Hoffman uses OpenAI’s AI powered image rendering platform to create NFT artwork for auction via Magic Eden. Reid Hoffman, a billionaire tech entrepreneur, is releasing a series Solana-based FFTs. They are based on images that he created using OpenAI’s DALL-E 2 artificial Intelligence software.
Hoffman today announced that the initiative would be launched today via Twitter. He noted that the first piece would go up for auction on Magic Eden – the largest Solana FFT marketplace.
Untranslatable words will be the name of the project. It will include 11 pieces of tokenized images created using DALL-E 2, which generates art from written prompts.
He wrote that anyone can “right-click-save” a DALLE original and make unlimited copies. Enter: NFTs–a technology that makes a digital asset unique and provably rare. What happens when two of the most important technological advances are combined? What happens when you combine two of the most significant technological advances?
“Mangata,” the first piece of the collection, is up to auction with a current top price of 12 SOL or approximately $517. According to the Magic Eden listing, the Swedish term “mangata” means “the road-like reflections of the moon on the water.” Hoffman stated that Hoffman was inspired by words that existed in other languages, where there is no single word equivalent in your language.
He intends to share the proceeds from each piece among charitable causes and his team of collaborators. Any NFT not bought during the auctions is burned or permanently destroyed.
An NFT token is a digital token that proves ownership of an item such as artwork, collectibles and video games. In 2021, the NFT market experienced a dramatic growth, with $25 Billion in trading volume and another $20 Billion recorded so far this year.
DALL-E 2 images were widely shared on the internet since April’s announcement of OpenAI’s latest version. The software can create various pieces of artwork using user-provided text and can produce surprising accurate results, even from unrelated terms.
OpenAI is full of potential but it recognizes that its technology needs thoughtful policies to reduce abuse and bias .
OpenAI had prohibited the commercialization of images created by DALL-E 2 until yesterday as it was still in a preview release. explicitly mentions in the documentation that the terms and conditions prohibit the sale of NFTs.
OpenAI has launched a beta version of its latest beta yesterday which allows creators to license commercialization rights. This apparently gives Hoffman’s NFT project the ability to exist. OpenAI board member, Hoffman has written extensively on DALL-E via his LinkedIn page.
Hoffman wrote Wednesday, “Visual expression cannot exist without technology.” “Great artists are great innovators. If great artists such as Georgia O’Keefe and Frida Kallo, Da Vinci and Pablo Picasso were still alive today, I’m certain they’d be exploring DALL-E.