With AI text-to-image generators now being rolled out for public use, a flood of people will inevitably begin creating NFTs from this easy-to-use artistic medium to try to raise money”easy money,” which may make minting AI art NFTs not worth the effort. But of course this also depends on the artist’s reason for doing it and will be influenced by their branding and the market’s attitude towards AI generated art NFTs.
NFTs, or non-fungible tokens, have been used to tokenize artwork for a few years now, and with some collections worth millions, it’s easy to see why the NFT bubble grew so big in 2021-2022. But with NFT prices crashing and use cases becoming more important than speculative hype, making money minting or flipping NFTs isn’t nearly as easy as it was during the NFT bubble, and the market is now thoroughly saturated with work of low quality.
Thanks to AI art generators like Starryai, it’s now easy to create a beautiful piece of digital art using little more than text input. Starryai encourages minting AI art as NFTs and provides several steps to do so using OpenSea’s free public minting service. However, it can be difficult to find buyers for AI-generated NFT art once the market has become saturated, and then marketing, quality and branding will be more important if the goal is to sell NFT. If the artist just wants to prove that they produced the art first, then minting an NFT is worth it for that purpose alone, but if the goal is to make money, they may soon find themselves drowning in a sea of competition.
In art, quality is better than quantity
Although AI image generators can produce beautiful works of art, they often produce weird distortions that no one would pay for. Several pieces have to be made before one high-quality part comes out, which will cost money. Although it is also tempting to use OpenSea’s NFT creator for convenience and cost savings, all NFTs created through the public coin service are bundled in the same NFT smart contract along with free minted plagiarized NFT fraud and are not minted on the blockchain until they is purchased (a process called “lazy minting“). Although casual NFT buyers won’t care, serious collectors may view these NFTs as “cheap,So if an artist is aiming to build professional credibility and maximize the quality of their art, it might be worth rolling their own NFTs instead.
Independently created NFTs do not suffer from the perception of low quality that lazy NFTs suffer from, and come with the advantage of being available to multiple NFT exchanges immediately. On the downside, they offer no difference in content quality, they cost extra time and “gas taxes” to create, and they require some (but not much) technical skill to set up. Regardless, NFT artists should consider purchasing an NFT domain name for their crypto wallet, as it will display a human-readable name for their wallet address instead of the standard hexadecimal address, which makes a huge difference in brand recognition.These approaches can improve quality and visibility, but if the market is saturated, they won’t matter anyway.
Whether AI-generated art is worth coining as NFTs depends on the artist’s intentions and expectations and the amount of work and quality they are willing to put into it. Just because AI-generated art is easy to produce doesn’t mean it will be easy to sell, as it will be challenging to sell AI-generated art NFTs when everyone else gets the same idea and floods the market. Given the low barrier to entry, it probably is NFT the market will soon be saturated with this type of art. It may be unrealistic to expect it to sell for more than a low double-digit sum once the initial wave of hype has subsided, if one occurs at all.
Sources: Starryai
