-chain, and provides accurate valuation and risk assessment of NFTs. The beta version of Banksea Oracle in the Solana ecosystem has been released. There are 5 AI nodes distributed in different regions around the world to jointly ensure stable and secure NFT bidding.
Potential application scenarios of the NFT oracle:
- NFT transaction: When purchasing NFTs, the buyer can use the oracle to query the NFT information to obtain a comprehensive and accurate NFT value assessment.
- NFT collateral and leasing: The lender can decide the amount and period of funds to provide the borrower based on the valuation and risk assessment of NFTs provided by the oracle.
- NFT market forecast: Users can monitor investment risks in the NFT market through the NFT oracle to reduce losses caused by the sharp drop in the market.
- More application scenarios can be directly customized.
Advantages
1. Comprehensive, accurate and stable valuation: Banksea Oracle comprehensively captures NFT-related data, and accurately evaluates the value and risk of NFTs through AI algorithms to avoid subjective errors in human evaluation.
2. Real-time and fast market monitoring: Banksea Oracle monitors the blockchain market, NFT market, and the popularity of the NFT series in real-time, quickly feedbacks the fluctuation of the NFT market and evaluates the risk of NFT investment.
3. Decentralized deployment of AI nodes: Banksea Oracle AI nodes are deployed in a decentralized manner, supporting different third parties to apply to become AI node providers.
4. Support diversified NFTs: Banksea Oracle will continue to dynamically support more NFTs, including pictures, music, videos, and other different forms, and will also support Gamefi and metaverse NFTs.
Framework
Banksea Oracle consists of three parts: AI node clusters, on-chain contracts, and contract interfaces.
- AI node clusters: Realize NFT data crawling, NFT feature extraction, and AI model calculation.
- On-chain contracts: Aggregate prices provided by distributed AI nodes to provide final NFT prices and risk assessments.
- Contract interfaces: Connect to NFT ecology and projects, support custom development, and support users’ single NFT query.
Process
1. Comprehensive data sources
Real-time monitoring and crawling of market data, NFT trading market, social community, NFT data on ETH and SOL chains to provide data support for NFT valuation.
2. Data aggregation cleaning
Aggregate each series of NFT data, clean it, and extract multi-dimensional NFT feature data.
3. AI node clusters
Use the NFT data to build an automatic feature generation module to build NFT features in real-time, including NFT transaction features, NFT features, author portraits, seller portraits, social features, market conditions, etc., to provide real-time feature support for AI algorithms. Based on advanced artificial intelligence algorithms, it learns the real-time characteristics of NFT, builds an NFT valuation model, and monitors the market price of NFT in real-time. The valuation of 90+ NFT series is gradually being launched, including ETH and SOL networks. The algorithm model supports modular upgrades to optimize more series and more accurate valuations. The underlying structure ensures the decentralization of data, and the distributed multi-node deployment ensures that when any AI node fails at a single point, the NFT oracle can continue to operate.
4. On-chain contract
The data is sent to the data demander by means of on-chain aggregated data. All oracles send data to the smart contracts on the chain, and after the outliers are removed by the smart contracts, reasonable data is taken and provided to the data demander. The advantage of aggregated data on the chain is that the data content can be reviewed multiple times, and the data provided by the data source is recorded on the blockchain, increasing reliability.
5. Contract interfaces
AI nodes will regularly provide data to the oracle program, and the oracle program will aggregate and save the data in the report account. Third-party programs can read the data recorded on the reporting account. The first version of the contract is deployed on the Solana test network, providing a wealth of Rust and JS interface request contracts.
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