non-fungible tokens

What role do artificial intelligence and technology play in creating non-fungible tokens

NFTs or Non-Fungible Tokens; everyone is hopeful about this new technological invention for it has the potential to democratize the creator economy and allow the artists to directly reach the people. At the same time, they provide everyone the opportunity to collect an original artifact which is based on a contract on the blockchain. It removes the challenges like stealing, copying, or creating fakes. While NFTs are becoming popular around the globe because of the deals running into millions of dollars and the potential of the tokens, there is still a lot of ambiguity as to how these tokens are created, what role does Artificial Intelligence and blockchain play in the whole process, and how do they actually operate. Let us try to answer these questions for you by looking at some unique innovations being done in the space of NFTs and AI.

First, consider how NFT collections are now formed. Artists create many classes with varied qualities such as hair colour, backdrop colour, and skin tone in most high-profile NFT projects. Artists will then combine these traits to create a collection of one-of-a-kind NFTs, with no two NFTs looking alike. This procedure necessitates patience, creativity, and artistic ability. Now, AI plays a key role in the creation of this digital art. Generative Adversarial Networks, or GANs, are used by the AI to create these art-like NFTs. These are intelligent programmes, but they don’t require users to know how to code.

Over the last few years, a lot of effort has gone towards getting Artificial Intelligence to generate new works of art. While many of the NFT artworks already available online were created using randomly generated features in a JPEG, true AI artwork would have significantly more diversity and originality than what is currently available in this section of the NFT marketplace. With the potential to instantly manufacture unique works of art, this could be a lucrative opportunity for future NFT minters.

Now, you must be wondering how this art is presented to the people? There are AI-based art galleries which are enabling the artists to reach the potential buyers. One of the largest AI art galleries, for example, is Art AI. Eponym, an AI software that turns text into art-like pictures and allows artists to sell their work directly on NFT marketplace OpenSea, was just introduced by the business. The art created with Eponym has been published on the Ethereum blockchain. Eponym differs from standard AI-based art in that it allows for human interaction and is not entirely dependent on AI algorithms. Eponym’s next project will use AI to turn users’ portraits into interactive 3D avatars.

I think that the true value of AI in the NFT market will come in the shape of a more intelligent and flexible approach to market management. An AI capable of detecting trends in the NFT marketplace and making real-time adjustments to prices, listings, and other market factors will be important in any online store, but it will be especially beneficial for an emerging market like NFTs. It will encourage new customers to buy in by making the buying experience more straightforward and adaptive. Through our company we have been creating a unique ticketing experience for the users which is entirely based on blockchain. These tickets are issued as NFTs and for the events which are organized in the metaverse, these tickets can also be airdropped and kept by the users as collectibles.

The possibilities are immense and that can be observed based on what has already been achieved in this space. For example, anyone may soon be able to produce an infinite number of high-quality procedurally generated NFTs by merely entering a line, thanks to another new OpenAI project. DALL-E 2, an AI picture generator named after Salvador Dali and WALL-E, is the technology driving this innovation. It achieves its remarkable results by combining GPT-3, OpenAI’s natural language processor, with over 650 million photos from the internet. MetaScapes, another AI-based software, mixes pictures to create a new visual. The MetaScape is made up of two parts: a generator that produces an output and a discriminator that examines the generator’s operations and gives it instructions on how to improve the output. MetaScape users would be required to enter images that were labelled in connection to the input imagery. After that, the AI computer analyses the photos and their labels to create new images that are a composite of the originals.

There are many more examples of similar innovations where AI is providing an edge to the NFT technology. Fuzzle is an NFT project that pushes the concept of digital companionship to new heights. Endless AI collaborated with Gala Games, a blockchain gaming behemoth, to produce Fuzzle. It’s displayed as ownable and unique non-fungible tokens (NFTs), which do far more than the small keychain pets that some of us remember from the 1990s. Endless AI took advantage of OpenAI’s GPT-3 language prediction technology and combined it with Clockwork, their in-house intelligent production platform. Fuzzles are created to communicate in a friendly, human-like manner, and they are empathetic and comprehend human emotions. They are said to be capable of giving sound advice or even taking actions to help you feel better when you are down.

As we see from the kind of innovations and initiatives that have been taken, AI and NFT have come together to create absolutely unique experiences and have opened many new possibilities for everyone. The NFT space is still fresh and there is a lot that remains untapped. There is one thing which we can be assured of that this is going to be a transformative technology and the world is going to witness some incredible innovations in this space as we move forward.

The article has been written by Abhinav Garg, Founder, Blocktickets

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