Key Takeaways:
- Not Financial Advice is a token of an AI-based project.
- The NFAI token price is currently 799% above its 2023 launch price.
- The platform claims to offer the most powerful trading AI bot.
NEW DELHI (CoinChapter.com) — Several crypto influencers have a disclaimer that says their posts are ‘Not Financial Advice‘ for the followers. Now, a crypto project has become a bit of a personification of the term.
Not Financial Advice is a blockchain-based crypto AI project that offers a trading/chat bot, a DeFi lending service, and a DeFi insurance service.
The project also has a native token, NFAI, which spiked by nearly 1,493% to an ATH of $0.283 on April 27. Since then, the NFAI token price has fallen by nearly 43.5% and is currently trading around $0.16.
The NFAI token has a total supply of 100 million NFAI tokens, of which the project claims to have burned over 3.9%, or 3.93 million NFAI tokens.
So, What Is The Not Financial Advice Project?
To be blunt, the Not Financial Advice blockchain platform is a financial advice project. Yup, there’s no other way to put it: the project offers services such as “AI-driven” trading algorithms, ‘Athena Alpha‘ and ‘Alpha Beta.’
Per the NFA website,
Our pioneering algorithms that combine quantitative and qualitative trading strategies, optimizing trading decisions and enhancing ecosystem flow.
So, Not Financial Advice, in reality, uses AI to offer financial advice to traders and claims a 70-76% win ratio. CoinChapter reached out to the project’s Telegram group, which is managed by, surprise, surprise, a bot named ‘Owl of Athena.’
Yes, the symbol of wisdom from Greek Mythology.
When asked why the project took on the name Not Financial Advice. the ‘Owl’ stated that the name was a “bit of a tongue-in-cheek nod to the common disclaimer you’ll see in the crypto world.”
The NFAI bot got really excited when told about the article on Not Financial Advice and told CoinChapter that there was “a secret project” in the works with Shiba Inu.
The project projects itself as a decentralized hedge fund that uses AI-generated strategies to generate profit and distributes it among token holders.
So, NFAI Is An Excellent Project, Right?
It is difficult to judge. The project claims to have an AI-based algorithm for investing users’ funds and apparently utilizes neural networks for the process. The white paper uses a lot of technical jargon and sounds very impressive, especially to a layman.
The project’s Athena Alpha AI uses price movement data to formulate trading algorithms. But in a sector as volatile as crypto, it would be foolish to assume that price movement data, qualitative or quantitative or both, might be enough for predicting future price action.
Unless the AI learns to utilize data points across sectors and factor in a project’s use cases, token dynamics, social media hype, and price action history, NFA’s AI-based algorithm-generating bots are just slightly superior to the sniping bots that NFT traders use.
The project’s leaders are pseudonymous, utilizing the entire pantheon of Greek gods, and it claims to be a hedge fund (*cough* Madoff, SAC, Galleon, Pequot *cough*).
The number and frequency of rug pulls have risen lately, haven’t they?
Of course, this article is Not A Financial Advice.
