This AI artist has made $3 million selling NFTs
An artificial intelligence (AI) artist, Botto, has earned $3 million in revenue by automatically feeding messages into an AI image generator and embossing the image as an NFT.
AI image generators such as DALL-E have gained widespread popularity since the end of 2022. Users can input textual descriptions (requests), and AI produces images that closely match those descriptions.
BottoDAO Image generator
However, Botto, created by German artist Mario Klingemann, reduces the effort needed by humans to develop creative questions. According to Fortune, it can generate messages by itself using the AI algorithm. The queries are then fed into AI image generators, such as Stable Diffusion and VQGAN+CLIP.
Each week, Botto generates 4,000 to 8,000 images. Later, the members of BottoDAO (Decentralized Autonomous Organization) vote on their favorite artwork, which is then minted on the SuperRare market.
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 evaluate the community members’ vote. At the time of writing, the token is trading at $0.1674, down about 95% from its October 2021 high of $3.72.
The DAO distributes half of the profit from the NFT sale to the BOTTO token holders and the other half to the treasury.
AI Artist Botto generates Sales worth $3 million
Botto embossed his original artwork, Asymmetrical Liberation, in October 2021. Since then, the project has embossed 75 creations, generating approximately $3 million in revenue.
Although Asymmetrical Liberation’s bid reached 79,421 Ethereum (ETH) in October 2021, the 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.
NFTs hit new lows
The general NFT market seems to be going through a tough phase. A Twitter user, @punk9059, shared a chart indicating that collectors have sold NFTs at heavy losses. In addition, the average daily loss is 1000 ETH in 2023. BeInCrypto reported that key NFT metrics such as trading volume, sales and unique users are down to yearly lows.
Got something to say about AI artists or something else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook or Twitter.
For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
In accordance with the Trust Project guidelines, BeInCrypto is committed to objective, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify the facts independently and consult with a professional before making any decisions based on this content.
