I was honored to be invited as a keynote speaker at the NFT 2023 Seoul conference, which took place on September 1, 2023, at the COEX Convention Center in Seoul, South Korea. The conference was a huge success, attracting many attendees from around the world who were interested in the latest developments and trends in the non-fungible tokens space. The speech was titled “The Journey of NFTs in the Age of AI and Web3”. In it, I shared my insights on how NFTs have evolved and what their future holds, how artificial intelligence (AI) is creating new possibilities and challenges for NFTs, and how Web3 is emerging as a new version of the internet that is more decentralized, open, and user-centric. In this article, I will summarize some of my speech’s key points and provide examples of NFT projects that illustrate them. I hope you will find them informative and inspiring.
One of the topics that I covered in my speech was the basic concept and definition of NFTs. NFTs are non-fungible tokens, which means that they are unique and irreplaceable. Unlike fungible tokens, such as cryptocurrencies, that can be exchanged for one another, NFTs have their own individual characteristics and value. They are mostly digital items, such as artworks, music, videos, games, collectibles, and even virtual land, that users can buy and sell online using blockchain technology. Blockchain technology is the backbone of NFTs, providing a secure and transparent way of verifying their authenticity, scarcity, and ownership. Blockchain is a distributed ledger system that records transactions in a network of computers without the need for a central authority. Each transaction is verified by the network and added to a chain of blocks that cannot be altered or tampered with. This ensures that NFTs are original, rare, and belong to their rightful owners.
The NFT market has been booming in recent years, especially in 2021, when it reached new heights of popularity and profitability. According to data from NonFungible.com, the total sales volume of NFTs in 2021 was over $12 billion, which is more than 20 times higher than the previous year. The average price of an NFT also increased significantly, from $142 in 2020 to $3,700 in 2021. Some of the more popular and best-selling NFT collections in the market as of last week were: Bored Ape Yacht Club, The Sandbox, CryptoPunks, Art Blocks, and Decentraland. These collections feature different types of digital assets, such as pixelated characters, generative art, virtual worlds, and more. They have attracted thousands of buyers and sellers from around the world, who are willing to pay millions of dollars for some of the rarest and most coveted pieces.
Another topic I covered in my speech was the impact and potential of artificial intelligence on NFTs. I explained how AI is transforming NFTs by creating new possibilities for generating unique digital assets that can appeal to different tastes and preferences. I also explained how AI can integrate dynamic experiences into NFTs, making them more interactive and adaptive.
One of the ways that AI is creating new possibilities for NFTs is by enabling users to automatically create artworks using various algorithms and models. This means that users do not need to have any artistic skills or experience to create their own NFTs. They can simply use AI tools and platforms that can generate images based on their inputs, such as keywords, styles, colors, and more. Some of the examples of AI-generated NFTs include Artbreeder, GANksy, and Alethea AI. Artbreeder is a platform where users can create and breed images using neural networks. Users can choose from different categories and adjust various parameters to create unique images. GANksy is a collection of street art created by a generative adversarial network (GAN) inspired by Banksy. Alethea AI is a platform that enables users to create and trade intelligent NFTs that can speak, interact, and learn.
Another way that AI is transforming NFTs is by integrating dynamic experiences into them thanks to their self-learning capabilities. This means that NFTs can change over time based on external factors, such as data, events, user actions, and more. This makes them more dynamic compared to more traditional NFTs that often take the form of an image or audio file.
The final topic that I covered in my speech was Web3 and how it enhances the NFT ecosystem. Web3 is a new version of the internet that aims to give users more control over their data and online interactions. Web3 is built on blockchain technology and includes features such as cryptocurrencies, NFTs, and decentralized autonomous organizations (DAOs).
Identity is one of the key features of Web3 that allows users to manage their online identities in a more secure and efficient way without relying on a central authority. Web3 identity solutions enable users to create and use digital wallets on the blockchain that store their personal information. Users can then use these wallets to access various Web3 applications and services. Some examples of Web3 identity solutions include MetaMask, Civic, and ENS (Ethereum Name Service).
NFTs are another key feature of Web3 that enhances the ecosystem by offering a decentralized internet where users are not just consumers but active participants. They allow users to transparently provide proof of ownership for digital assets and enable users to create, trade, collect, and showcase their digital assets on various Web3 platforms and services.
In conclusion, the fusion of AI and NFTs in the Web3 era holds great potential for creating and owning unique digital assets that can interact with each other and with the environment in dynamic and intelligent ways. Web3 offers a more democratic and decentralized internet where users have more control over their data and online interactions. The NFT market has already seen significant growth and offers a wide range of opportunities for artists, collectors, and investors alike. I am excited to see how AI, NFTs, and Web3 will continue to evolve and shape the digital landscape in the coming years.
