Why AI is boosting the need for NFTs

The rapid growth of artificial intelligence has led to numerous use cases, and it is this development that underscores the need for NFTs.

What is AI and why is everyone talking about it?

Artificial intelligence, or AI, refers to the development of computer systems that can perform tasks that normally require human intelligence, such as visual perception, speech recognition, decision making and language translation. AI is currently one of the most talked-about technologies in the world, and many experts predict that it will fundamentally change the way we live and work.

How Chat GPT & Co. increase efficiency for companies

The reason why AI is currently so on the rise is due to recent advances in machine learning algorithms and the availability of huge amounts of data. Chat GPT, DALL-E, ElevenLabs & Co - with these tools, increasingly complex tasks can be taken over by machines. As a result, many companies are now investing heavily in AI to gain a competitive edge.

The key benefits of AI are numerous. AI can help companies automate repetitive tasks, reduce costs and increase efficiency. It can also help companies make better decisions by analyzing large amounts of data and identifying patterns that would be difficult for humans to see. In addition, AI can help companies improve customer service by providing personalized experiences and responding to requests in real time.

AI can be used in businesses in a variety of ways. In finance, for example, AI can help banks detect fraud and manage risk. In healthcare, AI can help doctors diagnose diseases and develop treatment plans. In manufacturing, AI can help optimize production processes and reduce downtime. The possibilities are endless, and as AI technology evolves, we can expect to see even more innovative applications in the future.

Open AI - Chat GPT

The dangers of AI

But in addition to these excellent uses, this rapid progress also offers opportunities for fraud and deep fakes. Deep fakes are AI-generated photo-realistic images and videos that can convincingly mimic a celebrity's likeness, and AI tools can even recreate any voice. The challenge is that it is increasingly difficult to distinguish what is real and what is not with AI. Just last week, an Instagram ad featuring a fake Joe Rogan testimonial for a dietary supplement went viral.

The advertisers used a deep fake, wrote a script and used AI tools to make it look like Joe Rogan and Andrew Huberman were talking and speaking positively about this dietary supplement. This fake AI video was then used as a Facebook ad to give the impression that Joe Rogan was recommending their product. This is clearly a scam and should not be allowed, but as AI tools get better and better, it is getting harder to distinguish between real and fake videos.

In a Deep Fake video about Joe Rogan, products were promoted

How do we distinguish real from AI-created content?

The answer: NFTs. NFTs provide a solution for creating authentic digital content, such as videos or images. When you buy an NFT, it proves, among other things, that the buyer is actually the owner of the online digital object. No matter whether documents, certificates, memberships, game objects or videos. At the same time, the NFT proves the authenticity of the digital object and provides information about the creator, originator and owner. To authenticate which content is actually from the real creator, similar to a verified Instagram or Twitter account, AI is accelerating the need for NFTs.

Although Instagram has put the rollout of NFTs on hold again for now, Instagram recognizes the potential of NFTs and has stated that it will continue to explore ways to use the technology. Instagram is working to find new ways to both support artists and creators and monetize their work on the platform, as well as verify the authenticity of accounts and content.

The most important thing is to find out now

The world's biggest brands are already exploring the use of NFTs or have already developed a deep brand strategy. It was also the world's biggest brands that ran Facebook ads in the early 2010s, before they were also adopted by medium and small businesses. Those that are first and figure out how to leverage a technology for themselves usually work out key competitive advantages. And those who wait until a technology is adopted by the masses and becomes popular have to play catch-up.

For this reason, it is extremely important for brands to be aware of its opportunities and possibilities on the Web3. Discover how you too can leverage the full potential of Web3 for your marketing strategy. Feel free to contact us here and get your individual result about your opportunities in Web3 within three days.