Page 5 - RECLAIM YOUR DIGITAL GOLD by Wayne Hinds - Chapter 12 (NFTs and Blockchain)

RECLAIM YOUR DIGITAL GOLD

Thestructure of data differs greatlybetweena traditional
database and a blockchain. A blockchain stores
information in groups known as blocks, which contain
data sets.

The blockchain is being combined with artificial
intelligence (AI) by developers in the technology
innovation sector to improve the efficiency of smart
contracts used to generateNFTs.As theycurrently stand,
NFTsmart contracts are self-executing in the sense that
they can check for and execute contract terms without
the assistance of a third party or a central authority. A
smart contract is essentially a mechanism for carrying
out a purchase agreement between the owner of the
NFT and the buyer.
This breakthrough technology has the potential to
democratize the creative economy by allowing artists to
communicate directlywith the generalpublic. Despitethe
fact that NFTs are gaining popularity around the world
due to transactions involving millions of dollars and the
tokens’ potential, there is still a great deal of obscurity
surrounding the procedure by which these tokens are
generated.

How do distributed ledger technologies such as
blockchain and artificial intelligence function behind
the scenes, and what role do they play in the overall
process? Let’s see if we can help you find answers to
these questions by looking at some of the cutting-edge
work being done in the fields of NFTs and AI.

Initially, NFT artwork was created by human artists.
However, a significant amount of time and energy has
recently been invested in teaching artificial intelligence

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