During the panel session titled “The Future of Entertainment with NFT and AI” at Technext Coinference 3.0, Paul Okeugo, Malik Afegbua, Venn Oputa, and Ebenezer Ugo Akachukwu emphasized that AI and NFT have significant roles to play in the entertainment industry.
The discussion dwelled on AI and NFT, two hugely disruptive technology trends, and how they transform the entertainment space. Eclipse Nkasi recently made the headlines for leveraging AI technology to create an afrobeats music album within three days. Nkasi’s project joins the growing trend of people using AI for tasks including content creation and filmmaking.
When asked to comment about AI’s impact on the entertainment industry, particularly music, Paul Okeugo, founder and president of Chocolate Music Group said that he welcomes the growing trend. “I embrace AI mainly because it can transform the music industry.”
Still on the use case of AI in music, Okeugo commented on the potential risks of artists using AI for their craft. He reiterated that the pros outweigh the cons and that human creativity will always stand out in works created with AI collaboration.
On the issue of responsible AI, Malik Afegbua, CEO of SlickCity Media, said that AI is a tool that can be used for good or evil purposes like deep fake audio. How it is used matters, he noted. Proper regulations along with increased awareness can help tackle the issue of people using AI for the wrong reasons.
Read also: “Blockchain can improve the government” – Chris Ani at Coinference 2023
The role of NFT in the entertainment space
Although NFT has lost a sizable amount of hype over the last two years, Venn Oputa, Co-founder of Afrobubble, strongly believes that there will be a comeback. He noted that NFT plays a significant role in helping artists and other creators combat issues related to intellectual property.
“NFTs will help to prove ownership and help creators protect and democratize the spread of their content,” Oputa explained. Aside from helping creators affirm their ownership over works, NFT technology can also help in areas like audience engagement and financing creative initiatives.
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