Artist Beeple states AI is not a quick fix for the NFT market slump
The marriage of artificial intelligence and nonfungible tokens (NFTs) isn’t the magic elixir for the downtrend in the digital collectibles market, famed artist Beeple, also known as Michael Winkelmann, stated in a recent Bloomberg Television interview. This comes amidst debates surrounding AI-generated art as a possible rejuvenator for the NFT market, which has significantly fallen from its peak in early 2022.
The pros and cons of AI-generated art
Fans of AI-driven art tout it as a fresh, interactive creative force that can stimulate the NFT arena. Beeple, renowned for his groundbreaking ‘Everydays’ NFT piece that garnered an eye-watering $69.3 million in 2021, begs to differ. He has poured cold water on the idea that AI serves as a swift solution to revive NFT value.
“AI isn’t some sort of quick fix to give value to NFTs,” he cautioned during his conversation on Bloomberg TV. The argument pivots on the ubiquity of AI and the consequent ease of creating AI-generated art. This, he believes, threatens to erode the lasting value of such works:
“This is a tool that everybody now has, (…) If it is something that is easy for you to do with AI and make, it probably won’t have lasting value because anybody could do that. You really still need to have something that is a truly new, innovative idea.”
Despite Beeple’s stance on AI-generated NFTs, the truth is that this novel art form has witnessed immense success. Some pieces have been featured in the Louvre Museum, while others generated impressive sales numbers.
Beeple remains optimistic amidst NFT market downturn
The decline of the NFT market has been attributed to several factors, with Azuki’s latest collection being one of them. Industry experts also point their finger at the Blur marketplace, stating that it incentivizes the cyclic dumping of NFTs, thus creating an unsustainable and unhealthy market.
Regardless of the culprits, the fact remains that the bear market is deeply affecting the NFT space more than other sectors. The Bitwise Blue-Chip NFT Collections Index has plunged over 80% from its zenith approximately 15 months ago, instigating skepticism regarding a potential recovery to its erstwhile highs.
However, Beeple remains optimistic about the concept of owning digital items. While recognizing that “Everything is down,” he asserted that digital ownership is still a relatively novel idea. The digital artist championed the pioneers of this new medium, commending their dedication and innovative contributions to the market:
“The people who are using this new medium to do innovative things and are sort of sticking with it, there are many of those people,”
He concluded with a hopeful outlook on the future of the digital collectibles marketplace. Despite the current slump, Beeple is confident that this emerging sector will continue to expand and resonate with a growing audience, finding its footing in the rapidly evolving digital landscape.
