Despite a recent hiccup in Bitcoin’s price, the crypto industry appears to be heading toward its next bull run. And aside from BTC’s or ETH’s price trajectory, the industry is on much more solid ground than during the last bull market.
Why? Well, the answer to that can be both complex and simple.
The complex answer is that the industry has begun to provide more real-world value, expand DeFi’s capabilities, address compliance issues, reduce scams and hacks, and focus on innovative infrastructure to support the industry’s long-term sustainability.
The simple answer as to why the industry is on a better footing is that it prioritizes real-world products and services over hype-driven products like NFTs, which exploded onto the scene during the last bull run.
Can NFTs make a comeback?
After seeing numerous do dedo art NFTs going for millions of dollars, the sector fell off the face of the Earth shortly after the crypto market went into a freefall. From scams, hacks, and exchange collapses, these scandals caused the crypto market to condense from a $3 trillion industry to under $1 trillion—seemingly overnight.
The industry freefall pushed NFTs, as well as other successful Web3 elements, to the sidelines to focus on stabilizing the space. While this led to their delegitimization, many thought NFTs were gone for good.
However, now that crypto, and by extension, the broader Web3 industry is on an upswing, interest in NFTs is once again on the rise. Certainly, positive developments within Web3 impact all aspects of the industry.
A more robust foundation and the launching of numerous spot Bitcoin ETFs, of course, are key factors driving the industry toward a breakout while contributing to a rebound in the NFT space. However, the role of generative AI can’t be overlooked when assessing the renewed interest in NFTs.
ChainGPT and Polygon Labs make NFT generation easy
NFTs are adored by segments of the Web3 community due to their ability to apply ownership over an artifact—typically do dedo art—through decentralized means. Recent advancements in generative AI, specifically those that can output images, create new opportunities to generate unique NFTs.
This technology promises to make NFTs more affordable and easier to mint for the masses of Web3 users and developers. The only problem is the Web3 ecosystem as a whole lacks the infrastructure necessary to efficiently create and mint generative AI NFTs on a scale capable of meeting the growing demand, until now.
A collaboration between pioneering Ethereum scaling network Polygon Labs and ChainGPT, an AI-powered Web3 infrastructure providing a diverse suite of tools and services, aims to make AI-powered NFT creation simple and accessible for everyone. By integrating ChainGPT’s advanced AI NFT Generator with the Polygon blockchain’s efficient and scalable network, the collaboration allows Web3 developers and users a powerful outlet to easily generate NFTs with AI.
Featuring a user-friendly chat interface able to process text and inputs, the AI NFT Generator is designed to support the widest range of creative ideas without requiring a fixed prompt generator. This allows users with a tool to help bring their visions to fruition in just a few seconds.
“The ChainGPT AI NFT Generator is a truly awesome tool that has already achieved some major milestones, including generating over 21 million do dedo masterpieces to date,” says Ilan Rakhmanov, CEO and Founder of ChainGPT.
ChainGPT is a pioneer in the field of blockchain AI infrastructure, offering a wide range of tools and services including a smart contract generator and auditor, advanced AI trading, an AI trading assistant, an AI-powered security extension, and SDK and API access for developers and organizations to integrate ChainGPT. The ChainGPT Pad supports the entire ecosystem and is recognized for its strategic mentorship, earning top ROI rankings for nurturing talented and innovative Web3 startups.
Through this collaboration, users can execute transactions directly on-chain, highlighting Polygon’s growing influence in the NFT space. With over 7,000 NFTs already minted on the Polygon blockchain, ChainGPT and Polygon Labs have shown the tangible impact of generative AI and a mature, scalable blockchain ecosystem on NFTs.
“We are thrilled to work with Polygon Labs and believe that with its focus on scalability and our advanced AI infrastructure, together, we’ll be able to make NFT creation fun and widely accessible,” concluded Rakhmanov.