Employment of Artificial Intelligence Takes Deep Dive into Non-Fungible Tokens (NFTs) in Hopes of Getting Clarity About Their Worth
LVIV, Ukraine, April 25, 2023 /PRNewswire/ — As an independent researcher of visual data processing, Nick Chaplahin has defined a technology to automate image matching in the world of non-fungible tokens (NFTs). Recently, he developed a unique study with specific parameters to accurately measure the dependency between image uniqueness and visual NFT pricing and popularity.
“Upon investigating the NFT industry, I have concluded that its business model is very complicated,” explained Chaplahin. “Because of this, I created testing that focuses on price building for visual NFTs to better understand how price and image uniqueness coincide.”
Chaplahin’s experiment involves the usage of artificial intelligence to generate images from various cultures and backgrounds. In addition to duplicating and mirroring some of the images, he assigned an NFT to each one before adding them to the same collection. Chaplahin then began auctioning them on OpenSea.io with a starting bid of $0, which ends May 7, 2023.
Among other goals, Chaplahin is eager to prove that his studies could also help control copyright issues and decipher if a particular image was used in different collections or was stolen.
What are NFTs? Why are they significant?
Introduced in 2015, non-fungible tokens (NFTs) are unique digital items that are stored on a blockchain, cannot be replicated, and can represent digital or real-world objects. By tokenizing NFTs, buying, selling, and trading becomes more efficient and reduces the probability of fraud. NFTs can be traded and exchanged for money, cryptocurrencies, or other NFTs and are usable across multiple applications.
What are the benefits of NFTs?
In two words: market efficiency. Tokenizing streamlines the sales process and removes third parties.
Chaplahin is a doctoral candidate at Lviv Polytechnic National University. His 20+ years of credentials include expertise in quality assurance engineering and management. Chaplahin is also a U.S. patent holder for a method and system that processes images to calculate metadata, serving as a simple method that quickly calculates image similarity.