How This AI Artist Made $3 Million as NFT Markets Fell

An artificial intelligence (AI) artist, Botto, has made $3 million in revenue by automatically feeding prompts into an AI image generator and minting the image as an NFT.

AI image generators like DALL-E have gained widespread popularity since late 2022. Users can input textual descriptions (prompts), and the AI produces images that closely align with those descriptions. 

The BottoDAO Image Generator

However, Botto, created by the German artist Mario Klingemann, reduces the effort needed by humans’ to develop creative prompts. According to Fortune, it can generate prompts by itself using the AI algorithm. The prompts are then fed into AI image generators, such as Stable Diffusion and VQGAN+CLIP.

Every week, Botto generates 4,000 to 8,000 images. Later, the members of the BottoDAO (Decentralized Autonomous Organization) vote for their favorite artwork, which is then minted on the SuperRare marketplace.

The votes also help to feed data into Botto’s “Taste model” to help it make more recommendations that are agreeable to the community. 

The governance token, BOTTO, allows the DAO to consider the vote of community members. As of writing, the token is trading at $0.1674, down about 95% from its all-time high of $3.72 in October 2021.

The DAO distributes half of the profits from NFT sales to the BOTTO token holders and the other half to the treasury.

BOTTO token price from BeInCrypto
Source: BeInCrypto

AI Artist Botto Generates Sales Worth $3 Million

Botto minted its genesis artwork, Asymmetrical Liberation, in October 2021. Since then, the project has minted 75 creations, generating approximately $3 million in revenue.

Although Asymmetrical Liberation’s bid reached 79.421 Ethereum (ETH) in October 2021, the latest collections are far from reaching that level. Uplifting Outcasts, the latest NFT from the Botto project, received the highest bid of 7.425 ETH last Saturday.

AI artist Botto's NFT – Uplifting Outcasts
Uplifting Outcasts, source: SuperRare

NFTs Hit New Lows

The overall NFT market seems to be passing through a tough phase. A Twitter user, @punk9059, shared a chart indicating that collectors have sold NFTs at big losses. Additionally, the average daily losses are 1000 ETH in 2023. BeInCrypto reported that the key NFT metrics, such as trading volume, sales, and unique users, are down to yearly lows.

Non-fungible token (NFT) investors are making big losses
Source: Twitter

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Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

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