Disclosure: The views and opinions expressed herein are solely those of the author and do not represent the views and opinions of crypto.news editorial.
The momentum of artificial intelligence appears to be unstoppable, and numerous studies have been conducted on its potential impact on jobs. There have been doomsday scenarios where AI would cause millions of white-collar workers to lose their jobs and entire industries to collapse. But as Charles Darwin said, it is not intelligence that determines survival. Being able to adapt and adapt to change.
The impact of this technology in the creative economy, with an estimated value of $985 billion, is often assessed negatively. Actors can be made redundant, writing rooms can be replaced with large language models, and green screens can be replaced with generative AI tools.
But there is another side to this story. AI is also empowering artists, pushing the boundaries of what they can create and breaking down barriers to entry for talented creators who don’t have as much money as Hollywood studios and TV giants. Through blockchain technology, a vibrant economy is emerging where creative people can build direct relationships with new audiences.
Last September, AI-powered graphic design platform Canva released an in-depth survey examining how these tools are impacting the creative sector. More than 4,000 experts from nine major economies participated, and the results were astonishing. why? That’s because a whopping 75% of those surveyed described generative AI as an essential tool in their arsenal. Moreover, 97% of executives are comfortable with the idea that this technology will become an increasingly important force in the workplace. Forward-thinking leaders can see that tremendous opportunities are available.
AI as a force for good
If the typical creative were to log their day’s tasks and painstakingly itemize all the tasks completed, most people would realize that routine, repetitive tasks rob them of their precious time. These allocations are necessary but could not be automated before the advent of artificial intelligence. Creating schedules, sending emails, summarizing reports, researching storylines, etc. are all good examples of monotonous tasks that AI can handle for you.
The benefits can be truly transformational. Now creators can focus on what they do best: storytelling, innovation, inspiration, and exploration. AI tools act as assistants to handle routine tasks with minimal input. This technology has the potential to increase incomes by allowing them to put their energy and effort into creating products that consumers can purchase and enjoy, rather than taking away the income from hard-working professionals.
Blockchain further powers these new ways of working. Blockchain has already been used to tokenize everything from music royalties to expensive works of art. What’s even more interesting is that AI companies can further reduce the cost of providing these services through blockchain and distributed computing power. Additionally, decentralized computing power rewarded through blockchain may be the only solution to meet the enormous demands facing technology manufacturing companies. Jensen Huang, founder and CEO of Nvidia, said:
“Accelerated computing and generative AI have reached a tipping point. “Demand is surging across businesses, industries and countries around the world.”
level the playing field
Before AI, it cost thousands of dollars to acquire the tools and resources needed to produce high-quality content. But now, everyone has access to cutting-edge tools, not just those with significant wealth.
The rise of text-to-video generators like Sora means anyone with a bright idea can bring their vision to life. A recent survey found that American consumers can’t even tell the difference between real videos and AI-generated videos.
The cost of these new AI technologies has yet to be confirmed, but they have the potential to make a difference for up-and-coming directors looking to make films on tight budgets. For the first time, their production values could match those of a Hollywood studio. Apply stunning visual effects, as well as seamless editing and rendering, with just a few clicks. It also reduces the financial risks associated with pursuing a project.
Over time, the amount of high-quality content hitting the market will increase significantly. One could argue that in some ways history is repeating itself. The rise of streaming giants like Netflix hasn’t put major movie studios and broadcasters out of business. Instead, consumers have more choices when it comes to TV shows and movies they can watch on demand. Likewise, the advent of online digital editing hasn’t dented the job prospects of film editors. This replaced the arduous task of manual joining and opened up creative options.
Empowering content creators has been years in the making, and the proliferation of AI tools will allow the field to better reflect the society we live in. Currently, only 23% of European filmmakers are women. Recent research suggests that content will not achieve gender equality. Unconscious bias exists in the way work is commissioned. This means that the resulting ideas for albums, dramas, comedies, and documentaries are never approved. Artificial intelligence means artists no longer have to wait for permission and can finally enjoy the creative freedom they’ve long craved.
Companies like OpenAI are starting to seek partnerships with Hollywood giants, and the industry is already using the technology in post-production.
What will the future hold?
The fast-moving nature of AI makes it difficult to predict the future. New startups embracing this technology are emerging every week, and AI capabilities are improving by leaps and bounds every month.
Challenges remain, particularly around protecting copyright and ensuring creators have the skills to take full advantage of AI tools. But resistance is futile, and continuing to dwell on the negative aspects of artificial intelligence will change little. Instead, our focus should be on how AI can drive a renaissance in the creative sector, benefit artists, and delight consumers.
We are just scratching the surface of what AI, web3 and blockchain can achieve. Hollywood and Silicon Valley are already starting to take notice. Independent content creators have a first-mover advantage here. This technological revolution will not only transform the way we work, but will also have a positive impact on the economy of this challenging industry.