Billionaire entrepreneur Reid Hoffman, known for co-founding the professional social network Linkedin, is entering the non-fungible token (NFT) industry. He has just announced the completion of his collection. It will then be auctioned on Solana's famous and large market, Magic Eden.
The project is called Untranslatable words. Reid Hoffman explains that he chose her because he says he is fascinated by untranslatable words. He that is, “words that exist in another language and have no equivalent in our language”. A news shared yesterday in a common thread of twitter published on the official account of the latter.
A collection of NFTs developed using artificial intelligence software DALL-E2. An AI image generator recently opened in public beta by OpenAI. Until a week ago it was not possible to commercialize the images generated by DALL-E 2 as the project was not yet complete (the preview). Overall, the software allows you to transform conventional images into NFTs.
“Visual expression cannot exist without technology. Great artists have always been great innovators. If revolutionary artists like Da Vinci, Pablo Picasso, Georgia O'Keefe and Frida Kahlo were alive today, I'm sure they would experience DALL-E.
Reid Hoffman, co-founder of Linkedin
In total, 11 tokenized coins will be auctioned on the Magic Eden platform. Also, the first NFT in the collection, which you can see below, is available at from this morning on the Solana network market. It is called "Mångata", a Swedish term that means "the reflection of the moon on the water, similar to a road".
Currently, the highest bid is 12 SOL, which is approximately $ 517.
Why is Reid Hoffman launching an NFT collection?
In his thread, the co-founder of Linkedin explains his motivations. He points out that with this technology, any user without any artistic experience has the ability to generate hundreds of “expertly rendered” images. And this in often record time. It is true that traditional methods would have required hours of work. It also emphasizes the scarcity inherent in any NFT, as it allows make a digital asset unique and rare.
However, this does not explain why Reid Hoffman is attempting these experiments. In fact, his NFT collection is not meant to be the most iconic of the year. Because if his teams have developed it, it was initially to better understand NFTs and the "possibilities they offer". It is therefore a small-scale, "but concrete" experiment. It is deduced that if this experiment is successful, other projects will follow.
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