Eye on AI - June 3rd, 2022
Welcome to Aigora's "Eye on AI" series, where we round up exciting news at the intersection of consumer science and artificial intelligence!
We’ll be looking into new applications of NFTs and coffee buying this week that give us a taste of what the future might bring for both markets.
Pop-Up NFT Gallery in SoHo: A Preview of What’s to Come in the Metaverse
To begin, let’s delve into the physical future of NFTs. According to the article “SuperRare in SoHo: NFTs in the Real World,” SuperRare, a digital art market on Ethereum’s blockchain-powered by the RARE token, recently debuted its first pop-up gallery in NY’s historic SoHo district in what many views as the future of the NFT art world.
“The brightly lit, two-story exhibition… centered around pieces from 15 SuperRare artists that touched on sci-fi and cyberpunk, themes integral to the idea and concept of the ‘metaverse,’” writes Coindesk contributors Sage D. Young and Fran Velasquez. “The gallery, which will be open to the public until August 28, is looking to revolutionize how we relate to art in an increasingly digital age.”
Visions from Remembered Futures, the exhibit’s title, is SuperRare’s first real-world experience. Previously, the marketplace’s artwork had lived in the metaverse of Decentraland, a 3D-based platform that gives users the ability to buy virtual plots of land. The creators made small forays into the physical world of NFT through pop-up galleries while traveling around Europe. Seeing the need for physical exhibits, they decided to take that experiment further by creating the SoHo exhibit, which they view as a crucial step in humanizing the NFT art world.
““It completely revolutionizes the structures that exist right now in a way that has implications into the future,’ said Mika Bar-On Nesher, the exhibition’s curator and production head. “‘It’s not a trend, it’s a revolution in the way we monetize and experience art.’”
The NFT industry is expected to continue expanding at a blistering pace. Banking giant Jefferies adjusted the market capitalization for NFTs to more than $35 billion for 2022 and predicts the industry will be worth around $80 billion by 2025. That means a huge opportunity for digital artists. “R4G3QU1T.,” a one-of-a-kind NFT minted on SuperRare a month ago, was purchased for 55 ETH, or roughly $115,032, less than a month ago. These kinds of returns for artists are becoming more and more commonplace. By merging the digital art of NFTs into the physical world, SuperRare’s creators hope to reshape the industry and empower artists by giving them more opportunities to interact with people outside of the metaverse.
AI Fingerprint Tech Helps Coffee Buyers & Sellers Test Quality
Switching gears, let’s take a look at a new finger-printing technology that could soon alter the coffee supply chain. According to the article “How can AI fingerprint technology help coffee buyers and sellers better communicate?” ProfilePrint, a Singapore-based company, has begun using its patented AI food fingerprinting technology to help determine the quality of coffee beans to better determine pricing.
““ProfilePrint is the world’s first company to have successfully developed an artificial intelligence (A.I.) food fingerprint technology, where digital markers of each ingredient are created by analysing ingredients down to a molecular level,’ says ProfilePrint Director of Coffee, Xinyi Loke. ‘Buyers and sellers are then able to access the quality reports generated by this analysis, giving buyers a way to ascertain the quality of the ingredients and be sure that the goods match their demands.’”
The finger-printing technology allows buyers and sellers to determine the quality of their beans and assess whether it matches their desired flavoring, which helps them better determine pricing and whether or not the beans they’re thinking about purchasing are the right match. It’s not simply on-the-spot purchases the technology assesses. Preferences are stored in ProfilePrint’s database, allowing buyers and sellers to be easily connected for quality matches. If widely adopted, ProfilePrint could reduce coffee’s carbon footprint and create an entirely new coffee supply chain.
The wider potential of this type of technology is mind-boggling. Similar fingerprint quality measurement tools could be applied to fit every agriculture supply chain, from fruit to meat quality, which could drastically simplify the buying and selling processes. While this tech adoption is still in its infancy, it’s worth keeping an eye on to see how it expands.
That's it for now. If you'd like to receive email updates from Aigora, including weekly video recaps of our blog activity, click on the button below to join our email list. Thanks for stopping by!