eid Hoffman, the creator of the business and job-search website LinkedIn, recently revealed information about his first NFT venture. Hoffman took to Twitter to share more details, adding that he will be experimenting with NFTs created with the help of an OpenAl image-creation platform called Dall-E.

Dall-E, described as a new Al system that generates realistic images and art from natural language descriptions, was launched in April 2022 as an Al-powered image generating platform.

The platform is well-known for creating stunning realistic artworks based on language/text descriptions. Reid’s NFT initiative, in collaboration with Dall-E, has resulted in 11 NFT artworks titled Untranslatable Words, which he plans to auction through the Solana NFT marketplace Magic Eden.

Speaking broadly about NFTs, Hoffman stated that he is inspired by Dall-potential E's and the possibilities they both can imagine.

“Inspired by the potential of DALL•E and NFTs — and the possibilities that they unleash together — my team and I have created several small image collections that we’ll be tokenizing as NFTs…The first collection debuts on Magic Eden today.”

Hoffman said that Dall-E effectively provides Digital abundance and Digital scarcity elements, elevating NFT art to new heights.

“Digital abundance: A single user with no artistic experience can generate hundreds of expertly rendered images in a few hours. Each of these might have once taken hours or days of work to complete using traditional methods (including software)…Digital scarcity: But while DALL•E produces images almost at the speed of making copies, it’s never simply making copies. Each image is a unique original asset. You could even say DALL•E is increasing scarcity at scale.”

Magic Eden will auction off Hoffman's NFT collection. The first NFT art piece, dubbed "Mngata," is already up for auction at the leading Solana marketplace, with a current bid of 17 SOL (approximately $729).

Mångata is a Swedish word that means "a road-like reflection of the moon on the water," according to the Magic Eden NFT description. Reid also explained why he named his collection Untranslatable Words, stating that he's particularly fascinated by words that exist in another language where no single word has an equal counterpart in one's language.

“I’ve long been fascinated by “untranslatable words” — words that exist in another language where no single-word equivalent in your language exists. I used DALL•E to illustrate some of my favorites. And I’ll be releasing them in a series of daily auctions on Magic Eden..”

The Linkedin founder also stated that he would divide royalties from selling his NFTs into two groups.

Hoffman intends to donate half of the auction proceeds to charitable organizations, while the other half will benefit his creative team. If an NFT fails to sell or is not sold, it will be permanently removed or burned from his collection.


Jul 22, 2022
Crypto News

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