- The total sales value of NFTs in the year 2021 was $25 billion.
- Christie sold $93 million during the fourth annual Art-Tech Summit
- AI-generated NFTs are created through GAN (Generative Adversarial Network)
The total sales value of NFTs in the year 2021 was $25 billion.
According to data from CoinMarketCap in the year 2021, the total sales value of NFTs was close to $25 billion (approximately Rs 1,85,722 crore), which proves that public interest in this sector has increased significantly. Now, the next big thing is probably going to be NFTs made of artificial intelligence. As the name suggests, artificial intelligence art or AI-generated art is a painting or art made through artificial intelligence. Now, companies like OpenAI have launched their own artificial intelligence programs that convert text descriptions into images, which is believed to be a revolutionary step in this field.
Christie sold $93 million during the fourth annual Art-Tech Summit
In August 2021, British auction house Christie estimated sales of NFTs at $93 million (about Rs 691 crore) during its fourth annual Art-Tech Summit. Crypto art projects like CryptoPunks and Bored Ape Yacht Club have all focused on a market dominated by cartoons and memes NFTs. AI Art is now set to dominate the NFT market as a new subclass.
Edmond de Belamy Portrait was bought for $432,500 (about Rs 3.21 crore) at the Christie Auction House in New York.
AI-generated NFTs are created through GAN (Generative Adversarial Network)
These “AI-generative NFTs” are becoming increasingly popular for people in the art world and those interested in upcoming technologies such as artificial intelligence, blockchain, and the metaverse. GANs (Generative Adversarial Networks) are often used to create AI-generated NFTs.
An example of GAN-based AI art that attracted considerable attention is The Portrait of Edmond de Bellamy, created by a group of French artists called Obvius, beginning with the period between the fourteenth and twentieth centuries. Consists of 15,000 pictures. The artwork is one of 10 editions auctioned at Christie’s in New York in October 2018. And sold for $432,500 (about Rs 3.21 crore). It has become the first AI artwork to be sold through a major auction house.