[Author: Joe Beck]
The field of technology is inundated with buzzwords – Augmented Reality, Artificial Intelligence, Net Neutrality, Blockchain – and while some of these are thrown around without much thought or direction, there are some promising developments in the AI and NFT space.
AI stands for Artificial Intelligence. While many associate AI with robots, AI is typically constrained to a very specific goal or use case. Generally speaking, an AI cannot do a multitude of tasks as a human can (though we may not be too far away from this concept). Consider this video describing an AI that goes through the process of learning how to park a car.
NFT stands for Non-fungible Token. That definition does not give us too many hints as to what an NFT actually is. While Bitcoin is an example of a digital currency, NFT’s are more used for digital assets. In the same way a Bitcoin is similar to a digital version of a 1-dollar bill, I could have an NFT that is a digital version of a piece of art, a car, a location – or anything, really. In 2021, Pak’s ‘The Merge’, an image of three white masses against a black background, sold for a record-breaking $91.8 million, becoming the most expensive NFT ever sold.
The hype (and arguably, insanity) that surrounds NFTs and AI should not detract from the real-life practical uses of the technology. Rolling Stone’s article, How Emerging Tech Like AI and NFTs Could Shape Live Events, describes the prospect of a virtual live event that takes advantage of NFT’s and AI to make the event as real as possible while being virtual. It is possible that within the next 10 years, many of these thousand-person events could be entirely digitized, saving corporations thousands of dollars in hosting costs and reducing the number of “super spreader” events.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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