Mark Cuban-Backed AI Platform Raises $16M To Build Intelligent NFTs

What Happened: Alethea AI, the team of innovators behind intelligent NFTs (iNFTs), has closed a $16 million strategic private and restricted token sale.

The list of investors includes Mark Cuban, Alameda, Multicoin, Dapper Labs, Gemini Frontier Fund, and BITKRAFT.

The AI platform is currently working on a decentralized protocol running off of Open Ai’s GPT-3 deep learning engine.

The protocol creates intelligent NFTs with which users interact in real-time. These iNFTs have already proven valuable this June when one of the first, “Robert Alice x Alethea AI,” was sold at auction for $478,800.

Why It Matters: Alethea’s main mission is to help build foundational AI infrastructure for the blossoming Metaverse.

The Metaverse is a term used to describe the convergence of the internet and all virtual worlds. 

Alethea believes that NFTs will act as a fundamental property rights framework for the rapidly expanding new world.

The company wants to build the AI ‘connective tissue’ that allows NFTs to come alive, be able to interact in real-time, and have their own personality traits.

Read also: Diamond Marketplace Debuts With An Elon Musk Signed Tesla And A Matching NFT

A few of these iNFTs already exist, like the one above, although the platform aims at expanding the tools to create them.

The AI company suggests that in the future, users will be able to animate their NFTs to do almost anything — animating CryptoPunks NFTs and having them perform a rap battle in front of thousands of other iNFT avatars, as an example.