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The first piece of the collection of 11 pieces of NFTs belonging to the LinkedIn executive is currently up for auction on the Solana marketplace.
LinkedIn co-founder Reid Hoffman is transforming DALL-E Arts into Solana NFT. The billionaire is rolling out a series of Solana-based non-fungible tokens (NFTs) based on digital images he creates with DALL-E artificial intelligence software. Hoffman explained the development in a Twitter thread, noting that it was inspired by the potential of DALL-E and NFTs. The LinkedIn executive said the possibilities of both DALL-E and non-fungible tokens propelled the decision to release the Solana NFTs. He revealed that the first collection would debut on the largest Solana NFT marketplace Magic Eden.
Speaking further on the NFT initiative, the LinkedIn co-founder noted his fascination with how DALL-E “created both digital abundance and digital scarcity.” On digital abundance, he explained that a user with no prior experience with art could generate several images that depict expertise. Also, Hoffman mentioned that each artist would have taken hours or days with traditional methods. Speaking on digital scarcity, the entrepreneur refers to the uniqueness of each original asset. The investor added:
“The current bear market in crypto makes a good moment for experimentation with a long-term outlook. Developers and entrepreneurs who continue to work in this space are the ones who are most focused on long-term value creation. They’ll build enduring products and use cases.”
LinkedIn Co-Founder Reid Hoffman Releases First NFT
He announced that the first experiment is called “Untranslatable Words,” which will be out in a series of daily auctions. Hoffman noted that he has plans for the royalties and proceeds from each claimed piece. He will give the royalties and profits to a non-profit related to the collection and its creative team. And if there is a zero bid on a piece, such gets “burned.”
The first piece of the collection of 11 pieces of NFTs belonging to the LinkedIn executive is currently up for auction on the Solana marketplace. Dubbed “mangata,” the tokenized image is at a current bid of 17.00 SOL. The auction has been on for 12 hours and has another 12 to go before the auction ends. However, the bidding time will exceed 5 minutes for each bid received 5 minutes to the end of the auction.
Furthermore, the NFT market exploded in 2021, resulting in about $25 billion in trading volume. Since the year started, the non-fungible token space has generated about $20 billion. Amid the ongoing crypto bear market, NFT trading volume has plunged 74% between May and June 2022. Trading volume across all marketplaces dropped from $4 million in May to $1.04 billion the following month. The slash was the highest fall in month-to-month trading volumes in the history of NFT trading.