Artificial intelligence startup Zora, which is known for its NFT-based social network platform, has expanded into the AI market. The company is focused on helping content creators, brands, and artists monetize their work through NFTs. It has been making significant advances in this field, with half a million monthly transacting users and creators making over $1.3 million through its platform in the last 30 days.
What’s Happening & Why This Matters
A key aspect of Zora’s success is its integration with layer-2 blockchain Optimism, which is designed to boost the Ethereum ecosystem. Since its establishment in 2020, Zora has experienced over $300 million in secondary sales, posted more than 4 million NFTs, and attracted about 1 million unique collectors.
Zora’s co-founder Dee Goens views crypto and AI as complementary technologies that can benefit from each other’s features. By bringing information to the blockchain, they can effectively create value for these systems. Zora’s plans for the future include transitioning AI onto blockchains to expand its capabilities and reach.
Recently, Zora launched a new feature that allows creators to use AI to mint, or record a transaction on the blockchain, on its platform. This innovation enables creators to type what they want and generate an image almost instantly, which can then be minted shortly afterward.
This development has been described as a “zero to one moment,” as it opens up new passive income streams for creators of large language models like Stability AI. This means that AI creators can capture value from their model’s output when people mint them, and the payouts are split in half automatically.
Overall, there is a growing demand from the NFT creator side for more AI functionality and tooling. Zora sees an opportunity for blockchains to help verify, authenticate, and prove the ownership of creations, not just for models, data, and information, but for the origin of the media itself.
t/f Summary: What’s Next
Ultimately, Zora co-founder Dee Goens foresees a future where AI and blockchains collaborate to enhance their capabilities and open up new opportunities for innovation.
Zora’s expansion into the AI market represents a significant advancement for the company and is poised to bring exciting new developments in the NFT and crypto spaces in the future. Zora’s integration with AI is expected to pave the way for new possibilities and collaborations within the blockchain and artificial intelligence industries.