Beeple, the artist behind the $69 million NFT sale that propelled the popularity of NFTs in the mainstream media, has once again made headlines with his hot take on AI and NFTs collaborating.
Earlier today, Bloomberg reported that Michael Winkelmann, better known as Beeple, said the intersection of artificial intelligence and NFTs does not offer a simple solution to the decline of the digital collectibles market.
The rise of generative AI and its application in digital art has been the talk of the town in recent months. Fashion giant Gucci even announced its partnership with auction house Christie’s for a collection of NFT artwork called “Future Frequencys: Explorations in Generative Art and Fashion.” This was Gucci’s first foray into generative AI projects, as they aim to explore the intersection of technology and fashion. According to the announcement, digital artists have been commissioned to create NFTs, integrating Gucci’s intellectual property and showcasing the potential of new design technologies to shape the industry’s future.
Despite the growing admiration for AI in art, Beeple noted:
AI is not a quick fix to add value to NFTs. This is a tool that everyone has now. If it’s something you can easily do and create with AI, it probably won’t have lasting value because anyone could do that. You really have to have something that is a really new, innovative idea.
Bloomberg’s post noted that the Bitwise Blue-Chip NFT Collections Index has experienced a significant decline over the past 15 months, dropping more than 80% from its previous peak. Moreover, data from CoinMarketCap suggests that NFT trading volume experienced a notable increase in the first quarter of 2023, followed by a subsequent decline.