Solana Labs Creating AI Tool To Help People Find NFTs
Solana Labs is working on AI tools that will help would-be NFT buyers decide which collection makes the most sense based on their individual needs.
By Anna B Kiwanuka
Despite recent negative headlines surrounding the NFT market, Solana Labs is determined to make it easier for individuals to enter the space. The company is working on an AI tool designed to help users navigate the complexities of the market and identify non-fungible tokens (NFTs) that align with their preferences and interests.
Tal Tchwella, Head of Product at Solana Labs, acknowledges the challenges that potential buyers face when trying to enter the NFT market. “One of the challenges right now is that buyers need to go figure out a lot of different data points,” Tchwella stated. The AI tool aims to simplify the process by providing accessible data to newcomers, enabling them to discover NFT collections that resonate with them.
Tchwella emphasizes that amidst the hype surrounding NFTs, genuine connections and communities are being formed. The AI tool will assist newcomers in identifying not only trending collections but also communities that align with their profiles. By leveraging AI, Solana Labs aims to provide users with valuable insights and recommendations to facilitate their entry into the world of NFTs.
Although NFTs on the Solana blockchain may have lower values compared to high-priced assets on Ethereum, Solana has made significant progress in expanding its ecosystem. According to data from The Block Research, Solana added 6.7 million new digital wallet addresses in May and an additional 3.3 million in June. In comparison, Ethereum added 2.3 million addresses in May and 2.5 million in June.
Solana Labs’ co-founder and CEO, Anatoly Yakovenko, has also highlighted the potential of AI in aiding the development of web3 and the crypto space. In May, Yakovenko expressed how artificial intelligence will enhance the usability and understanding of the Solana blockchain. This vision aligns with the recent release of the ChatGPT plugin, demonstrating Solana Labs’ commitment to leveraging AI technologies.
As Solana Labs continues to develop its AI tool and integrate it into its platform, it holds the promise of simplifying the NFT buying process and providing a user-friendly experience for newcomers. By leveraging AI-powered insights, Solana Labs aims to bridge the gap between individuals and the NFT market, fostering greater participation and exploration of the growing digital asset landscape.