Trending Now: AI-Generated in NFT Sector
Might we be over-looking the importance of NFTs in how Web 3.0 intersects with the Metaverse?
What if we were missing something. What if AI-generated NFTs (AG-NFTs) was the magical intersection of Web 3.0 and the Metaverse.
While at AiSupremacy I try to cover serious topics in artificial intelligence. Sometimes it’s fun to deviate from that. Granted the intersection of Web 3.0 and artificial intelligence is a bit speculative, but there’s a chance AI-generated art could become a big thing with NFTs.
While we know AI has made progress in language models and facial recognition in 2021, not so many realize how it could boost the NFT trend.
A non-fungible token is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger. Types of NFT data units include digital files such as photos, videos, and audio.
New Types of NFTs are Emerging in 2022
NFT art created by AI algorithms brings new meaning to nonfungible tokens, but can artificial intelligence be trusted to produce a new genre of art? Some in the space and Bitcoin bullish analysts are even calling it a trend that is rapidly gaining steam and part of the emergence of the Metaverse.
Personally I find this laughable but I’m not such a crypto enthusiast. Let’s give them the benefit of the doubt. Let’s think about this though, sales of nonfungible tokens, or NFTs, reached $25 billion in 2021, demonstrating that the sector is one of the most sought-after markets in crypto.
What are the Top Platforms for NFTs in early 2022?
Where can I create an NFT? Today the most popular marketplaces are OpenSea, Rarible, Superfarm, and Mintable. Coinbase customers will be able to use Mastercard credit and debit cards to make purchases the crypto company’s upcoming NFT marketplace. Real-estate in the Metaverse eh! Not bad for a crypto use case for the Web 3.0 emergence in the Metaverse!
AI-generative NFTs become a new art genre
So what’s this got to do with AI? We know that AI content of all kinds is going to explode in the 2020s and 2030s. This is also going to include some aspects of the Metaverse.
Known as “AI-generative NFTs,” these nonfungible tokens are becoming increasingly popular within the art community, along with those interested in emerging technologies like artificial intelligence, blockchain and the Metaverse.
n order to create AI-generative NFTs, one would typically use generative adversarial networks, or GANs. These are algorithms that leverage computers to use data to train models to produce machine-made images resembling art.
Generative AI is the technology to create new content by utilizing existing text, audio files, or images. With generative AI, computers detect the underlying pattern related to the input and produce similar content.
Artificial Intelligence Driven Content is About to Explode
Artificial intelligence (AI) has revolutionized the way humans interact, work, and consume content. Soon and before 2025 it will be creating a lot of the content we consume. This once may have seemed like an unlikely scenario.
Some AI generated NFTs actually a born from an AI-human collaboration where people input texts to the AI that builds the image, for example. Just as some jobs and tasks are getting an AI-human hybrid components, so too are some artists working in digital formats. Headlines of young artists selling their work online in NFTs for absurd sums of money is a thing in 2022.
The power of a meme or image has a strange power when combined with distributed ledge technology and called an NFT.
When you think of AI-generative content you think of companies like OpenAI launching its artificial intelligence programs that creates images from textual descriptions, and suddenly AI art is more accessible than ever (circa 2022). I think with GPT-4 that comes out in the next few months, this will be even more impressive.
Meanwhile Web 3.0 companies are intersecting with payment companies too in the NFT space. Coinbase customers will be able to use Mastercard credit and debit cards to make purchases on the crypto exchange’s upcoming NFT marketplace.
In the Second Bull market of Bitcoin (which began at the end of July in 2020) NFTs really have had their coming out party. As Bitcoin goes back down, it’s a bit unclear how NFTs will fare if we have yet another crypto winter.
Artists in the Metaverse are doing pretty well in 2020. The NFT market gained much popularity last year, with the market capitalisation crossing $41 billion in 2021. NFTs have helped creators gain freedom from traditional financing solutions. With the adoption of AI technology, NFTs allow artists to create their pieces by just entering keywords into the system. It’s hard to say but it seems like the NFT market is therefore somewhere between $20 and $50 Billion in 2022.
The global gaming market is set to reach $256.97 billion by 2025. AI impacting the NFT marketplaces could have profound influences over time. In some ways these AG-NFTS resemble no-code solutions.
The AI generates these art-like NFTs by using Generative Adversarial Networks or GANs.
These smart programs are heavily programmed but more importantly, do not require users to have any coding skills.
This trend gaining mainstream awareness in 2022 has been going on since at least 2018. The concept of using AI to create art is relatively new but has shown massive potential with multiple startups entering the business since 2018.
AI-Generated NFTs will likely be a sub-class of NTFs just like memes or cartoons. Art AI, for example, is one of the largest AI art galleries. The company recently launched Eponym, an AI software that converts text to art-like images and helps the artist to sell their pieces directly on NFT marketplace OpenSea.
Although AI-generated NFTs are still an emerging concept, this model has started to impact both artists and NFT collectors. It’s a brave new world when NFTs have so many potential use cases including the intersection of Art, the Metaverse and AI.
Real-estate investors and art collectors can pay Ether to host their NTFs in the Metaverse. What a wonderful world! NFT collectors and buyers are making their own creations using various new communities and tools.
Generative art explores the future of a society hardwired with human-computer interaction. Clearly this has a cultural aspect as well, as young artists explore new modes of expression on new digital layers of reality via the Metaverse.
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