The power of AI has disrupted many industries with NFTs being its latest casualty. The recent hype in AI meant many entrepreneurs were quick to connect the dots in creating a system of NFT products that were based on AI. And now with the help of powerful language processing models like Chat GPT4 the speed at which a new NFT can be generated is improved exponentially.
However, the whole purpose of a successful NFT project is its scarcity and rarity. So, many are concerned about the sustainability of NFTs now that they are so easy to create and duplicate. AI has diminished the personal touch that many artists took years to create.
So, in this article, we will discuss the future of AI-based NFTs and whether it will impact the sustainability of the entire NFT ecosystem.
TIP: Read also about NFT wallets.
How the world of AI and NFT merge
Both AI and NFT are emerging technologies that have taken the world by storm. While they both focus on two different aspects, for example, AI focuses on creating intelligent systems that can perform tasks usually more efficiently than a human, NFTs, on the other hand, emphasize establishing the ownership and authenticity of digital assets. Where they intersect though is in the ability to create a world of possibilities.
Both AI and NFTs can work hand in hand in creating digitized unique assets in a matter of seconds. Here are some examples of how the world of AI and NFT can merge.
Powerful AI models like Midjourney, makes creating unique art more efficient than ever. You can use AI to quickly generate subtle differences between each of the artworks and sell them digitally as NFTs.
Powerful predictive models
The price of NFTs are constantly changing and because NFT is a relatively new technology, it is often hard to predict the price accurately. However, powerful AI models can make complex calculations and monitor the behavior of a token to help traders accurately predict the price of an NFT project. AI models can also help flag any scams or potential fraud that traders may face.
Create an efficient marketing campaign
Creating an NFT project is simple, but marketing it to the people and creating urgency is what drives the price. AI can be a handy tool for this marketing purpose as it can help create social media posts with ease.
Concerns Surrounding AI and NFTs
Although AI can be used to quickly ramp up the production of NFTs, many artists and creators are concerned about the legitimacy of these artworks. They focus on the fact that AI models have no creativity of their own, rather they use existing images to combine them together to create a new art. But is it really unique? And if creating an NFT becomes so easy, will the perceived value of these tokens retain its value in the long term?
These concerts are valid and there is no safe way to answer these questions now. It will indeed be hard to avoid using AI in the near future and the use of AI will increase the number of NFT tokens in circulation. But how the market will react to this is yet to be seen. But if we can use AI to expedite the NFT creation process and fill in some of our own unique touches, we see no reason why AI-powered NFTs won’t be a hit. But again, time will tell how the market will react in the future.
Read also about how to flip NFTs as a side hustle.