Sales of non-fungible tokens, or NFTs, reached $25 billion in 2021, proving that the sector is one of the most sought after markets in crypto. Art NFT, in particular, made a big splash last year with Christie's reporting on $93 million in non-fungible token sales during its fourth annual Art+Tech summit that took place last August.
While notable, much of the crypto art scene seems to be dominated by cartoons and memes, as projects like CryptoPunks and Bored Ape Yacht Club have done. taken center stage. Although these projects are some of the most successful to date, a new subset of NFTs is emerging based on advanced technologies and human imagination.
AI-generated NFTs become a new art genre
Known as โAI-generating NFTs,โ these non-fungible tokens are becoming increasingly popular within the art community, along with those interested in emerging technologies such as artificial intelligence, blockchain, and the Metaverse. To create AI generative NFTs, generative adversarial networks or GANs would typically be used. These are algorithms that harness computers to use data to train models to produce machine-made images that resemble art.
Claire Silver, a contributing AI artist, told Cointelegraph that AI generative NFT art is a relatively new genre, noting that the basic principle is that the art is created in conjunction with some semblance of artificial intelligence, such as GAN:
โThere are code-heavy options and completely code-free tools that anyone can work with. I use the latter in my work. Being able to work with an AI to bring your ideas to life is an experience like no other, it heightens creativity in a way that feels like freedom, a kind of play you haven't experienced since you were a kid."
To create AI generative NFTs, Silver explained that it leverages a text-to-art generator called "Eponym." Developed by AI-generated art company, Art AI, the Eponym tool allows users to create art based on the text of their choice and then mint these creations directly on the largest NFT marketplace, OpenSea.
Eyal Fisher, co-founder of Art AI, told Cointelegraph that Eponym allows any phrase to be transformed into a unique piece of NFT art that will be forever etched on the Ethereum blockchain as a visual representation.
Fisher explained that Eponym relied on algorithms to generate custom art that allows people to create art by interacting with a computer. โEponym is a collaborative project of NFT. Users access the website and type any phrase or word in a text box. The AI โโthen generates a piece of art based on the text entered.โ Fisher added that each text message can only be generated once. "There's only one eponym called 'Bitcoin,'" he said.
Although AI generative art is a fairly new concept, Fisher shared that the eponymous first project sold out overnight at OpenSea, making it one of the largest collaborative art projects created by 3,500 different artists. โThis is an experiment in the decentralization of art. People who own Eponyms are creators of that art and they want to cure it,โ he said.
While Eponym allows users to create their own artistic NFTs, Metascapes is another project developed by three photographers looking to combine human expression with computer algorithms. Ryan Newburn, one of the photographers behind Metascapes, told Cointelegraph that the project consists of 3,333 rare AI-generated NFTs based on photographs taken around the world. Like Eponym, Metascapes leverages AI algorithms to create nature-inspired NFTs. According to Newburn, the first Metascapes collection is planned to be minted later this month or early February.
The AI โโteam behind Metascapes, which goes by the name Versus Labs, explained that the artwork in each collection is created by training data to recognize real-world images:
โWe have images and labels for our photos, which are called 'training data.' When it comes time to generate the output model, we put a tag that tells the model what kind of images to output. For example, ice caves and volcanoes were two categories that photographers had worked on in the past, but this wasn't the majority of the input, so we wanted to make sure the output contained examples of ice caves. ice and volcanoes".
Versus Labs added that the Metascapes AI learns as it goes, noting that the generator that generates data improves over time as two learning models are used in conjunction. โThe generator outputs random noise at first, and the discriminator model tells the generator how to improve the output, to make it more like the training data. This cycle continues, ensuring that both models improve over time.โ
Iurie Belegurschi, another photographer behind Metascapes, told Cointelegraph that as photographers, the Metascapes team chose to work with AI to generate images because everything about NFT and Web3 is about machines, computers, and code:
โWe decided to collaborate with a machine to create a whole new world in the Metaverse. Everyone is now buying PFP avatars, but in our case, people will get unique terrain in the Metaverse."
The impact of AI on NFT artists and collectors
Although AI-generated NFTs are still an emerging concept, this model has begun to impact both NFT artists and collectors. For example, the digital artist known as โkami was herehe told Cointelegraph that working with AI has fundamentally changed the role of the human artist:
โThe human needs the algorithm and the algorithm needs the human. For me, this new role meant collecting data, writing code, curation, inspiration to create a topic, and most of all, "training" an algorithm. The process is dynamic and the result collaborativeโ.
In terms of how generative art NFTs differ from other non-fungible tokens, "Kami Was Here" explained that each result is completely unique as it is born out of an algorithm. โGenerative art explores the future of a connected society with human-computer interaction,โ the artist mentioned.
Additionally, Fisher noted that accessibility and a newfound desire to own NFTs has been a result of AI-generated images. โMany of our users are creating NFTs for the first time, while NFT collectors and buyers are making their own creations. This is unusual, as most people in our community are not professional artists."
Dr. Alex Alter, Principal AI Scientist at Altered State Machine, a protocol that uses NFT intelligence to create intelligent AI agents, further told Cointelegraph that AI-generated NFTs not only look unique, but also bring an abstract feeling. deeper into people. . โThese NFTs are truly unique in that there is no single area in any of the AI โโjobs that has similar pixels. Also, in the future, people will be able to create AI works of art through DAO and chatbot technology. This is much more than other NFTs can do today."
Can AI be trusted to create meaningful NFTs?
While the potential of AI-generated NFTs is clear, the question of whether or not artificial intelligence can be trusted to generate quality images based on text or photographs remains a matter of concern.
As such, Newburn mentioned that Metascapes carefully selects each of its collections. โOur AI team has generated tens of thousands of images. Not all of these will be displayed on our mints. If we're not happy with the category, we strategize and retest which categories will work with each other. Our AI has learned from multiple tests.โ
It is also important to note that there are different ways to generate AI-based NFTs. For example, Fisher mentioned that Eponym has two versions of its generator available to the public, one on the company's Discord channel that works as a chatbot, and the other as a private link that contains more complex algorithms capable of creating more advanced images. โKami was Hereโ further noted that some pieces of AI art may take only a few minutes to generate, while others may take longer:
โNow there are free apps like Wombo that can easily generate images. It is easy for people to create. On the other hand, the art of AI can also take months to build and train its algorithms, collect input data, and pay for processing power. AI art can also be very resource-intensive and personalized.โ
Technology aside, AI-powered NFTs are set to be a disruptive trend in the future. According to Dr. Alter, AI-generated art has already seen high volumes at OpenSea, noting that the market will continue to grow this year. He mentioned that this will be the case in part due to the functionality of AI generative NFTs. "In the future, people will be able to own their own 'AI artist' NFT (AI that can produce art) or use an AI DAO to create art together with that AI artist."
Additionally, the rise of the Metaverse should fuel the growth of AI-based NFTs. For example, Fisher said 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. โOur idea is to use AI that will allow avatars to take different forms that are compatible in metaverse environments like Sandbox. In February, the company will introduce additional algorithms that will allow users to generate personalized avatars.
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