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AI-generative Art Predicted To Be Next Trend For NFT Sector - AI Summary

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Art NFTs, in particular, made a big impact last year with Christie's reporting over $93 million in nonfungible token sales during its fourth annual Art Tech Summit that took place this past August. While notable, much of the crypto art scene appears to be dominated by cartoons and memes, as projects like CryptoPunks and Bored Ape Yacht Club have taken center stage. 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. Being able to work with an AI to bring your ideas to life is an experience like no other, it augments creativity in a way that feels like freedom, a type of play you haven't experienced since you were a child." While Eponym lets users create their own art NFTs, Metascapes is another project that was developed by three photographers looking to combine human expression with computer algorithms. While the potential for AI-generative NFTs is apparent, the question of whether or not artificial intelligence can be trusted to generate quality images based on text or photographs remains a concern. For instance, Fisher mentioned that Eponym has two versions of its generator available to the public, one on the company's Discord channel operating as a chatbot and the other as a private link that contains more complex algorithms capable of creating more advanced images. For example, Fisher remarked that Eponym's next project will feature interactive virtual identities where users can take their own portraits to create 3D avatars and animate them using artificial intelligence. Art NFTs, in particular, made a big impact last year with Christie's reporting over $93 million in nonfungible token sales during its fourth annual Art Tech Summit that took place this past August. While notable, much of the crypto art scene appears to be dominated by cartoons and memes, as projects like CryptoPunks and Bored Ape Yacht Club have taken center stage. 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. Being able to work with an AI to bring your ideas to life is an experience like no other, it augments creativity in a way that feels like freedom, a type of play you haven't experienced since you were a child."


AI-Generated Art Expected to Be the Next Big NFT Trend: Here's Why

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Non-fungible token (NFT) sales in 2021 were worth close to $25 billion (roughly Rs. 1,85,722 crore), proving that the sector saw tremendous growth within crypto assets, according to CoinMarketCap. Artificial Intelligence-generated NFTs are expected to be the next big boom within the space. As the name suggests, artificial intelligence Art or AI-generated art refers to any artwork created through the use of artificial intelligence and with companies like OpenAI launching its artificial intelligence programs that creates images from textual descriptions, AI art is more accessible than ever. British auction house Christie's during its fourth annual Art Tech Summit in August 2021 estimated a value of $93 million (roughly Rs. 691 crore) in NFT sales, suggesting that art NFTs have had a huge influence in 2021. Despite their importance, project like CryptoPunks and Bored Ape Yacht Club seem to have grabbed centre stage in the crypto art scene, dominated by cartoons and memes.


AI and the Metaverse

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The Metaverse, commonly known as the fourth dimension, is a hypothetical scale of space and time in which you and your friends can have digital experiences and interact with each other without actually being together. Hence it can be understood as an expansive virtual area in which people communicate with one another through 3D virtual items and avatars that are reflections of themselves. It was first described by its creator, computer scientist, and entrepreneur Jaakko Yli-Vakkuri, in a blog post in 2015. The idea was to create a framework in which people can interact with each other, objects, and computers without needing a specific software application or platform to do so. Users would be able to meet online and then instantly "beam" into each other's virtual reality environments.


NFTs & AI

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