- Beeple highlights that AI and NFTs won’t fix digital collectibles market downturn.
- Gucci partners with Christie’s for NFT art collection exploring generative AI.
- Bitwise Blue-Chip NFT Collections Index drops 80% in 15 months.
Beeple, the renowned artist responsible for the groundbreaking $69 million NFT sale that thrust NFTs into the limelight of mainstream media, has once again captured attention with his insightful perspective on the convergence of AI and NFTs.
In a recent report by Bloomberg, Michael Winkelmann, popularly known as Beeple, expressed his views on the convergence of artificial intelligence and non-fungible tokens (NFTs), highlighting that this combination does not present a straightforward remedy for the downturn in the digital collectibles market.
The recent buzz in the crypto industry has revolved around the emergence of generative AI and its application in digital art. Notably, renowned fashion powerhouse Gucci made headlines by partnering with auction house Christie’s to curate a collection of NFT artworks titled ‘Future frequencies: Explorations in generative art and fashion.’ This collaboration marked Gucci’s inaugural venture into generative AI projects as they sought to delve into the convergence of technology and fashion. As per the announcement, talented digital artists have been commissioned to create NFTs that incorporate Gucci’s intellectual property, thereby showcasing the immense potential of novel design technologies in shaping the fashion industry’s future.
In the crypto industry, Beeple expressed his thoughts on the increasing appreciation of AI in art, stating: “
AI isn’t some sort of quick fix to give value to NFTs. This is a tool that everybody now has. If it is something that is easy for you to do with AI and make, it probably won’t have lasting value because anybody could do that. You really still need to have something that is a truly new, innovative idea.
According to Bloomberg, the Bitwise Blue-Chip NFT Collections Index has seen a substantial decrease of over 80% from its previous high over the last 15 months. Additionally, CoinMarketCap data indicates that NFT trading volume experienced a significant increase during the first quarter of 2023, followed by a subsequent decline.
