iNFT: The intersection of NFT and AI
Introduction
Since the introduction of Non-fungible tokens (NFT), the cryptocurrency space has witnessed an unprecedented surge. A lot of hypes have been generated around the NFT market, making it almost impossible not to give attention to it. However, beyond the hype is the need to dig deep for what would sustain the NFT industry.
Experts believe that the NFT industry has come to stay, but its sustainability and positive revolution resides in the need for NFTs to transcend from static images, digital visual arts, and texts into far more unique and intelligent collectibles. This opens the discussion for the need to synergize between Non-Fungible Tokens (NFT) and Artificial Intelligence (AI).
What is NFT?
NFT is also known as Non-fungible tokens. NFTs are digital assets such as: photos, videos, and digital arts, among others. These assets are non-fungible because they are one-of-a-kind, and they have a unique identifying code that carries the identity of its owner.
What is AI?
Artificial intelligence, also known as AI, is simply defined as a wide-range branch of computer science concerned with building smart machines that can perform tasks that typically require human intelligence
iNFT: The intersection of NFT and AI
The intersection between AI and NFT simply calls for endless possibilities regarding digital ownership. Part of the endless possibilities would be to open the NFT ecosystem to incorporate artificial intelligence into digital assets, thereby resulting in far more intelligent NFT ownership than we have seen in recent times.
Attempting to succinctly capture what the intersection between AI and NFT is all about, Jesus Rodriguez, CEO of IntoTheBlock wrote: “Imagine digital-art NFTs that could converse in natural language answering questions to explain the inspiration behind their creation and adapt those answers to a specific conversation context. We could also envision NFTs that could adapt to your feelings, mood and provide an experience that is constantly fulfilling. What about intelligent NFT wallets that, as they interact with a website, could decide which ownership rights to present to improve the experience for a given user?”
Also, one of the intersections of AI in the NFT space is how AI is stepping in to create NFTs which are auctioned for sale. Botto, a certain AI algorithm was reported to have made about $1.3million for 6 NFT artworks. Botto does this by generating thousands of images. This stands as one of the most competitive edges that AI has over human intelligence. It would take weeks or months for a human to come up with painting or art ideas. This cannot be compared to an artificially intelligent algorithm that could easily generate random paintings and images.
Nifty gateway, Fetch.ai, Anadol’s studio, and a host of others are pioneering the use of machine learning algorithm in creating intelligent NFTs. This goes a long way in ushering in a new revolution in the NFT ecosystem — a gateway to a welcome intersection between AI and NFT.
Conclusion
Combining AI with NFT would give us a better digital asset ownership experience. Doing this will not in any way strip NFTs of their uniqueness. Since NFT is built on blockchain technology, adopting a blockchain domain name system would help create a unique and secure intersection between AI and NFT.
In actualizing the goals of AI and NFT intersection, NexBloc stands as one of the leading entities building the next generation of the internet with a blockchain domain name system. The aim is to enable an intelligent NFT ecosystem that guarantees 100% protection of digital asset ownership.
Aditya Walia
Cofounder
aditya@nexbloc.com
