Eye on AI - March 11th, 2022
Welcome to Aigora's "Eye on AI" series, where we round up exciting news at the intersection of consumer science and artificial intelligence!
More NFT news this week as we delve into two unique use cases by gourmet food makers and Coachella.
GourmetNFT Aims to Help Culinary Creators Monetize Food Experiences
Back in the pre-Covid, pre-NFT world, chefs and culinary creators had little opportunity for a bonus except in the form of tips or the occasional cookbook. GourmetNFTs aims to change that. Through the use of NFTs, GourmetNFT hopes to give chefs the ability to sell experiences and recipes on their own terms.
“David Lucatch, Liquid Avatar’s co-founder and president, believes GourmetNFT can take advantage of his company’s technology to securely and quickly allow consumers to purchase a range of recipes and culinary adventures,” writes The Spoon’s Allen Weiner. “One such adventure is a multisensory weekend at David Skinner’s Houston restaurant, eculent. Skinner’s reputation in the food world could have a Pied Piper effect inspiring other noted chefs.”
Here’s how it works: through Gourmet NFT, chefs are able to upload one recipe, image, or video at a time, similar to how one would for social media, amassing what amounts to a digital cookbook over time. Each piece or combination of that book can be sold as an NFT. Only it’s not that straightforward; in order for a recipe to be truly copyrightable, it has to be unique, which means recipe innovation and bonus materials must be included.
“Chefs can also make money by putting a QR code on their dedicated Gourmet NFT website as well as on their menus, to-go boxes, and build their own fan clubs and traffic to their fractional cookbook page,” said Ruth McCartney, co-creator and sister of Paul McCartney.
Publishers aren’t yet jumping on board. Some wonder whether such oversight could lead to the demise of the cookbook publishing industry as a whole. That’s likely a bit of hyperbole. However, I do think publishers will soon begin to lose market share to innovative blockchain ideas like this one. Maybe then they’ll start paying attention.
Coachella To Become Largest In-Person Event to Utilize NFTs
Speaking of innovative blockchain use cases, Coachella announced that their covid-return would include unique NFT tickets, making it the largest in-person event to date to utilize NFTs.
“The festival's organizers have partnered with cryptocurrency exchange FTX to build their own NFT marketplace,” writes futurist Bernard Marr. “Through this, festival-goers will be able to purchase and trade from three initial series of tokens. The first – the Coachella Keys Collection - will be an exclusive set of 10 NFTs that confer lifetime festival passes on whoever owns them. Holders of these tokens will also get VIP access to the various virtual events that Coachella is lining up, as it takes the brand into the metaverse.”
Traptic’s robots utilize 3D cameras and AI navigates sensitive farming spaces to delicately harvest crops when they’re most ripe. They’re said to reduce food waste by up to 20%, increase yields of high-quality, blemish-free produce, and work 24 hours per day. Traptic’s technology will integrate into Bowery's network of farms powered by its proprietary BoweryOS solution to orchestrate and automate the entirety of its operation.
To avoid using up too much energy to create these unique NFTs, Coachella will be using a proof-of-stake (PoS) as opposed to a proof-of-work (PoW) algorithm. PoW algorithms reward users that carry out complex calculations that keep the network running securely, and thus require tons of energy & CO2. Comparatively, PoS algorithms are based on who has had the most currency staked for the longest time, meaning they’re thought to use less energy and are capable of handling many more transactions. PoS is still a new technology that’s not completely understood, thus its risk.
Why is this a big deal? While one of the most common uses of NFTs is granting users access to events in the metaverse, in-person events haven’t utilized NFTs as effectively. Coachella’s adoption could encourage other event organizers to follow.
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