Most of the noise surrounding the NFT market lately has been dominated by headlines and data that paint a particularly bleak picture for the industry. But Solana Labs says there are still people interested in joining the fray and is working on a new AI tool to help them take the plunge.
“One of the challenges right now… [buyers] have to figure out a lot of different data points,” Solana Labs Main Product Tal Tchwella told The Block as we discuss how difficult it can be to enter the market from scratch.
Among efforts to make it easier to select the perfect first collection, Solana Labs is working on an AI recording that will help users identify and purchase the non-fungible tokens best suited to their wants and needs.
“Some of it is big hype, as we’ve seen with certain NFT collections,” Tchwella added. data accessible to a standard, to someone new [web3] to discover what they care about.”
Finding the best NFT community
Tchwella said Solana may soon unveil AI-powered applications that could help new NFT buyers not only identify which collections are “trending,” but also choose the communities that fit their profile.
“We see an interest in learning more… and especially in learning who you want to be associated with [from] newcomers to this space,” Tchwella added.
While NFTs minted on the Solana blockchain are generally significantly less valuable than digital assets on Ethereum, such as the expensive Bored Ape Yacht Club and Azuki NFTs, Solana has been making strides in growing its ecosystem in recent months.
In May, Solana added 6.7 million new digital wallet addresses, followed by another 3.3 million in June, according to data from The Block Research. Ethereum added 2.3 million addresses to its network in May, followed by 2.5 million in June, the data also showed.
Anatoly Yakovenko, co-founder and CEO of Solana Labs, also recently discussed how AI could help web3 and crypto development when he said in May, artificial intelligence will make Solana “more usable and understandable”. The comments came as the blockchain company announced the release of a ChatGPT plugin.
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