The negative effects of AI-generated art on the NFT market
Looking at the NFT ecosystem today, it is easy to see how AI-generated art has taken the world by storm. With AI-generated art, it is now possible to create masterpieces of art without much labor. The ease of creation and infinite possibilities offered by AI has made it a popular tool for anyone to jump into the NFT business around the world. But what does this mean for genuine artists and the NFT market?
Firstly, the proliferation of AI-generated art has brought accessibility and freedom of participation to the NFT market, allowing anyone to participate in the booming economy.
However, it has also led to a saturation of the market with low-quality Artwork flooding the space. This oversaturation has caused a devaluation of genuine human-created art and has made it harder for artists to stand out and sell their work at fair prices.
The easy availability of AI-generated art has taken away from the uniqueness and rarity that NFTs are known for, making it difficult for investors to differentiate between human-created art and low-quality AI-generated pieces.
Furthermore, the dependence on AI for NFT creation could lead to a case of homogenization of the NFT market, where every artwork has the same feel and artistic touch. This in effect results in less diversity in artistic styles and creativity. This could slow down innovation and hinder progress in the art world.
Where there's less competition, there won't be innovation, and that also means there will be no progress.
Moreover, bad actors now have easy access to the NFT market with their AI-generated art looking for quick money grabs from their uncoordinated projects.
This proliferation of AI-generated art has been a double-edged sword for the NFT market. On one hand, it has allowed more people to take part in the NFT economy and enabled anyone to share in the booming industry.
However, on the other hand, this easy accessibility has also led to fake projects and rug pulls all over the space. This increasing number of poor projects has made investors lose trust in the NFT market. These opportunistic individuals only came to the space to make quick bucks and disappear into thin air with people's money. This is the worse scenery that AI-generated art could lead to.
If you have been a fan of the non-fungible token you will agree with me that the NFT space is the earliest place to rug pull. I have personally witnessed this on several occasions losing money to ruggers all along.
Someone who has spent time, energy, and resources to produce an original artwork would not abandon a project or do a rug pull. Owners of a brand must do all they can to defend the brand because they want to gain relevance in the market. But, a person with AI-generated art could care less about a brand or a long-term project.
.In conclusion, why AI-generated art may have its advantages in terms of its accessibility and ease of use. Its overuse in the NFT market has brought negative effects on the overall value and quality of artworks.
I am not against the use of AI for art creation, but there must be a balance
between using technology as a tool and preserving the authenticity and creativity of human-made art.
Lead image created using AI image generator.
The article appeared first on LeoFinance under my authorship.