The firm’s co-founder, Dee Goens, stated on Chain Reaction that Zora, an NFT social networking platform, continues to venture outside cryptocurrency and into the growing artificial intelligence market. Zora is a text-to-video technology by OpenAI that promises to assist creators, companies, and artists in better monetizing their content using NFTs. It is not to be mistaken for Sora.
According to Goens, Zora reached approximately 500,000 active users each month during the past month, and in the previous 30 days, content creators there have earned over $1.3 million from uploading their work. Check out the episode we posted featuring Goens on Zora by clicking this link.
The layer-2 network Optimism, which aims to expand the Ethereum ecosystem, is the foundation upon which the Zora Network is constructed. According to Zora’s website, since its founding in 2020, it has amassed over three hundred million dollars in secondary transactions, had more than four million NFTs coined or posted, and has over 1 million individual collectors.
However, there remains effort that needs to be done. Goens and Jacob Horne, founding partners of Zora, consider AI and cryptocurrency as complementary technologies that may enhance each other.
According to Goens, a cryptocurrency needs data stored on the chain to be valued and contribute to the system’s worth. Furthermore, AI wants data stored on-chain so the system can freely access and use it. Therefore, we want to add additional items to the chain to generate and add value, so we are headed toward this type of crash course.
Simply put, AI requires access to more data to educate its algorithms and expand, and cryptocurrency needs data on-chain to expand its ecosystem.
At Zora, we’re working to provide the systems necessary to bring all these objects into the chain. Goens stated. It aims to build a platform that facilitates the move of artificial intelligence onto blockchains.
Zora announced earlier this week that creators may now use artificial intelligence to mint—a technical term for documenting or uploading a transaction to the blockchain—on its platform. According to Goens, users can input anything they want, create an image practically quickly, and mint it soon after.
According to Goens, it serves as a 0 to one opportunity and among the initial streams of passive income for those who have developed huge language models like Stability AI. It implies that these AI developers can profit from the outputs of their models when users mint them because the rewards are automatically divided into halves. We’re thrilled to bring in a new era in which model makers themselves can benefit from the creativity they contribute to, in addition to being the ones who create the output.
Goens stated that he generally observes a high demand for additional AI capability and tooling by the NFT creator. In many ways, it is entirely new, and they’re eager to develop.
He stated that he believes blockchains will be able to help validate, authenticate, and demonstrate the ownership of creativity in the future – and that is not only for models, data, and information but also for the source of the media itself.
According to Goens, cryptocurrency may survive despite Intelligence in its current path. However, he and others believe that blockchains are necessary for AI to support its story about identification and verification.
Goens expressed his excitement about seeing the models come on-chain. They increased the open-source nature of these models so that everyone would have the chance to look into and examine them in a way that would allow for informed decision-making. He continued by saying that this allows us to demonstrate our commitment to our beliefs.
