The cryptocurrency, blockchain, and allied markets do not seem to be slowing down anytime soon. If you already know what coins and tokens are, then you should also read about NFTs and fungible tokens. Did you ever dream of owning an artwork from Picasso? Well! This idea would have seemed a bit far-fetched, but not anymore. NFTs or non-fungible tokens are here to stay. It is something that is very unique and that cannot be replicated.
For the unversed, NFTs are a part of the Ethereum blockchain ecosystem. However, there are other blockchains as well, which have their own NFTs. Ethereum is also a cryptocurrency, but its native blockchain also allows other cryptocurrencies. NFTs can be just about anything, from artworks and songs, to games.
Degenerative Art in NFTs
These artworks are made up of collections of artworks that are digitally created by separate artists or groups of artists. There are a limited number of pieces in each collection. You will find these being sold in the open markets, with agreements that state various intellectual rights over them. This trend has also led to the commercialization of NFTs. Specific software can churn out a unique set of NFTs for public consumption. The artworks are mainly created in an algorithmic manner, with the aid of separate designs from artists, through Computer-Assisted Works. Another variation of the same is better known as Computer-Generated Works. These are AI-driven artworks, that need no human intervention.
Today, you will find a growing demand for such artworks. The idea was already there, but the surge in blockchain-based environments has led to a high demand in this arena. This is an NFT which is highly popular amongst artists.
According to recent data, the sale of NFTs had reached an all-time high of $25 billion in 2021. Thus, making this sector one of the most followed sectors after Crypto. Most crypto artworks revolve around memes and cartoons. The new set of AI-generated artworks seems to have taken centre-stage only recently.
This new segment has garnered a lot of popularity amongst art connoisseurs, and all those who are interested in Metaverse. The machine-made images look exactly like the true copies of artworks today. In this realm, Eponym is one of the text-to-art conversion tools, that artists and crypto geniuses are utilizing today. It allows for the conversion of any text to unique artforms. Moreover, you will find it fixed on the Ethereum blockchain on a permanent basis.
The first Eponym artwork sold on OpenSea, was a collaborative project by 3,500 artists.
Importance of Generative NFTs
It is important, as with time, artworks are looking for more technological enhancements. It is important for the very upliftment of society, as a rule of thumb.
The exclusivity of the artwork created with a unique set of algorithms is what sets it apart from others. So, each piece that you own will be a masterpiece in its own right. A supply cap implemented right from the beginning stops the duplication of the said algorithms, no matter how many times you run it.
Moreover, the art market in tradition seems to be quite saturated. The entry barriers are also stringent and quite high. However, this rising trend of Generative NFTs opens the art markets to include people from outside the art scenario. The budgets and investments are also lower in this case. Many of the big players in the artistic community have realized this potential, and thus many arthouses like Christie’s have also started working on this proposition.
You will be amazed to know, that AI-generated art is a huge trend today. And, it is slowly seeping into the mind of art enthusiasts and collectors. NFT collectors who have been dabbling in blockchains and cryptocurrencies for quite some time have also opened up to this new idea of Generative NFTs. Botto, which is a collection of AI artworks sold for $1.1 million in 2021.
This is one way, the human mind and AI can partner and create exquisite pieces of artworks, that are dominating the trend today. General Adversarial networks have been roped in to produce true works of art, that emulates the thoughts and wave patterns of the human brain. Thus, you can also think about one such investment in the times to come.