What role do artificial intelligence and technology play in creating non-fungible tokens?
NFTs or non-fungible tokens; everyone has confidence in this new technological invention because it has the potential to democratize the economy of creators and allow artists to reach the public directly. At the same time, they offer everyone the opportunity to collect an original contract-based artifact on the blockchain. It removes challenges such as stealing, copying or creating counterfeits. While NFTs are becoming popular around the world due to multi-million dollar transactions and the potential of tokens, there is still a lot of ambiguity as to how these tokens are created, what role they play. intelligence and blockchain as a whole. process and how do they actually work. Let’s try to answer these questions for you by looking at some unique innovations made in the field of NFTs and AI.
First, consider how NFT collections are now formed. Artists create many classes with varying qualities such as hair color, background color, and skin tone in most high level NFT projects. Artists will then combine these traits to create a collection of unique NFTs, with no two NFTs looking alike. This procedure requires patience, creativity and artistic abilities. Now, AI is playing a key role in creating this digital art. Generative Adversarial Networks, or GANs, are used by the AI to create these art-like NFTs. They are smart programs, but they don’t require users to know how to code.
In recent years, there have been many efforts for artificial intelligence to generate new works of art. While many NFT artworks already available online were created using randomly generated features in a JPEG, a true AI artwork would have far more diversity and originality than what is currently available. in this section of the NFT market. With the potential to instantly craft unique works of art, this could be a lucrative opportunity for future NFT makers.
Now you must be wondering how this art is presented to the people? There are AI-powered art galleries that allow artists to reach potential buyers. One of the biggest AI art galleries, for example, is Art AI. Eponym, an artificial intelligence software that turns text into artistic-like images and allows artists to sell their work directly on the OpenSea NFT marketplace, has just been introduced by the company. 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 user portraits into interactive 3D avatars.
I think the real value of AI in the NFT market will come in the form of a smarter and more flexible approach to market management. AI that can detect trends in the NFT market and adjust prices, listings and other market factors in real time will be important in any online store, but it will be particularly beneficial for a market. emerge as NFTs. This will encourage new customers to buy by making the shopping experience easier and more adaptive. Through our company, we have created a unique ticketing experience for users, fully blockchain-based. These tickets are issued as NFTs and for events held in the metaverse, these tickets can also be airdropped and kept by users as collectibles.
The possibilities are immense and this 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 just entering a line, thanks to another new OpenAI project. DALL-E 2, an AI image generator named after Salvador Dali and WALL-E, is the technology behind this innovation. It achieves its remarkable results by combining GPT-3, OpenAI’s natural language processor, with more than 650 million photos from the Internet. MetaScapes, another AI-based software, mixes images to create a new visual. The MetaScape is made up of two parts: a generator that produces output, and a discriminator that examines the operations of the generator and gives it instructions on how to improve the output. MetaScape users would be required to input tagged images in relation to input images. After that, the AI computer analyzes the photos and their tags to create new images that are a composite of the originals.
There are many other examples of similar innovations where AI provides an advantage to NFT technology. Fuzzle is an NFT project that takes the concept of digital companionship to new heights. Endless AI collaborated with Gala Games, a blockchain gaming giant, to produce Fuzzle. It comes in the form of unique, proprietary non-fungible tokens (NFTs), which do much more than the little key fobs some of us remember from the 1990s. Endless AI leveraged prediction technology from OpenAI’s GPT-3 language and combined it with Clockwork, their in-house smart production platform. Fuzzles are created to communicate in a friendly, human way, and they are empathetic and understand human emotions. They are said to be able to give sound advice or even take action to help you feel better when you are depressed.
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 up many new possibilities for everyone. The NFT space is still fresh and there is a lot left untapped. There is one thing that we can be sure this will be transformative technology and the world will witness incredible innovations in this space as we move forward.
The article was written by Abhinav Garg, Founder, Blocktickets