NFT
An artificial intelligence (AI) artist, Botto, has made $3 million in revenue by automatically feeding prompts into an AI image generator and punching the image as an NFT.
AI image generators such as DALL-E have become extremely popular since late 2022. Users can enter textual descriptions (prompts) and the AI produces images that closely match those descriptions.
The BottoDAO Image generator
However, botto, created by German artist Mario Klingemann, reduces the effort it takes for people to develop creative cues. According to Fortune, it can generate prompts by itself using the AI algorithm. The prompts are then fed into AI image generators such as Stable Diffusion and VQGAN+CLIP.
Botto generates 4,000 to 8,000 images every week. Later, the members of the BottoDAO (Decentralized Autonomous Organization) vote for their favorite artwork, which is then minted in the SuperRare marketplace.
The votes also help feed data into Botto’s “Taste Model” to help it make more recommendations that are pleasing to the community.
The governance token, BOTTO, allows the DAO to consider the voice of community members. At the time of writing, the token is trading at USD 0.1674, about 95% lower than its all-time high of USD 3.72 in October 2021.
The DAO distributes half of the profits from NFT sales to the BOTTO token holders and the other half to the treasury.
Source: BeInCrypto
AI artist Botto generates Sale worth $3 million
Botto hit his genesis artwork, Asymmetrical Liberation, in October 2021. Since then, the project has hit 75 creations, generating approximately $3 million in revenue.
While Asymmetrical Liberation’s bid reached 79,421 Ethereum (ETH) in October 2021, its latest collections are far from reaching that level. Uplifting Outcasts, the latest NFT from the Botto project, received the highest bid of 7,425 ETH last Saturday.
Uplifting Outcasts, source: SuperRare
NFTs hit new lows
The overall NFT market appears to be going through a difficult phase. A Twitter user, @punk9059, shared a chart showing that collectors have been selling NFTs at huge losses. In addition, the average daily losses will be 1000 ETH in 2023. BeInCrypto reported that key NFT metrics such as trading volume, sales and unique users have fallen to yearly lows.
Source: Twitter
