Name of Project: Generative ML Algorithms for Art NFTs
Proposal in one sentence: Unlocking more value for artists, creators and NFT enthusiasts with further technical and commercial development of on-chain generative art NFT algorithms
Description of the project and what problem is it solving:
Many artists in Web3 use generative machine learning models to create digital art to sell as NFTs. At the moment, most artists train their models off-chain on datasets that are off-chain. Only the outputs of the models are published on-chain as NFTs. Using a Web3 marketplace like Ocean has the potential to generate more value for artists and NFT enthusiasts. By publishing a generative art algorithm model on the Ocean marketplace, the artist mints tokens for the algorithm and creates a liquidity pool to exchange Ocean tokens for algorithm tokens. If an NFT enthusiast is convinced that a particular NFT collection will become more popular, they can buy tokens for the algorithm used for this collection in the expectation that the value of the tokens will increase in future. Furthermore, they can provide liquidity to the pool and earn yield for algorithms that they think will be regularly consumed. For more details, read this blog post.
We recently ran our first series of AI x Web3 hacking sessions, where we went through the whole process of developing a proof-of-concept generative art model (in a shared GitHub repo) and publishing the algorithm on the Ocean marketplace. We have since launched a DAO for the project (called a Squad) with the contributors to the project as members. The Algovera community treasury will also receive a minority share of any value generated by the Squad.
We have also launched the Algovera Grants program. As mentioned in the blog post, we want to have an initial test run of the whole grant process where the Algovera community votes on providing this Squad with $1000 funding that will be used for further development. This $1000 will be reserved for members of the Squad that are not in the Algovera core team. When all members have been added to the DAO, we will meet, find agreement on the exact details and hold a vote on the use of funds.
The aim of this funding is to bring our Proof of Concept closer to generating real value for the Squad and Algovera. The development could include both (i) commercial and (ii) technical aspects:
- It may be possible to create some value already by providing services to artists for bringing existing generative models or datasets on-chain. We have also received some interest from art DAOs - that do not have any expertise with generative models - about collaborating with them to create simple profile picture (PFP) NFTs for their members. Part of the funds could be dedicated towards outreach with artists, creators and art DAOs to evaluate their interest and any requirements.
- The above value generation is similar to selling an algorithm to another business (B2B). It would also be great to reach end users (B2C). With this in mind, we want to build a Web3 app for users that serves the generative art algorithm from the marketplace in the backend. Algovera received some funding towards this from an OceanDAO grant and our core team are currently working on the backend. Part of the funds of the current proposal could be used to create some basic wireframes for the frontend.
- 5X interviews could be held with potential customers such as artists and art DAOs about bringing existing generative models or datasets on-chain with one short blog post published on the process and analysis.
- Wireframes for a web app could be created to serve the generative art algorithm
Funding Requested: $1000