With the rapid advancement of artificial intelligence technology, the role of NFT technology goes beyond protecting the copyrights of digital art collectibles, and into expanding the realm of art, with diverse implications for the future art world.

Throughout the NFT 2023 Seoul Conference, held at Coex in southern Seoul on Friday, the future roles of NFT technology were illuminated.

Dedicated to the theme, “the Utilization and Role of NFT Art in the Future Art,” the second part of the conference was filled with speeches by CEOs and technology experts with sharp insights into AI, the metaverse, blockchain technology and NFTs.

The session kicked off with a keynote speech by Cha In-hyuk, former CEO of CJ OliveNetworks.

Throughout the speech, he underscored the dramatic ways in which generative AI can transform the content creation market by enabling the invention of brand-new content including but not limited to texts, images, music and videos, with algorithms based on diverse input.

Cha also envisioned a future in which AI technologies and NFTs are used by businesses not only as a “quick monetizing tool” but also as a tool to revive humanity in the international community by “restoring our values and being a protector of the uniqueness of each of us.”

The emphasis on community was stressed in the second speech by Mariko Nishimura, co-founder and CEO of Heart Catch.

“By acquiring an NFT artwork, you can become a digital villager in Yamakoshi village along with only 800 other residents in Japan,” said Nishimura, citing one of the Japanese projects utilizing NFTs to revitalize depopulated villages.

She also advocated for the integration of art into businesses by highlighting the ability of art to spur “innovative thinking” among entrepreneurs.

The following speech by Aleksandra Artamonovskaja, lead partner of Joyn.xyz, shed light on the role of decentralized curation in facilitating opportunities for emerging artists from various communities to showcase their artworks in virtual galleries.

She added that decentralized curation also enhances “transparency” as the audience can access information about the open-call process, including the identities of the curators, the number of artworks submitted and the criteria used to shortlist artworks.

“Despite the declining trading volume, NFT has not died,” asserted Andy Lian, the Singaporean best-selling author of "Blockchain Revolution 2030," as he stressed the promising potential of NFTs, which can ride on the growing markets of AI and Web 3.0.

"Advancements in AI technology have resulted in the great synergy between AI and NFT, enabling the invention of unique digital assets," he said.

He also hinted at the necessity for artists to explore collaboration with AI by building on and refining artworks first generated by AI.