Make money using NFT + AI | How to get started?
Introduction
By now, you would have at least heard about NFT. If not, you would have heard about art which sold for $69 million. May be at-least record sales on NBA and with NFT. This got me curious, I started to research more on it recently by wearing my Data Scientist hat. Data Scientists follow when some numbers are there! In this article, I will share about NFT’s and how to get started.
Short intro to NFTs
Non-Fungible more or less means that it’s unique and can’t be replaced with something else. It means attaching a token for that unique item(like art), called Non-Fungible Token(NFT). Practically, it can be pointing towards a work of art, music, dancing, or other things that you consider as an asset, describing its properties and a place to find it.
Artists list or mint their items on different platforms, and they should have full rights to that item. Some popular platforms are
Charitable
There are so many new exchanges popping up daily. I can’t even keep track of it!
So, in short, you are an artist, and you have some valuable items (which you claim). NFT exchange is the place for trading that item. You can also buy and collect your items.
What is the use of NFT’s?
You might think, what is the use of even collecting art copyright. Historically art has been a valuable form of storage. Art gains value over a long period. NFT provides a formal way to own the art in digital format. If you hold this digital art, music, or any item with value, it might be so valuable over the period! (At least that is what is claimed).
Another great advantage of NFT is a digital art gallery. An art gallery is not something new. However, the digital art gallery is new to us. You can show your art in virtual form in your imaginary world. Two famous decentralized virtual worlds are
You can explore these worlds like the real world and spend a ton of time on virtual things. And, you can list all your artwork in a store. If you browse around, you will be able to see some of them in the virtual world.
The claim here is one day, these virtual worlds are where people will spend time and money. So investing is all about the future, so many are investing in the future. You can make the best judgment on how you wanted to consider these virtual worlds and NFT.
Can anyone make an NFT?
Yes, NFT has been gaining immense popularity recently. Many artists are creating interesting(some of them) arts, music and selling them in exchanges. Not only artists, NBA has also entered into NFT via https://nbatopshot.com/
I think this space is going to explode to other games and eventually making money for the creator. If you wanted to test it out, you could enter into NFT by posting your art and see how well it is received. In this series of articles, I will also show how to create different art using Artificial intelligence.
What powers NFT’s?
When someone makes, buys, and sells an NFT, it uses Ethererum(ETH) blockchain. Most of the trades in the NFT platforms are sold under ETH price. The vast majority of NFT tokens were built using one of two ETH token standards (ERC-721 and ERC-1155)
Why NFT’s are controversial?
Although anyone can sell NFT’s, it is not free to get started. You need to invest your time and money into it. Alert: There are some hidden fees as well in the word “gas” fees. And the gas fees differ depending on the market price of ETH. To mine ETH, there is a ton of energy used. However, ETH 2.0 address this issue by Proof of Staking. There are some timelines on when ETH 2.0 will be released.
Another option is to use clean energy-friendly tokens like tezos. Hicetnunc is a platform that uses tezos.
Money with AI?
In this series of posts, I will walk through how to create arts using AI and mint it via NFT.
Disclaimer: I am just going to show the approach. It is not guaranteed that you will make money. You may also not be able to produce unique arts via AI. It really depends on the input dataset which you use!
Below is the plan of attack:
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