Yay or Nay: AI-powered NFTs
Blockchain technology is set to shake up many sectors with its promise of immutability, thus eradicating inefficiencies with the promise of smart contracts. Another trend that is gaining momentum nowadays is Artificial Intelligence (AI). Simply put, AI is the leveraging of computers and/or robots to complete tasks once deemed to only be able to accomplished by humans. With the great strides in technology, enterprising investors and scientists incorporate truckloads of data into their systems, which increases the speed of doing things and reduces any mistakes that might occur.
We all know about the AI-powered machine which beat the ingenious chess master at his own game. Since I work as a teacher, I will like to provide one more example from my field. Ever heard of Grammarly? The writing tool that helps struggling students (and some adults) with their writing by pointing out grammar, spelling and punctuation errors. When my elementary school is using Grammarly as a tool to help primary school students be more aware of their areas of improvement, I know AI is not a passing fad but is a pervasive development that will change life as I know it.
This means that it is perhaps not surprising that some bright spark out there decided to combine AI and blockchain, thus creating the phenomenon of intelligent NFTs (iNFTs). The honours of the first mover advantage goes to Alethea AI, an AI company which not only created, but also sold its first intelligent NFT (iNFT) successfully on Sotheby’s for $478,800 in June 2021. This goes to show that intelligent NFTs is not some far-flung concept but is something that has already been achieved!
What do iNFTs mean anyway? What kind of interactions are entailed by these smart digital assets? Here, it may be useful to think of robots like Pepper that are able to conduct simple and reasonably authentic real-life conversations with humans due to their powerful algorithms. Hence, it seems that the forward-looking developers at Alethea AI have integrated code into NFTs that enable them to interact with human users and other AI-powered objects. Depending on whether these interactions generate buzz and chemistry, iNFTs will be inclined to generate original and creative content. It’s like breathing life into originally inanimate objects.
Indeed, iNFTs are said to possess a Body, Soul and Mind.
How do you feel about the notion of iNFTs so far? I guess it will help to reduce the prejudice some people have towards NFTs, especially in regards to the domain of digital art. They think that NFTs are just overpriced, glorified JPEGs of funny-looking animals. Even though NFTs can be used as a form of authentication for attending events, completing courses and even marrying your life partner, people tend to give sweeping generalisations about NFTs. iNFTs may help some of these people change their attitudes because they are dynamic entities at the very least. Since iNFTs can interact with digital assets and people, they open up opportunities for communication, which may just enliven the metaverse.
You may think of me as prudish for thinking this way, but at the same time, I cannot help but be concerned at the development of iNFTs. We are already swarmed in a world replete with digital devices, so the availability of iNFTs will just enhance some people’s motivation to sink themselves deeper in the virtual world and avoid face-to-face interactions. Already, in my country, social skills lessons have to be incorporated into the mainstream curriculum because children and teenagers these days are perceived to lack the socioemotional skills to build healthy relationships with their peers. The COVID pandemic certainly didn’t help matters because these students were forced to undergo remote learning, in which they could choose not to switch on their camera during online lessons. As such, some young people who are not used to chatting with people in real life may seek comfort in the company of iNFTs, erroneously thinking that interacting with talking digital assets is enough to fulfill their social needs.
When we think of the example of Japan in which some self-proclaimed geeks go as far as to marry virtual avatars, I must say that I don’t think my concerns are unfounded. I guess the onus is on parents and teachers to teach the young about the need to set boundaries related to exploring the metaverse so that the latter don’t get sucked into a world of pseudo-relationships.
What are your thoughts on iNFTs?
If you are interested to find out more about this topic, this essay by Messari is a great start (https://messari.io/article/alethea-ai-intelligent-nfts)
