The Application of AI in NFTs.
By ATER, Solomon Vendaga
It is interesting to know that in 2021, Collins Dictionary named “NFT,” the abbreviation for a non-fungible token, its word of the year while in 2017, the US-based Association of National Advertisers named AI (artificial intelligence) its marketing word of the year. As the recent rise in the use of both tools is evident, one may wonder whether they can operate together. Well, there is no need for such wonder as AI is believed to have the potential to revolutionize and add flavor to the growing influence of NFTs. Hence it is apt to conclude that the NFTs market holds a very striving pace and has a bunch of potentials. In fact, the market’s potential is to expand when AI is deployed fully to inject flavors into the innovation. Developers in the developing technology sector are already combining block chain technology with AI (artificial intelligence) to optimize the effectiveness of smart contracts used to generate NFTs since Artificial intelligence has changed the way people communicate, work, and digest information. In fact, AI can be smartly utilized to reconcile the interests of NFT minters, platform operators and IP rights holders. This work examines the application of AI in the domain of NFTs.
- DEFINITION OF TERMS
AI is software that allows computers to simulate features of human intelligence. For instance, a program that suggests books to read based on the books you’ve purchased.
AI makes use of computer technologies to mimic human intelligence. With block chain and cryptocurrencies rising as the future of banking, artificial intelligence (AI) is once again a critical technology for upgrading the underlying infrastructure.
A non-fungible token is a type of cryptographic token that represents a unique item. These items may be digital or physical and represent things like sneakers, art, a plane ticket, university degree, commercial real estate, or in-game items for an online game. NFTs enable owners of a unique item to prove their ownership and the authenticity of an item. NFTs enable businesses or individuals buying and selling items in a marketplace the freedom to trust that the item they’ll receive is truly authentic since the NFTs unique ID will match up with either the original issuer of the item or the service which performs authenticity checks.
- APPLICATION OF AI IN NFTs
Artificial intelligence (AI) is being used in almost every facet of life, not just in companies, but also in households in the form of AI-powered virtual assistants and home appliances. However, AI now has an innovative application: it can be used to create art. With non-fungible tokens (NFTs) sweeping the art and music worlds, it’s no wonder that artificial intelligence (AI) might be the next big thing.
AI is transforming the technology world in general, and NFTs are no exception. NFTs can go from basic ownership novice to intelligent, self-evolving forms of ownership that offer better digital experiences and increased usefulness for NFT creators and users by incorporating NFT functionalities.
Consider an NFT with voice and language skills that can initiate conversations with people, respond to queries about their meaning, and interact with particular situations. That’s what NFTs can achieve with AI. I think there is nothing as amazing as this kind of innovation. This is what applying AI in NFTs can do.
- EXAMPLE OF AN AI PRODUCED NFTs
Artsy Monke which is a collection of 10,000 AI-generated images, all based on the initial 10,000-piece Bored Ape Yacht Club drop.
According to the brains behind this AI transformation, the platform was well fed about the information related to painting on a canvas. The AI was taught twenty different art styles, and different servers ran for several weeks to finally get this result of 10,000 amazing-looking BAYC NFTs. The purpose behind the creation of this collection is still not clear, but according to the minds behind this, NFTs from the original BAYC can be paired with these machine-art-based ones to create parallel intricacies. The work it took for the AI to do this task was incredibly intricate and was highly appreciated on the internet. Some of the Artsy Monkey pieces even had multiple microworlds, which the Google AI painted into a big vague figure. Futuristic elements added to the NFT asset make it much more valuable per crypto demand.
Dan Hovey, the blockchain developer behind this project, commented,
“We wanted Artsy Monke to be pieces of art that you could hang on your wall, but also, by using Web3 technology, we can also let holders access the Artsy Monke games and earn real money. The more Monke NFT you hold, the more games you can play and the more money you can earn.”
The advancements in language, vision and speech intelligence expand the horizon of NFTs. The value unlocked at the intersection of AI and NFTs will impact not one but many dimensions of the NFT ecosystem. In today’s NFT ecosystem, three fundamental categories can be immediately reimagined by incorporating AI capabilities: these includes; AI-generated NFT, sNFTs embedded AI, AI-first NFT infrastructures
We must know that AI is changing the landscape of all software and NFTs are not the exception. By incorporating NFT capabilities, the NFTs can evolve from basic ownership primitives to intelligent, self-evolving forms, of ownership that enable richer digital experiences and higher utility for NFT creators and consumers. The era of intelligent NFTs does not require any futuristic technical breakthroughs. The recent advancements in computer vision, natural language understanding or speech analysis combined with the flexibility of NFT technologies already offered a great landscape for experimentation to bring intelligence to the NFT ecosystem.
About the Author
Ater Solomon Vendaga is a Penultimate Law Undergraduate at the University of Abuja. He has keen interest in taxation law, IP law, Technology Law and Public Policy especially Social Inclusion. He can be reached via email@example.com or 08025263078
This work is published under the free legal awareness project of Sabi Law Foundation (www.SabiLaw.org) funded by the law firm of Bezaleel Chambers International (www.BezaleelChambers.com). The writer was not paid or charged any publishing fee. You too can support the legal awareness projects and programs of Sabi Law Foundation by donating to us. Donate here and get our unique appreciation certificate or memento.
This publication is not a piece of legal advice. The opinion expressed in this publication is that of the author(s) and not necessarily the opinion of our organisation, staff and partners.
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