The duality and flexibility of NFT technology are once again discovered through the help of Artificial Intelligence.
If NFTs were initially based on the Ethereum blockchain for a boost of innovation, making the Ethereum price surge, now creators must come up with new ideas and adapt to the internet, which is why digital initiator Rhett Dashwood was among the first to introduce NFTs to ChatGPT, the lately launched chatbot by OpenAI last year. After the program became popular and raised concerns of plagiarism and data breaches, artists had no choice but to adapt their creations.
The controversy surrounding ChatGPT comes from many artists who feel threatened by the AI program since it received so much attention, and people using it were impressed by the remarkable artistic products it leverages. While creators spend a lot of time and resources to make themselves known, their art remains unrecognized and undervalued sometimes.
But this digital artist chose to take the opportunity and see what he could do to remain relevant among the internet and got loaded with AI content.
$TURBO, a meme and a piece of performance
Rhett Dashwood, better known as Mankind, came up with the idea of a digital coin through ChatGPT, despite not having prior coding or programming knowledge. With a $69 budget, the artist commanded the program to create “the next great meme coin” and followed the instructions while documenting the process on his Twitter account.
The first thing ChatGPT did was to ask Mankind for a name, a story and a logo for the meme coin. The artist took his time and devised name variations that would be posted on his Twitter account for his followers to choose between. For the logo, Mankind used Midjourney, a now-mainstream platform that generates unique images based on text descriptions.
The name of the coin was Quantum Leap, and the final design shares the cutest frog in an astronaut’s suit.
The journey continued with coding challenges
Although ChatGPT could guide him until now, the program has its limits, being trained with data that stopped developing after 2021. Considering the lack of new information, Mankind wondered how the meme coin’s actuality would be affected. After a few more information introductions, the program advised the creator on coding, but the real challenge started here since he had no coding abilities.
ChatGPT didn’t have the time to learn to code and wasn’t interested in it either, which took about a few hours for both Mankind and the AI to come up with a solution, of which approach was a success. In only a day, the artist reached such incredible progress, having written about 75% of the smart contract for the coin.
On the second day, Mankind needed an audit of the code, which he achieved with the help of a few of his followers on Twitter. When the smart contract was finished, he started building the website and social channels for the coin to increase its popularity online.
However, things didn’t go as smoothly after
After all this progress, the launch was a failure. The project, TurboToad, was ruined and had issues with the liquidity pool, which left the creator with nothing but disappointment and $600 invested, exceeding the initial budget.
Fortunately, with a supportive community, Mankind found a solution: crowdfunding. With the help of ChatGPT, he decided that all promising contributors would be rewarded with tokens if they helped fund the project. He changed the token’s name and called it Turbo, and made the total supply 69 million tokens, of which 60 million would be reserved for the community and himself.
Mankind then encouraged his followers to do whatever they wanted with the coin and promote it. So, people created Telegram and Discord channels for the NFT to attract more attention towards the project. After the liquidity of $TURBO increased, a famous Web3 artist created a V3 liquidity pool for the coin, propelling the concept into the mainstream.
What happened to $TURBO after
The second $TURBO launch was successful, as the coin reached a $1 million market cap in only 48 hours. After the meme coin got more famous, many known artists praised the creator for his idea and courage in approaching such a project.
After this incredible achievement, Mankind plans on decentralizing the project. He created a poll for his followers to decide if he should make the project inaccessible and renounce ownership, and it seems like they’re indicating to him that this is the right decision. They might also be correct, considering that his followers got him where he is now with the project.
Why this movement got so popular
When it comes to selling their NFT art, artists face challenges every year when new technologies or trends shift the attention of their creations. Mankins started this project with the idea that 2023 is already a dead year in terms of NFT selling, considering that NFT sales volumes were shallow last year too. Therefore, he needed to adapt to current trends, praising AI and similar technologies as revolutionary for art and the Web3 market.
The NFT domain is constantly changing, and if digital artists don’t find a way to improve their approach, whether in their creative process or marketing. Once artists start using these technologies and try to change their policies instead of blaming AI for stealing their careers, the market will change.
There’s a need for innovation in such a sector, but programs and artists need to work together to develop something unique. Of course, this will slowly become the norm in the creative sector, but the prices of these NFTs will also increase, leading the industry to another era of creation and change. Regardless, we’re here to see how the idea of AI in multiple areas will develop.
Mankind, a known digital artist, started his journey of creating a meme coin with the help of ChatGPT, an AI program. After a few days of work and once unsuccessful reveal, the coin’s value reached $50M, propelling the artist’s approach into the mainstream.
Tips for Dealing with Insurance Companies in Florida Accident Cases
Dealing with insurance companies after an accident in Florida can be challenging. It’s important to know how to navigate these interactions to ensure you get the fair compensation you deserve.
The following tips will guide you through the process of effectively handling insurance companies in the aftermath of an accident.
Gather all necessary documentation related to the accident including:
- Police reports
- Medical records and bills
- Photographs of the scene and damages
- Witness statements
Thoroughly review your insurance policy to understand what is covered and be clear about the coverage limits and any deductibles.
Communication with the Insurance Company
The first step after an accident is notifying your insurance company promptly. However, this initial contact is crucial, and how you handle it can significantly impact the outcome of your claim. When reaching out:
- Prompt Reporting: Report the accident as soon as possible. Delays might raise questions about the authenticity of your claim.
- Stick to the Facts: Provide essential details about the incident without volunteering unnecessary information. Stick to the facts regarding the time, location, and parties involved.
- Avoid Admitting Fault: Refrain from admitting fault or speculating about the incident. Even a seemingly innocent statement could be used against you during the claims process.
Insurance adjusters may request a recorded statement regarding the details of the accident. While they might frame it as a routine procedure, it’s essential to approach this with caution:
- Politely decline to give a recorded statement until you have legal representation. This precaution ensures that your rights are protected, and you have guidance on what to disclose.
- Insurance adjusters may use recorded statements to their advantage, extracting statements out of context or emphasizing certain details. Having legal representation from an experienced accident attorney in Bradenton, Florida can help you navigate this process more safely.
When providing personal information during conversations with your insurance company, exercise discretion:
Basic Personal Information: Disclose only the basic personal details required, such as your name, address, and policy number.
Avoid delving into intricate details about the accident or your injuries during these initial communications. Such information can be better addressed with the guidance of legal representation.
Maintain a polite yet assertive tone. Insurance adjusters may try to minimize your claim, but standing firm on your account and the seriousness of your injuries is crucial.
Adjusters’ primary goal is to save the company money. While they may seem friendly, they are not your advocates, so proceed with care in all interactions.
Be cautious of early settlement offers. They may not fully take into account the extent of your injuries or future medical expenses.
Consult with a personal injury lawyer before accepting any offers. They will help you understand if the offer is fair and negotiate on your behalf if it is not.
Calculate all the costs associated with the accident, including future expenses, when considering settlement offers to ensure you’re compensated for the full impact of the accident.
Consider hiring a personal injury lawyer experienced in Florida law to navigate the claims process and to advocate for your best interests.
Many personal injury attorneys work on a contingency fee basis, meaning they only get paid if you win your case, reducing the financial burden on you.
Anything you discuss with your attorney is confidential. Use this to your advantage to get honest advice about your case.
Remember, insurance companies are businesses first and foremost, and their primary interest is in protecting their bottom line. By being informed, cautious, and proactive, you can better position yourself for a successful outcome in your Florida accident case.
When in doubt, seeking professional legal advice is your best strategy for dealing with the complexities of insurance claims.
What Are the Inputs and Outputs Expected from SIP and SWP Calculator?
Financial management is a critical aspect of our daily lives, whether we are budgeting for personal expenses, saving for retirement, or making investment decisions. With the complexities of modern finance, we need tools to help us make informed choices.
Financial calculators are indispensable tools for individual investors, students, and professionals alike. Whether you are managing your personal finances or working in finance related fields, these calculators empower you to make informed decisions, save time, and reduce the risk of financial mishaps.
In the ever-evolving world of finance, understanding and mastering these calculators is a valuable skill that can greatly contribute to your financial success. So, do not hesitate to explore the world of financial calculators and leverage their capabilities for a more secure financial future. Let us explore the popular ones in this article.
A SIP calculator and an SWP calculator are tools used to help investors plan and estimate the returns and withdrawals associated with their mutual fund investment.
A SIP is a method of investing in mutual funds where an investor contributes a fixed amount at regular intervals (typically monthly) into mutual funds. A SIP mutual fund calculator helps investors determine how their investments will grow over time based on the amount invested, the expected rate of return, and the investment horizon. Here is how it generally works:
Inputs: Monthly SIP investment amount, the expected annual rate of return (in percentage) and the investment duration (in years).
Outputs: The SIP calculator provides an estimate of the future value of the mutual fund investment, considering the compounding effect of the returns.
This helps investors in assessing how much wealth they can accumulate by making regular and disciplined investments in mutual fund schemes over a specific period.
An SWP is a method of withdrawing a fixed amount or a specified percentage of your investment from a mutual fund at regular intervals. This is the reverse of SIP, where you’re essentially turning your investments into a source of income. An SWP mutual fund calculator helps investors estimate the amount they can withdraw periodically without depleting their investment prematurely. Here is how it generally works –
Inputs: One time investment value in mutual fund, expected annual rate of return (in percentage), withdrawal frequency (e.g., monthly, quarterly) and the withdrawal amount.
Outputs: The SWP calculator provides an estimate of how long the investment is expected to last before it’s exhausted or the SWP period ends.
This helps investors plan for a steady stream of income while preserving their capital.
Both SWP calculator and SIP calculator can be useful tools for financial planning. It’s important to understand that the actual returns on investments can vary due to market conditions and the performance of the chosen mutual fund schemes.
Therefore, these financial calculators provide estimates based on the inputs provided, and actual results may differ. It’s essential to review your investments periodically and adjust your SIP or SWP as needed to meet or adjust your financial goals.
Many mutual fund companies and financial websites offer these calculators online for free, and you can use them to make informed decisions regarding your mutual fund investment.
A Pip in the Forex Market: A Comprehensive Guide
Pip, short for “percentage in point” or “price interest point,” is a standardised unit of movement in the currency market.
It represents the smallest price move that can be observed in the exchange rate of a currency pair. It is a term that you will hear often in forex trading, so here is a comprehensive guide on what a pip is.
To know more about it you need to understand it better.
Measurement of Movement
For most currency pairs, a pip is typically the fourth decimal place in the exchange rate. For example, a move from 1.1200 to 1.1201 signifies a one-pip movement.
In pairs involving the Japanese yen (JPY), where the exchange rates are often quoted with two decimal places, a pip is the second decimal place. So, a move from 110.50 to 110.51 represents a one-pip movement.
The value of a pip is dependent on the size of the trading position (lot size). The standard lot size is usually 100,000 units of the base currency. The formula to calculate the monetary value of a pip is: Value per Pip = Pip Amount times the Lot Size divided by the Current Exchange Rate.
For example, if trading a standard lot of EUR/USD (100,000 units) and the exchange rate moves by one pip, the monetary value can be calculated using the above formula.
Practical Use of Pips
Let’s get practical and explain how pips are used.
Profit and Loss Calculation
Pips are fundamental for calculating profits and losses in Forex trading. If a trader buys a currency pair at 1.1200 and it moves to 1.1210, they have gained 10 pips. If it moves to 1.1190, they have incurred a loss of 10 pips.
Traders use pips for setting stop-loss orders. For instance, a trader may set a stop-loss order 20 pips away from their entry point to limit potential losses.
Pips play an important role in determining the appropriate position size based on a trader’s risk tolerance.
Pips help gauge the volatility of a currency pair. Higher volatility often means larger price movements, and traders may adjust their strategies accordingly.
Impact of Economic Events
Economic releases and events can lead to increased volatility, resulting in larger pip movements.
Some Additional Information
Some brokers quote exchange rates with an additional decimal place, known as a fractional pip. It allows for more precise pricing and is sometimes used to more precisely define fluctuations in forex rates.
Different Pip Values
Pip values vary between currency pairs and depend on the exchange rate and lot size.
A “pipette” refers to a movement in the fifth decimal place and is often used for even more precise price quoting.
Understanding and effectively utilising pips is pivotal for traders to navigate the forex market, manage risks, and make informed trading decisions. It forms the basis for assessing price movements and expressing gains or losses in the dynamic world of currency trading.
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