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What is HINATA? Three features not found in other platforms.

Official | 2022.02.15

Text by Hinata official

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The market size of NFT (Non-Fungible Token) is expanding.

According to Jefferies, an American financial services company, the NFT market will grow to $35 billion in 2022 and $80 billion in 2025 Over 100 million yen: Jefferies | Yahoo! JAPAN News ).

Along with that, the number of platforms that can trade NFTs has increased.

Those who want to use NFTs or buy NFTs are probably considering which platform to use.

In this article, we explain what kind of features “HINATA”, one of the many NFT platforms, has. The differences from other platforms are summarized in an easy-to-understand manner, so please refer to it.

■ What is “HINATA”?

HINATA is an NFT marketplace opened by FUWARI Co., Ltd.

The difference between HINATA and general NFT platforms can be summarized in three points: “media management that conveys the thoughts of creators”, “eco-friendly transactions”, and “smart use” . I’m here.

(1) Media management that conveys the thoughts of creators

On TV and web news, I saw articles such as “Twitter’s CEO’s first tweet was sold for over 300 million yen!” and “Digital art drawn by an 8-year-old boy sold for 1.4 million yen!” Have you ever

I think many people have the image that NFTs are digital data whose value is difficult to guarantee, but are sold at surprisingly high prices.

The NFT platforms that many users are currently using are also inclined to high-value transactions, and most of them simply list their works on the marketplace for a quick get-rich-quick.

However, even if the value of the work is guaranteed by NFT, if you don’t know what kind of person is selling it and what kind of thoughts they have, it’s hard to get the feeling of wanting to buy it.

In fact, there are many creators who have exhibited their works on these platforms, but they do not buy their works, so they use social media to promote their works.

HINATA focuses on the current situation, and is not just a place to trade digital art, but focuses on transmitting the thoughts and stories that creators put into their works through media management.

By accessing HINATA, users will be able to know the charm of the work and the depth of the project concept, and will be able to feel the value.
From there, new connections are born between creators and fans, and a community is created.

That is how HINATA aims to be a digital art platform.

(2) Eco-friendly transactions

NFT is an application of blockchain technology, but an inseparable problem in blockchain-related services is the problem of gas costs and power consumption associated with the formation of public chains .

What is a blockchain ? An unspecified number of administrators called “miners” verify data based on generated transaction data (blocks) and form the next block. Based on that block, miners form the next block and connect it like a chain to perform “mining” , and it is a technology that prevents data tampering.
This mechanism makes it almost impossible to tamper with data, so it is said to be very reliable.

In addition, the public chain , which is formed by an unspecified number of miners, does not have a specific administrator, so it is characterized by high transparency that anyone can see the data.

If you are interested in blockchain even a little, you may have heard the word “gas fee” . Simply put, the gas fee is the fee
paid to the miner that ensures the reliability of the blockchain .

In public chains, it is necessary to pay miners a fee for mining, and because blocks that pay high fees are prioritized, price competition occurs and fees are high.

In addition, data validation consumes a huge amount of power . It became a topic that blockchain-related power consumption around 2017-2018 was equivalent to Chile’s annual power consumption.

HINATA, on the other hand, adopts a private chain .

Unlike public chains, mining by an unspecified number of miners is not performed, so there is no need to pay high gas costs, usage fees are low, and electricity is not consumed so much.It is a more convenient and eco -friendly blockchain. .

In addition, the blockchain technology “HAZAMA” adopted by HINATA changes the “consensus algorithm”, which is the rule for connecting blocks, and can be developed into a consortium chain .

A consortium chain is a blockchain that is managed by multiple companies and organizations, and combines the advantages of both public and private chains . HINATA is also looking to develop into a consortium chain in the future.

(3) Smart use

Another feature of HINATA is that it can be used smarter than other platforms.
Specifically, there are two things.

①Simple login method.
②Legal currency settlement by credit card is possible.

①Simple login

Login to HINATA does not use the private key used in the NFT platform, and adopts the login method with the ID and password that users are familiar with .

A private key is a key held by only one user. The paired key is called a public key , and as the name suggests, it is open to many users.

The encryption key is the only thing that reads the information encrypted with the public key of the pair, and even if the encryption of the public key is leaked, it will not lead to information leakage. This mechanism is called public key cryptography and is known as a strong security method.

At HINATA, the secret key is linked to the iPass login design, so even if the server is attacked, the NFT and other information on the blockchain will not be rewritten unless the secret key is leaked.

②Legal currency settlement is possible

At HINATA, it is possible to pay in legal currency using a credit card to purchase NFTs .

On other NFT platforms, payment in virtual currency is common, but in order to use virtual currency, you must first open an account on an exchange and purchase the currency. After that, it is necessary to link with a virtual currency wallet such as MetaMask, and complicated preparations are required until NFT settlement.

In addition, virtual currency payments incur additional fees at key points, such as transaction fees at sales outlets and currency transfer fees for using services.
In addition, virtual currency fluctuates in value more than legal currency, and as a result, there are many cases of loss.

On the other hand, HINATA’s statutory currency settlement is easy to understand, just like shopping on a daily basis.
The advantage is that even beginners who hesitate to use the marketplace because of its complicated structure can easily get started.

● Comparison of purchase process

HINATA’s NFT purchase process is simpler and smarter than general platforms.

Below is a comparison of the purchase process with OpenSea (public chain), a representative overseas NFT platform.

As mentioned above, in the case of public chains, many processes are required until settlement, and fees are charged at key points.

In addition, many public chains are overseas sites, and the basic language of the site is English, so it is difficult to understand the content, and it takes time to operate, and there is a possibility that you will operate incorrectly.
I’ve heard of some vicious cases where I thought I was finally able to use the site, but it turned out to be a fraudulent site aimed at Japanese people who can’t speak English.

■ The future of HINATA

The market for blockchains, including NFTs, is attracting attention as the advent of a new era of the Internet, and is expected to expand significantly in the future.
On the other hand, there are many people who are worried about speculative price movements and digital valuation by NFT, and do not have a good impression.

HINATA will provide a place where creators and fans can gather and deepen their ties, rather than an NFT market press that is only for buying and selling, so that even such people can use it with peace of mind.

Also, using the blockchain technology “HAZAMA” adopted by HINATA, which was introduced above, we are considering developing it into a consortium chain and bridging it to a public chain .
Creators can easily issue NFTs through HINATA, bring their works to the open market of public chains, and spread them to more people.

Creators who are undecided on which NFT platform to submit their work. Why don’t you share the appeal of your work with HINATA?

Also, if you are interested in NFT works, please take a look at HINATA. You may be waiting for a wonderful encounter with a work or creator that you like.

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