Tech Archives | The Next Cartel Wed, 25 Oct 2023 13:47:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.3.7 https://stage.thenextcartel.com/wp-content/uploads/2022/03/THENEXTCARTEL-150x150.png Tech Archives | The Next Cartel 32 32 Today’s Dating Dilemma: AI or Authenticity? https://stage.thenextcartel.com/observatory/dating-ai-authenticity/ Wed, 25 Oct 2023 13:31:57 +0000 https://stage.thenextcartel.com/?p=42746 ‘How did you two meet?’ A commonly asked question couples face in contemporary social environments. While our parents have likely met through mutual connections, a significant share of modern love stories start with a digital Cupid in the shape of dating apps.

This month, we delve into the world of online dating. The universe of swiping, matches, love stories, and terribly cheesy opening lines. For those seeking momentary pleasure or a long-term relationship, online dating is the go-to tool for the next gen (and actually, everyone else in the modern, western society) to connect with potential partners. Of course, there are too many apps to mention, but while Tinder was the most popular in the past decade, nowadays, Bumble, Happn, Grindr, and HER have become just as relevant.

For those in search of selfie tips or catchy one-liners, I have bad news. This article is not for you. Today, we will swipe into the influence of AI on online dating. AI is not only used for matchmaking but also serves as a chatbot. Can you imagine it? That charming guy or lady you’ve been chatting with for days is actually an algorithm that gets to know you better and better through machine learning. Not very appealing, is it? Let’s examine the technology and see what it has in store for the world of online dating.

Source: Jonathan Hercus

Ethical concerns of AI-driven dating

The integration of AI into dating apps sparks a cascade of ethical examination, with a spotlight on biases. These matchmaking algorithms, the backbone of countless dating platforms, can inadvertently sustain society’s ingrained biases related to race, gender, and social status. This all stems from the data upon which they have been nurtured. Consequently, these digital matchmakers may not only struggle to provide accurate recommendations but also accidentally reinforce longstanding cultural stereotypes and norms. It’s a concerning issue, to say the least.

Now, let’s introduce AI-driven chatbots into the mix, as complexity is the name of the game here. As you explore the landscape of AI in dating, you might find yourself engaging in conversations with these computer-generated companions, blurring the line between interacting with a human or just a simple bot.

AI-driven chatbots, while promising convenience and engagement, come with their share of potential dangers. One significant concern is the ease with which these chatbots can be used for malicious purposes, such as catfishing and identity theft. With the ability to generate convincingly human-like responses, chatbots can deceive users into forming emotional connections and sharing personal information, which can then be exploited for fraudulent activities. Additionally, as AI technology advances, there’s the risk of deepfakes and manipulated content being used to impersonate real individuals, further blurring the line between genuine human interactions and AI-generated simulations. This not only erodes trust in online dating but also poses security and privacy risks for users who may unknowingly engage with bots, believing them to be authentic potential partners. It’s essential to remain vigilant and cautious when interacting with AI-driven chatbots in the dating landscape to avoid falling victim to these potential dangers.

With that said, let’s get back to the biases. The industry faces a significant challenge in taming ethical issues and reducing biases. To ensure integrity in the dating world, it’s essential to promote transparency, fairness, and comprehensive user education. However, there is still a long way to go before we can achieve this.

AI bots in the practice of online dating

An increasing number of people are turning to chatbots, lured by the promise of quick solutions and a remedy for social discomfort. Tools like yourmove.ai and cupidbot.ai are easily accessible to assist with a range of interactions. To be perfectly honest, initiating a conversation can sometimes feel as challenging as solving an expert-level sudoku puzzle. We all have that one friend who’s incredibly outgoing and can strike up a chat about anything, right from scratch. Let’s face it, not everyone possesses that skill. This is where AI tools, like the ones mentioned above, step in to offer a helping hand when you’re feeling uncertain about how to kick off a conversation.

Don’t be mistaken, there are numerous individuals leveraging AI tools to facilitate their chats. Picture this: these tools work like a charm, and you’re heading out on your first date. What’s the plan then? We recognise that these tools might be valuable if you’re unsure about initiating a conversation on an online dating platform, but ultimately, you’ll find yourself relying on your own instincts.

Nonetheless, the landscape extends beyond mere casual conversation. The widespread use of fake videos, courtesy of Midjourney and Google Colab, has made it surprisingly easy to mimic real people or even craft AI-generated characters capable of deceiving even the most alert observer. The thing here is that this trend has become a fertile breeding ground for tricksters and individuals with twisted intentions, resulting in a higher incidence of identity theft. We may find ourselves dealing with AI-generated dialogues and even AI-created personalities. It’s time to pay close attention

If you’re curious about how effortless it is to create an AI influencer, this video by Mr. Lemon explains it in remarkably simple terms.

Source: Pinterest

Dating an AI bot, for real?

Let’s go a bit deeper into this rabbit hole. Some individuals intentionally opt to date AI. Believe it or not, as we ventured into the world of AI chatbots, specifically designed for love and companionship, we came across “Replika.”

“Replika,” conceived by Luka, is far from an ordinary chatbot. It serves as your go-to for text-based conversations, offering a unique fusion of emotional support and companionship. It’s like having a virtual therapist in the palm of your hand. Replika engages in conversations on various topics, recollects your previous discussions, and responds with empathy and support. Available as a mobile app, it has gained popularity by offering a lifeline of companionship and therapy through text exchanges.

At first glance, it appears rather charming. However, the deeper you delve into it, the more peculiar and strange it becomes. Beyond Replika, a ton of AI bots are revolutionising the conventional dating scene. With the increasing prevalence of deepfakes, the rise of robotics, and the capability to create your personal digital avatar, you may soon find yourself in an entirely surreal world. Envision putting on a VR headset, select your “wanted character” and, well, let your imagination do the rest.

Source: Replika

When it comes to the question of whether to opt for AI-accompanied dating or stick to the traditional route, the answer isn’t straightforward. AI-driven dating holds the promise of more effective matchmaking, aligning you with someone who shares your interests, values, and even your quirks. It offers a new level of convenience and expediency in meeting potential partners, ultimately saving you time and effort in the quest for love.

However, we must acknowledge the ethical concerns that arise. At times, engaging with AI-driven dating feels more like interacting with an algorithm than a genuine human being. The specter of biases in AI recommendations looms large, potentially leading to a depersonalised and inauthentic dating experience.

We are increasingly recognising the rise of loneliness and mental health issues, particularly among the next generation. Immersing ourselves deeply in AI-driven chatbots for matters of the heart, raises valid concerns, especially given the ongoing challenges associated with aging (read our previous insight on Generation Alpha). While we’re intrigued by these technological advancements, it’s essential to exercise caution.

Source: ANDREI PROKO

On the other hand, the traditional route offers real human connection. It’s about meeting someone in the real world, sensing that chemistry, and nurturing a connection that goes beyond data and algorithms. This path may be slower and less efficient, but it often leads to more genuine and emotionally fulfilling relationships.

In the end, the choice between AI-driven dating and the traditional approach hinges on your personal preferences, values, and what you seek in a relationship. Some may discover success and happiness in the algorithms, while others relish the unpredictability of real-world encounters.

The landscape of dating accommodates both AI and traditional methods, recognising that while technology can assist, the most profound connections often take root in the most unexpected places, whether online or in the real world.

So, as you embark on your journey in search of love and connection, which path will you choose?

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‘Neon Rapture’: Where Haute Couture & Technology Collide https://stage.thenextcartel.com/observatory/neon-rapture-where-haute-couture-technology-collide/ https://stage.thenextcartel.com/observatory/neon-rapture-where-haute-couture-technology-collide/#respond Thu, 16 Mar 2023 12:39:19 +0000 https://stage.thenextcartel.com/?p=39852 Visionary Dutch designer Iris Van Herpen and filmmaker Tim Richardson have joined forces to create ‘Neon Rapture,’ a mesmerizing short film that redefines the landscape of digital fashion. Seamlessly blending Van Herpen’s cutting-edge designs with Richardson’s cinematic prowess, ‘Neon Rapture’ transports us to a hyperreal digital realm inhabited by the enigmatic digital muse, 0MN1A.

Born from the genius of Van Herpen’s experimentation with 3D printing and digital technologies, “Neon Rapture” transcends the limits of traditional fashion. Supported by Academy Award-winning VFX company The Mill and backed by an Epic MegaGrant from Epic Games, the film weaves an odyssey that transcends physicality, diving into the entrails of digital exploration. It delves into the very essence of what it means to be alive in an era where the lines between the physical and digital worlds are blurring. Witness a new form of artistic expression, where the boundless potential of technology merges with the soul of haute couture.

A film by @timrichardsontv
Fashion @irisvanherpen
VFX @millchannel
Supported by Epic Megagrants @unrealengine

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Green Tech & Energy Innovations: Today’s Environmental Solutions? https://stage.thenextcartel.com/observatory/green-tech-energy-innovations-todays-environmental-solutions/ https://stage.thenextcartel.com/observatory/green-tech-energy-innovations-todays-environmental-solutions/#respond Mon, 13 Mar 2023 11:13:14 +0000 https://stage.thenextcartel.com/?p=39826 Greetings, fellow earthlings. We’ve got a bit of a problem. You might have heard of it already. You know, just the small matter of our planet hurtling towards a fiery, uninhabitable demise. Plus, it seems that the only thing growing faster than the population is our garbage dumps. Oh and there’s also that small detail about people who don’t believe climate change actually exists… Man, you just gotta love humanity, don’t you? It’s time for a reality check guys. We need more than just good intentions to save our planet. We need real action, and that’s where green tech comes in; bringing along the fresh energy innovations and environmental solutions we so desperately needed.

Technology has emerged as a potential ally in the fight against climate change. From renewable energy solutions to advanced data analysis tools, green tech offers a range of opportunities for addressing environmental challenges. It seems that even artificial intelligence (AI) could have a major role to play in this fight! It has the potential to revolutionize the way we approach climate change, offering powerful tools for analyzing data, predicting risks, and developing innovative solutions. Meaning… it might just be the game-changer we needed. Could we possibly turn back the clock on this ticking environmental bomb? Not only that… Can we do it in time?

What is green tech?

Green tech, also known as green technology or clean technology, refers to the development and application of environmentally friendly and sustainable technologies that can help reduce or minimize the negative impact of human activities on the environment. For example, when talking about green tech we would be referring to renewable energy technologies such as solar, wind, and hydropower, energy-efficient buildings and appliances, green transportation such as electric vehicles and public transport, sustainable agriculture and food production practices, and waste management systems that prioritize recycling and reusing materials.

Now that that’s clear, let’s get back to the matter at hand.

solar panel
Source: Photo by Biel Morro on Unsplash

Energy innovations are key to environmental solutions

We really aren’t exaggerating when we say that we’re witnessing the catastrophic effects of climate change on our land, ocean ecosystems, and communities displaced by flooding and droughts as a consequence of the constant global energy consumption increase. It’s time for a new approach, and technology, including green tech, is playing an increasingly important role in mitigating the environmental impact of our energy consumption.

Renewable energy is a must. Energy innovations need to happen now.

As of today, if we want to be on the right path to meet the necessary climate goals, we need to reduce our carbon emissions by 70% by 2050. And the truth of the matter is, that it’s not as impossible as it sounds.

It seems like finally, the world is shifting towards taking renewable energy a little more seriously. Could a world run by renewable energy be on the horizon? Is this the end of fossil fuels? It sounds enticing.

Plus let’s not forget that even within renewable energy there’s a lot of energy innovation taking place. There are sources of energy yet to be exploited. For example, waves.

Let’s ride the waves, literally

UK-based company Bombora has created a device known as the mWave. mWave works by capturing the energy from ocean waves using a series of air-inflated membranes that drive a turbine. A single device can produce up to 1.5 MW of electricity, enough to power around 1,500 homes. And by combining several devices in a single installation, the company claims that it can generate up to 14 MW of electricity, which could power around 17,000 homes. The technology is designed to work in all ocean conditions and can be installed offshore, making it ideal for countries with high levels of wave energy, such as the UK, Australia, and Portugal.

underwater energy wave energy
Source: Bambora

Basically, renewable energy and energy efficiency, paired with substantial electrification could result in accomplishing over 90% of the imperative reductions in energy-related carbon emissions.

Because it’s not only a matter of reducing consumption, it’s also a matter of making energy consumption more efficient as a whole. Energy-efficient products and services could make a huge difference.

Energy efficiency is key in addressing sustainability challenges

One of the key players in this regard is the ICT (Information and Communication Technology) industry. The ICT has been increasingly investing in green technology solutions to combat climate change. For instance, Huawei has made a commitment to increase the energy efficiency of its products by at least 270%. Huawei plans to achieve this by implementing various energy-efficient technologies and designs. These include smart power management systems, intelligent temperature control, and high-efficiency power supplies.

On the other hand, companies like Johnson Controls are leading the charge with their innovative building solutions. By integrating IoT technology and smart building systems, Johnson Controls has been able to reduce energy consumption by up to 40%. These systems use sensors and data analytics to monitor and control various building functions, such as lighting, heating, and ventilation. Not only does this benefit environmental protection, but it also saves the owners quite a pretty penny as financial costs are also reduced.

Recently, AI has been making strides across all industries when it comes to the application of green technology.

buildings futuristic
Source: Johnson Controls

AI use for environmental solutions

While it is widely recognized that AI can be used to improve energy efficiency and reduce carbon emissions, its potential impact on addressing the root causes of climate change, such as deforestation and the depletion of natural resources, is often overlooked. AI has the potential to revolutionize the way we monitor and manage our planet’s ecosystems. Thus helping us make more informed decisions about how to protect them. We can use green tech to revolutionize nature conservation, from monitoring endangered species to detecting and mitigating natural disasters. Let’s use AI to optimize renewable energy sources and reduce waste in our economy, transitioning to a circular economy. We can even use technology to create new green jobs and boost the economy while reducing our environmental impact. There are simply so many ways in which AI can help with sustainability challenges, it’s surprising that these technologies aren’t being prioritized.

Using AI to mitigate natural disasters caused by climate change

The ability of AI to analyze data and predict environmental risks, such as wildfires and natural disasters is truly amazing. AI can analyze satellite images, weather data, and other environmental factors. It can predict natural disasters like floods, hurricanes, and wildfires, allowing for early warnings and better preparation.

Rhios Lab, a startup based in India, has developed an AI-powered flood prediction system that can help authorities evacuate residents and take other measures to minimize the impact of floods. The system uses data from various sources, such as satellite images and weather data, to predict flood risk in different areas. Thus allowing authorities to prepare and respond to floods more effectively.

The role of AI in environmental monitoring and managing renewable energy sources

AI can be used to optimize renewable energy sources like wind and solar power. It can predict energy output and adjust power generation accordingly.

TrueOcean, a Chinese AI startup, has developed an AI-powered platform that can predict wind speeds and optimize wind turbine performance, resulting in a 15% increase in energy output. Using data from various sources, such as weather data and wind turbine sensors, they can predict wind conditions and adjust the turbines accordingly. This can help maximize energy output and reduce costs. Similarly, ASTERRA, a Dutch startup, uses AI to gather data from the weather and solar panel sensors to optimize solar panel performance and minimize energy waste.

map grid above
Source: ASTERRA

AI and waste tech can help us transition to a circular economy and minimize waste

AI is ushering in a new era of efficiency and resourcefulness. It can analyze vast amounts of data to identify opportunities for reducing waste and improving resource efficiency, leading the charge in transforming our approach to sustainability. Through AI-powered optimization algorithms, companies can take concrete steps towards reducing their energy consumption and carbon footprint in supply chains. The premise is simple, we can monitor waste production and therefore help companies develop more sustainable practices.

The Indian start-up Blue Sky Analytics has developed an AI-powered platform that monitors air quality and identifies sources of pollution. This allows for more targeted and effective policy interventions. Another example is UNEP, the United Nations Environment Programme, which has partnered with AI startup WattTime to develop an AI-powered tool that tracks power plant emissions and helps companies and governments make more informed decisions about their energy use.

It’s not all sunshine and rainbows, we need to put our money where our mouth is

It all sounds fantastic, doesn’t it? However, all this fantastic technology and the good it could do doesn’t strictly mean that we’re on the mend. We know there are options. Now we need to use them. This means investing in the development of green tech and making it accessible to everyone. Sustainability challenges are global, so we need a global response that prioritizes environmental protection and innovation. We need to ensure that green tech isn’t just a luxury for the privileged few, but a solution accessible to all. Additionally, there’s a need for collaboration and coordination among governments, businesses, and individuals to make a significant impact.

Green tech can’t make miracles for sustainable issues

Even if green tech can definitely help mitigate the effects of climate change, that doesn’t mean it’s a solution. It merely helps alleviate the problem, but it doesn’t fix it nor does it stop its evolution. A new study published in the Quarterly Journal of Economics shows that technology can only mitigate around 20% of the potential economic damage from climate change. The research studied agriculture in the US and found that while innovation has reacted strongly to rising temperatures and helped farmers adapt, it cannot fully mitigate the economic consequences of climate change. The damage is accumulating, and even with mitigation, it is expected to increase by 13% by 2100. Developing new technologies is not a substitute for reducing emissions.

deforestation
Source: Photo by Matt Palmer on Unsplash

Governments must prioritize sustainability and allocate resources to support the transition to a green economy. Companies must also be willing to invest in sustainable practices and products, even if it means sacrificing short-term profits. As a society, we also need to rethink our consumption patterns and make more sustainable choices and integrate them in the long term.

Without these collective efforts, even the most advanced technology will not be enough to combat the urgent environmental challenges we face. It all boils down to the same old thing. The tech is amazing, it provides us with unimaginable potential and opportunities. But it’s all up to how we use it.

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AVØLVE, The Web3 Brand Blazing The Trail Of The Digital Environment  https://stage.thenextcartel.com/observatory/avolve-the-web3-brand-blazing-the-trail-of-the-digital-environment/ https://stage.thenextcartel.com/observatory/avolve-the-web3-brand-blazing-the-trail-of-the-digital-environment/#respond Mon, 27 Feb 2023 14:08:12 +0000 https://stage.thenextcartel.com/?p=39316 We hear a lot of confusing chatter about Web3 lately, and how it will allegedly transform everything. How it’s the next big thing for products and services. But how does this exactly translate into our reality? Well, sometimes it’s best to lean on those who know more than us for a little enlightenment. And that’s exactly what we’ve done with AVØLVE.

We had the chance to sit down for a chat with AVØLVE CEO and Founder Graham Thunder. And let us tell you… The door of Web3 has been opened wide. Creatives and creators take note because AVØLVE offers a new standard for what any digital environment could be. The way in which we work could be on the brink of a major change. AVØLVE is shifting priorities towards what matters and empowering its community to connect, collaborate, and create. The remarkable potential it has to transform how an industry thrives is as exciting as it is hope-inducing.

But we’re getting ahead of ourselves… Let’s start at the beginning.

What is AVØLVE

AVØLVE is a Web3 brand establishing new standards in high-end digital fashion. It’s not merely a fashion house, nor is it simply a Web3 studio. Hence, why the AVØLVE team refers to the company as a brand. In short, as a brand, it combines a set of tools that convenes opportunities for the members of its community. That is the main pillar of its ecosystem.

The first key to being a part of the AVØLVE community is the Frequency Pass dropping this Wednesday. As a follow-up, during the second quarter of 2023, AVØLVE will drop its much-awaited avatars. The frequency passes and the avatars will be how members will integrate and interact with the community.

Jacket AVOLVE

Entering the ever-changing Web3 digital workspace with AVØLVE

There seems to be a lot of talk about the future of working. And while many state that Web3 will change everything, few are truly detailing how we will actually get there. Lucky for us, AVØLVE has taken this matter into its hands. AVØLVE aims to be a stepping stone to accelerate the process of transitioning from the traditional workspace to the Web3 space. The platform is designed to welcome people who are new to the Web3 space and will offer opportunities to onboard as many people as they can and help them explore what is possible.

What’s particularly appealing to us about the way AVØLVE functions is the daily growth they are committed to. They are very much aware of the changing technological climate and are constantly building solutions to integrate with software and define new workflows so as to achieve optimum product quality. After all, when it comes to technology and innovation nowadays, nothing remains static for long. There is a need for constant adaptation, readjustment, and growth, and AVØLVE seems to have integrated this practice into their workflow.

AVØLVE is giving people the opportunity to participate in the community and build something new. It’s a matter of taking the initiative to do it yourself and start building with us.

We have no doubt that such an attitude will be an absolute must going forward as far as future forms of working go. A stark contrast to the traditional ‘this is the way things have always been done’.

Avatar AV0LVE
avatar AV0LVE

Collaborative workspaces and co-creation as the norm

One of AVØLVE’s main goals is to help fashion brands understand that co-creation is the way forward. Ideally, brands would lead the way towards co-creation, but there’s still a long way to go before they recognize the power of co-creation. That’s where AVØLVE comes in. Graham Thunder and the AVØLVE team recognize the need for tools that validate the success of co-creation solutions and offer data on the matter to give brands some assurance and certainty for the path ahead. AVØLVE seeks to contribute to the future creation of these end solutions, effectively leading the way for brands.

We really want to build opportunities for everyone. To take what we are building and move it into different directions, taking it into their different cultures, bringing different experiences from their lives and bringing everything together.

Fashion brands have already taken the first step towards listening to their communities, creating Discord channels for example. AVØLVE will take them closer yet, readying them for Web3. The roles of fashion are shifting, and no longer does a product strictly flow down from the brand to the consumer. Communities will have a say in what they want. Brands will listen and cater to it. And a space such as AVØLVE will allow for this to take place seamlessly.

AVØLVE: The bright side of NFTs

The Metaverse, NFTs, and Web3 have experienced such an astounding, exacerbated growth in the past few years, that it seems like a lot of random, sudden wealth has come about for those who played the game. And in a way, this has been one of the biggest issues in this newfound digital space: The interest of certain parties to enter this space to make a quick buck and leave rather than build the space up to boost its potential and raise it to the haven it could be.

The AVØLVE team, however, have spent the past two years working on this project and fine-tuning every aspect of it. They had buzz, they had hype. They could have sold a bunch of NFTs and made a small fortune by now, but they didn’t. AVØLVE prioritized long-term value and personal growth as creators, rather than just focusing on short-term profit. Something rare to see in this space. This proves a commitment to Web3 and a genuine belief in the well-being and opportunities it could bring.

We’ve been working on AVØLVE since September 2021, taking time to explore new opportunities. We are not afraid of failing and testing, but we really wanted to have a solid foundation of what the community wants and where the space is going.

If you need more proof that AVØLVE is doing what it’s doing for all the right reasons, just pay attention to the fact that the first 500 mints are free. The NFTs consist of Frequency passes which give the owner access to the exclusive community.

AVØLVE: Shifting priorities towards what matters

AVØLVE isn’t simply seeking to give people the space and the tools to step into Web3. They are also looking to push the boundaries of digital fashion and shape an industry notorious for its less-than-ideal inclusivity and diversity. AVØLVE aims to be a community where talent and passion reign supreme, enriched by diversity of skill and culture alike.

The Web3 brand seeks to democratize the fashion industry through centralized curation and decentralized opportunity. By curating and opening up the possibility of participating, yet curating the talent, AVØLVE nurtures a pool of top-notch, quality minds who are there because they truly deserve to. This doesn’t mean that all community members should be designers. some might, but others might be writers, others might be thinkers, and others might be engineers! Some might not be the person who creates directly, but they’ll be the person who inspires creation. Value takes on many shapes and forms in the AVØLVE community. The key is empowering and motivating its community to connect and collaborate with others.

Sometimes the people that might be seen as the ones that are not doing anything, they might be the ones that inspire others to actually take the leap and jump into something new.

jacket avolve

Storytelling: The glue that holds everything together.

One might now think, besides the access to the specific community, what is so different between AVØLVE and say… LinkedIn? Why not curate your own network of connections the traditional way? Well, you could… But it would be no way near as engaging.

While AVØLVE’s community itself and access to it will no doubt be an invaluable asset, the diamond in the rough here is the brilliant implementation of storytelling. The storyline unifies all of the different pieces together. It’s the stitching holding the seams of the brand together. Everything created has a meaningful response, which unlocks different opportunities and rewards. While also keeping some level of mystery to keep things interesting. As Graham Thunder stated, if you’re talking about work the same way you’re talking about playing video games, it’s a good sign.

As a brand, we are open to exploring multiple territories beyond fashion. We love fashion, but we are also gamers and music lovers, and we have diverse experiences. The common connector between them is culture, and by bringing together these different communities, we hope to make something special that impacts the community positively. We want to deliver the best products for the community and expand in multiple directions.

Graham Thunder
Graham Thunder, CEO & Founder of AVØLVE

Just think of people spending an average of eight hours a day at work, actually having fun rather than powering through. And the transformative power that seemingly simple change can have, rippling throughout. AVØLVE may focus on digital fashion for now, but this model could be extrapolated to many industries.

Now, of course, it’s not as simple as ‘have fun at work, change the world’. But we often underestimate the power or simple fun, and the mindset we access thanks to it. Imbuing tasks with storytelling makes them engaging and provides a sense of purpose. While only time will tell with certainty how we will work in the future and the impact Web3 will have, a project like AVØLVE certainly gives us hope that we are headed in the right direction.

Now do yourself a favour, and rush to get a Frequency Pass on March 1st!

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Will AI Services Replace Future Artists In The Creative Industry? https://stage.thenextcartel.com/observatory/will-ai-services-replace-future-artists-in-the-creative-industry/ https://stage.thenextcartel.com/observatory/will-ai-services-replace-future-artists-in-the-creative-industry/#respond Mon, 06 Feb 2023 13:48:39 +0000 https://stage.thenextcartel.com/?p=38610 “Ladies and gentlepeople, buckle up! Introducing the future of the creative industryWhere AI services replace actual talent and creativity, brought to you by the geniuses at OpenAI. Because why bother honing your skills and putting in the hard work when you can just let a computer do it all for you, right art community?”

You heard it guys, that’s it. Pack up. We’re done. Machines have taken over, we’re all replaceable. It’s only a matter of time until AI services rise and turn the tables. Sooner or later we’ll be the ones working for them. Right?

Well, not quite. We get it, change as sudden and as uncertain as the one brought about by AI is scary, terrifying even. But we’re beginning to think the world’s going at it all wrong… The world is divided as AI creeps into the creative sphere. Some fear the extinction of future artists, while others embrace its potential. But let’s face it, the truth lies somewhere in between. Perhaps the debate begin somewhere else entirely. Could it be that we have been approaching art the wrong way for so long we’ve forgotten what it was meant to be about?

A new perspective on the art community and creative industry

When new technologies arise, it’s always enlightening to listen in on the debates and discussions that ensue. It’s like peeking behind the curtains of society’s priorities. Oftentimes, the debates reveal more about our values and fears than the technology itself. For instance, the recent uproar caused by the potential impact of AI on the art community and the future of artists highlights our values and beliefs about the role and importance of art in society. And you know what? Perhaps this is an opportunity to do a little makeover. Perhaps it’s time to shift the conversation about AI’s impact on the art community and the creative industry.

It’s not about what an AI art generator can do, it’s about what it can’t.

Rather than fixating on the fear that AI-generated art will render human artists obsolete, we should focus on what truly makes art valuable. The current view of art as merely a product and a cash cow is misguided. Not to mention it also disregards the immeasurable benefits that art brings to both the artist and the audience.

Art is more than a collection of lines and colours. It definitely is much more than a bunch of nicely arranged pixels on a screen. It’s a journey that both the artist and the viewer embark on. A journey of self-expression, emotional exploration, and connection. AI-generated art may be able to mimic the final product, but it cannot replicate the unique and personal journey that a human artist experiences. AI art isn’t about making art. In fact, quite the opposite. AI art is about avoiding making art. Consequently, it can’t transmit that emotional, mental, and spiritual value to the viewer. The creative process, the mental stimulation, the effort, and the dedication put into art creation, are something that only a human being can truly experience.

Future artists still need to be human

Of course, it is natural to freak out when the unknown is coming at you at a vertiginously frightening speed. Particularly when it is seemingly bulldozing everything in its path. However, let’s not forget that nowadays, one of the key drivers for consumers supporting brands, artists, musicians, designers, you name it, is the desire to buy into a lifestyle. Consumers want to uphold certain values, or be closer to a creator they appreciate, be part of their community.

If we only value the end product, we overlook the essence of what art truly is: A form of self-expression. Art is a tool for personal and societal growth, a means of connecting people and creating a more empathetic world. The debate on future of jobs in the art community shouldn’t centre around the fear of AI replacing human artists. Instead, we should reflect on how we can harness the power of AI. How can we use AI to enhance the creative process and amplify the impact that art has on society? Let’s embrace the journey of art, and not just the final destination. Let’s value the unique, human qualities of creativity, empathy, and critical thinking. Only then can we set the stage for a brilliant future for the art community and tomorrow’s trailblazing artists.

How will AI services impact the creative industry?

Even if we manage to shift our perspective on art and all creative jobs or not, the impact of AI on the creative industry is undeniable. And denying it will get us nowhere. It’s not a matter of if no more, it’s a matter of when and how. And that’s precisely where we should turn our focus towards. We can either sit cross-armed, mad at the world and the machines for taking away our jobs and stamping us out of existence; or we can use this opportunity to take our power back and start blazing a new trail as AI-powered artists. How you ask? Well, first of all, we understand that not everything is going to change all at once.

The different phases of AI integration into the creative industry and society as a whole will happen at different paces in different markets. Therefore, they will require different attitudes from us as creatives, developers, entrepreneurs, marketers, brand managers, etc. We are in dire need of some introspection on how we want to participate in this process. What role we want to play in shaping the future of our industry?

Short-term impact of AI services: Automation

The short-term impact will undoubtedly be all about the automation of certain tasks and hype for new tools to aid in creative endeavours. Right now it is clear as day that there are tools, either already out there or currently in development and testing, that could easily (out)perform human labour. People are jumping at the chance to use OpenAI’s ChatGPT as the new google, not to mention its writing capabilities. AI-powered software can help with content creation, animation, and design. Moreover, humans and AI can now work together to create new forms of art that were previously not possible.

However, these AI tools won’t immediately replace human workers. They will, however, be used to work more efficiently, and quickly, and test the boundaries of creativity and imagination. The potential for job losses right off the bat is not as alarming. These tools still require someone behind them who knows how to use them. I.E: How to make the best out of AI services and ensure the results aren’t generic.

Moreover, AI will allow creators to spend less time on menial tasks, and more time just creating. Let’s automate the mundane, and elevate the artistic guys!

Medium-term impact of AI services: Job loss and skill adaptation for future artists

The medium-term impact of AI in the creative industry promises to be nothing short of transformative. This is when we will witness the palpable impact of AI in the industry. As technology continues to evolve, we can expect a steady stream of advancements in AI, leading to a bounty of new and more advanced tools at our disposal. Of course, such progress will come with its own set of challenges, job displacement will possibly be most noticeable during this phase. AI tools will continue to evolve and learn to do more human tasks. Still, we will begin to see the fruits of job creation as a result of AI.

Let’s not forget the ethical considerations that will come into play. Something which we seem to overlook every single time impactful technological advancements occur. After all, technology advances faster than the social, ethical, economic, and political infrastructure needed to support it. We will also be looking at a deeper integration of AI into the creative process, leading to new forms of expression and previously unimagined possibilities for artists and designers. Additionally, AI can help companies to better understand and meet the needs and preferences of their customers, leading to more personalized and effective creative output.

We will still need talent behind AI tools

At this point, it will become common practice to use AI for tasks that are also creative, such as photo editing, writing, designing, concept ideation…etc. However, we will still need the talent behind it. Meaning, you might not need someone who knows how to specifically edit a photo, but you will need future artists, you will need someone who knows what the end result should look like, which is where the talent lies. So photographers and editors will not become obsolete, perhaps their tasks will shift but they will indeed still be very much needed for their artistic vision.

This phase will mark the difference of whether businesses and workers alike either simply survive AI – or not – or actually thrive in it. This will be the time for adapting our skills or perish. Sink or swim.

Source: Hotel Marqués de Riscal in Spain, by architect Frank Gehry in Marriott
Source: AI-generated image in Lexica

Long-term impact of AI services: Transformation of the creative industry

We’re talking about a total transformation of the industry, where AI becomes a seamless part of the creative process. The lines between human-created and AI-generated content will become blurry. Hopefully, once the dust has settled, so will the debate on authorship and ownership as well as the infrastructure to support AI and all its ramifications. Still, the real excitement will come from the birth of entirely new forms of art and media, made possible by the rapid advancements in AI technology.

The shift in the types of jobs available in the creative industry will be clear, as AI will finish taking over some tasks and establish new opportunities created in others. During this phase, we will finally put name, shape, and form to the jobs brought about by AI. All 97 million of them according to the World Economic Forum. There will also be a constant need for creative professionals to continuously upskill and adapt to the changing technological landscape. Moreover, the integration of AI into the creative process has the potential to ignite a fire of innovation and spark a new era of artistic expression.

What could go wrong with the impact of artificial intelligence on society?

We can’t forget that AI is quite a powerful tool, its impact grows by the minute.

OpenAI and ChatGTP founder Sam Altman has already warned that the future of AI is as amazing as it is terrifying. The possibility of AI systems being used for malicious purposes is very much there. We’re talking cyber-attacks, the spread of misinformation, and the development of autonomous weapons.

Altman is well aware of the tragic fate we could all face if such powerful technology continues to evolve and falls into the wrong hands or is misused. Who knows, maybe in 10 years’ time Science-Fiction will become our reality.

All jokes aside though, there is a genuine concern about the widespread unemployment AI services will cause. The 97 million jobs created surpass the projected 85 million that will be lost. Yet we highly doubt that these 85 million people will be the ones taking over the new jobs. As such it is crucial, imminent even, that companies start rolling out training. On top of that, workers themselves should learn the skills necessary to remain relevant in a future job market dependent on AI services.

We seem to be so excited about AI we’re forgotten about the loss of privacy and security that already takes place. A loss which will be exacerbated as AI systems collects and analyze large amounts of personal data.

Source: AI generated artwork inspired by Pablo Picasso
Source: AI generated image gaudism.ai

We need to keep our focus on what matters: The advantages of artificial intelligence

Technology advancements are happening at a lightning-fast pace, and AI is no exception. It’s having a fundamental impact on our social structures, and it’s important to take a step back and assess what this means for our future. We need to embrace change and be proactive in adapting to new technologies. AI presents both opportunities and challenges, and it’s up to us to make the most of it.

Upskill, train, learn, adapt. And remember that when it comes to AI’s impact on the creative industry, it’s crucial to look beyond just the automation of certain tasks. AI can take over some tedious, time-consuming processes, it’s true. But it can never fully replace the human elements of creativity, empathy, and critical thinking. Not unless we, as a society, decide these characteristics don’t matter. If we care about art, and the process, AI shouldn’t result in artists becoming an extinct breed. Plus, jobs that require empathy and social intelligence – such as art therapy, social media management, and creative direction – will always require a human touch.

As we delve into the uncharted waters of AI and its impact on the creative industry, we stand at the brink of a new era of creation. Don’t choose between technology and humanity, embrace both.

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The Engine Of Fashion Creation: Young Designers Taking The Lead https://stage.thenextcartel.com/observatory/the-engine-of-fashion-creation-young-designers-taking-the-lead/ https://stage.thenextcartel.com/observatory/the-engine-of-fashion-creation-young-designers-taking-the-lead/#respond Thu, 26 Jan 2023 14:02:31 +0000 https://stage.thenextcartel.com/?p=38296 The relationship between new materials in the fashion industry and creativity is a symbiotic one. As new materials are developed, they open up a whole new world of possibilities for designers and creators, allowing them to push the boundaries of what is possible in terms of design and functionality. This allows for the creation of truly unique and innovative designs, as well as helps to promote sustainable practices in the fashion industry.

Lately, we’ve been taken aback in awe by some of the pioneering brands we’ve encountered. Brands that are taking the lead in not just following, but rather opening up a path towards – what we hope will be – the future of the fashion industry.

HUBANE makes a statement with every piece it produces

The spectacular avant-garde label HUBANE is truly pushing the boundaries of what is possible with new materials in the fashion industry. Literally aiming to redefine reality, to break the wheel. Their approach to using recycled and sustainable materials allows them to create designs that are not only innovative but also reflective of the values of the creative forward-thinkers of today.

HUBANE
Source: HUBANE
HUBANE
Source: HUBANE

They use recycled plastic bottles to create a fabric that is both durable and eco-friendly. HUBANE’s designs are more than just sustainable, they are also truly unique and unlike anything else on the market. They are not simply fashion, but rather wearable art. Each piece is a one-of-a-kind, hand-made-to-order creation that is both functional and stunning. A statement, a wearable art piece that carries a message. And that message is not only about fashion but also about raising awareness and promoting positive change.

HUBANE is a shining example of how new materials can be used to create a better future for the fashion industry.

gnastiy.com blurs the lines between reality and the virtual realm

In their words, gnastiy.com is much more than a mere fashion label. It is a cloud-based database to store societal memories”.

Vicky Tsang’s brainchild utilizes 3D printing to create unique and otherworldly designs which explore the impact of technology on the contemporary environment.

gnastiy.com‘s intricate creations bring elements of the virtual world into the physical realm and vice-versa. The existence of the garments walks along this line of digital and physical, This exploration of the intersection between the virtual and the physical world adds an additional layer of meaning to their designs, blurring the lines between what is real and what is virtual.

woman lying down gynasty.com
Source: gnastiy.com

Needless to say, this approach to fashion enables a level of customization and sustainability that is hard to achieve with traditional means. Not to mention the much-needed reflection on the impact of technology. For Tsang, fashion is definitely more than something to cover one’s body and look pretty, it’s a powerful medium.

Out with the old, in with the new: Óscar Carretero brings the past into the present

Óscar Carretero is a visionary designer whose work masterfully blends traditional techniques with contemporary materials to create designs that are both sustainable and evocative. He seamlessly integrates techniques such as embroidery and knitting with materials like recycled plastic and metal wire, resulting in garments that are not only unique but also imbued with a sense of timelessness.

Carretero’s ability to adapt traditional techniques to modern times is not only a testament to his creative ingenuity but also a crucial aspect of his work. By preserving and revitalizing these techniques, he honours the past while also pushing the boundaries of what is possible in the present.

Furthermore, Carretero’s work is not simply fashion, it is a powerful statement on conscious consumption and environmental stewardship, as well as a powerful reminder of the importance of cultural preservation. Simply put, it is exciting, relevant, and poignant.

One thing’s for sure, the fashion industry is evolving globally and taking a much larger role in society than it has had traditionally speaking. Partly due to social media and increased visibility. It is more important than ever that the industry reflects the values of forward-thinking people and promotes sustainability, creativity, and self-expression. It’s brands like these that are at the vanguard of change through the utilization of novel materials and inventive design that we need more of. These brands are embracing sustainable materials, but it’s about more than that. They are also pushing the boundaries of what is possible in terms of both aesthetics and functionality, and they’re pushing hard. Thus significantly contributing to the fashion industry’s gradual shift towards a more sustainable future, a more exciting and innovative future. What can we say? We can’t wait to see where this leads us.

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Videogames: The New Art For Creative Story Telling https://stage.thenextcartel.com/observatory/videogames-the-new-art-for-creative-story-telling/ https://stage.thenextcartel.com/observatory/videogames-the-new-art-for-creative-story-telling/#respond Mon, 23 Jan 2023 12:41:15 +0000 https://stage.thenextcartel.com/?p=38148 Videogames have come a long way from their humble beginnings as arcade games in the 70s. Today, they have evolved into a powerful medium for creative story telling, capable of eliciting deep emotions and creating a sense of immersion and engagement that is unparalleled by any other medium. Is interactive gaming the future of story telling?

Gone are the days when video games were simply a source of entertainment. They used to be simple, with basic graphics and gameplay. God, remember way back when you’d mindlessly play pinball on your home desktop computer because your parents had to use the phone you couldn’t connect to the ADSL? For the Gen Zers in the house, worry not, it was before your time.

But now, back to interactive gaming. As technology has advanced, so too has the medium of videogames. Today, they have evolved into so much more. The interactive nature of video games nowadays, added to the technological capabilities, allows for a unique form of creative storytelling, and it’s about time we as a society recognize their potential as a powerful medium for art and expression. Sure, gameplay is still important, but it’s the combination of compelling gameplay and masterful storytelling that sets videogames apart from any other medium. Nowadays, storytelling games are a rich tapestry of intricate storylines, detailed characters, and immersive worlds to explore. From social commentary to education, therapy and much more, the potential of videogames as a storytelling medium is vast and limitless. The future is bright for the medium, and we can expect to see even more innovative and creative uses of videogames as a storytelling medium.

Journey sunset
Source: Journey

Journey proves that less sometimes is more. Simple yet impactful creative story telling.

Let’s take the game Journey, for example. This game is, simply put, a beautiful piece of videogame storytelling. Players take on the role of a robed figure making a pilgrimage across a vast desert. The game is incredibly simple, with no dialogue or traditional narrative structure, yet it creates a sense of wonder and mystery as the player journeys across the desert and discovers the secrets of the game’s world. The ability to encounter another player online, communicating with them only through a single sound yet being able to accompany one another throughout the whole journey, adds a layer of emotion and connection that is pretty damn special. Added to the fact that the visuals are gorgeously and carefully crafted, players can’t help but be sit in awe and wonder when finishing the game. It’s a testament to the power of creative storytelling in interactive gaming.

Interactive stories can keep you on the edge of your seat

Source: What Remains of Edith Finch

But it’s not just about the visuals, the sound and the online gameplay, the creative story telling in videogames can keep you on the edge of your seat, just as much or perhaps even more than any thriller would. What Remains of Edith Finch is such a game. This game allows players to explore the abandoned Finch family home and uncover the stories of the various family members who once lived there. Each story is presented in a distinctive and creative way, using different gameplay mechanics to convey the story. This keeps players engaged and invested in the story as they explore the home and learn about the Finch family. The fascinating feeling of something that inevitably happens in a story, yet the agency of being able to face it in your own time, adds a layer of emotional weight that is unique to interactive stories. It leaves no player indifferent.

The fulfilment of interactive gaming can boost how we feel

Exploration and discovery are also key elements in the art of storytelling in videogames. Games like Outer Wilds take players on an open-world and non-linear journey to a mysterious alien planet. The game’s story is revealed through a combination of environmental storytelling, player discovery, and dialogue. The satisfaction of ‘earning’ this knowledge, and the feeling of fulfilment that comes with it, makes these sort of storytelling games a joyful experience. It’s a refreshing contrast to the idea that all games are about competition, such as Counter Strike or LOL.

Source: Outer Wilds

And let’s not forget about games like Stanley’s Parabole, which are not only entertaining but also smart and thought-provoking. This game is a commentary on choice and agency in interactive gaming, with players’ choices affecting the outcome of the story. The game’s narrative is presented through a combination of live-action video, animation and text. It’s smart and thought-provoking, eliciting a reaction and response from the player that is on par with any movie masterpiece. It’s impossible to play it and not be frustrated, but that’s part of what makes it such a fascinating adventure.

Can we talk about the accessibility and educational potential of videogames?

Accessibility is another area where videogames excel as a storytelling medium. Games like Before Your Eyes, which uses eye-tracking technology to allow players to control the game with their gaze, demonstrate the potential of videogames to make storytelling more accessible to a wider audience. Inclusivity and accessibility are important issues in our society, and videogames like this can help to further promote these values by providing a more immersive and engaging experience for players.

If we then pair this accessibility with the educational potential of interactive games, we could really make a difference in the life of millions of people. Just think about it. Videogames can provide an innovative and interactive way for players to learn and retain information, making it a powerful tool for education. Civilization VI proves so. This game simulates the development of a civilization throughout history, providing players with a deep understanding of historical events, cultures, and the inner workings of government and society. Players must make strategic decisions in order to advance their civilization, and the game’s complexity allows players to learn about economics, diplomacy, warfare, and other important aspects of human history. Through this engaging and interactive experience, players can gain a deeper understanding of history and how civilizations have evolved over time. What a way to learn something new and expand your mind.

Now take it even further from learning facts and stories, how about learning trades and skills with VR? But that’s a story for another time.

before your eyes
Source: Before Your Eyes

It is evident that the medium of videogames has the capability to convey intricate narratives and evoke deep emotions in players, rivaling traditional forms of storytelling. As technology continues to advance, the potential of videogames as a medium for art and expression becomes increasingly apparent. Just think of what we could achieve if we recognize the value and power of the combination of compelling gameplay and masterful storytelling in videogames, and acknowledge the medium as a legitimate form of artistic expression. The future of videogames as a medium for storytelling holds immense potential not only for innovation and creativity but for education and society as whole too. So let’s embrace and explore the countless possibilities of interactive storytelling. And don’t even get us started on VR… It’s about time guys.

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Are 3D Printed Houses The Future Of Home Building? https://stage.thenextcartel.com/observatory/are-3d-printed-houses-the-future-of-home-building/ https://stage.thenextcartel.com/observatory/are-3d-printed-houses-the-future-of-home-building/#respond Thu, 05 Jan 2023 12:58:00 +0000 https://stage.thenextcartel.com/?p=36972 3D printed homes are no longer a futuristic fantasy, they are very much a reality. In fact, 3D printed homes might just be the way forward when it comes to cost-efficient and sustainable house building. This year has seen not only 3D homes being built, but projects of entire neighbourhoods being greenlit. We might just be witnessing a turning point for the future of architecture.

How do 3D printing houses work?

3D printing houses consist of using massive 3D printers to, layer by layer, print the structure of the house. Currently, 3D printing houses limit the work that can be done by the printers to the structure of the building. Meaning elements such as windows, electrical, plumbing…etc still have to be installed using traditional construction methods. Nevertheless, efforts to develop a completely integrated printing software with comprehensive mechanical, electrical, and piping components are well underway.

Advantages of 3D printed homes

As of today, a tiny home’s foundation and walls may be printed using 3D printers in under 24 hours for a fraction of the price of a conventional building. We can safely say that by enabling quicker, more affordable, and more sustainable home construction, 3D-printed homes are transforming the construction business.

3D printed homes: The future of sustainable house building

3D printed homes have been hailed as the future of sustainable house building. This green technology produces around 30% of the waste that a typical construction job would. On-demand component printing makes it simple to recycle any leftover materials. Moreover, recycled plastic and other indestructible materials can be used to create the cement mixture that is utilized in 3D printers.

Source: Dezeen

Plus, we can’t forget that 3D printing homes translate into significantly shorter supply chains. Just think of the number of collateral pollution constructions usually generate simply by getting moving the materials around to extract them and get them where they need to be.

3D printed homes are cost-efficient, and therefore accessible

Due to savings in raw materials and, more crucially, labour, 3D printed buildings have substantially cheaper construction costs than traditional techniques. Using 3D printers to accomplish the majority of the building can save the labour expenses associated with an architectural project by up to 80%. By doing away with the necessity for maintaining massive storage facilities and daily transportation of building materials, 3D printed buildings also minimize production costs.

Just so that you can have an idea of the labour costs, the biggest 3D printed building in Dubai took one printer and three workers to make.

At roughly $10,000 on average right now, 3D-printed homes are shockingly affordable to produce. ICON, the pioneer in 3D-printed homes, thinks that these homes will become even more economical in the future, with a projected aim of decreasing construction to $4,000.

The cost-effectiveness of 3D printing housing is one of the major reasons behind 3D neighbourhoods being built in the first place. Such is the case for New Spirit Village, the 3D printed neighbourhood in Oregon, USA being built for the numerous families that lost their homes in the 2020 Alameda Wildfire. 84 affordable, eco-friendly, and fire-resistant homes equipped with solar panels, heat pumps, and a less combustible concrete framework that was 3D printed.

Source: Arch Daily

Increased creative freedom

This sustainable technology not only frees up the monetary and sustainability fee one has to invest, but also the creative restrictions that come with traditional home-building techniques. Not just because the material in itself allows for much more flexibility of shape, but because any sort of alteration of the traditional square-shaped house comes with a hefty fee, firstly to find someone who will design it, and secondly to find someone who can physically build it.

However, with 3D technology homebuyers can personalize their home’s shape and build in the blueprint phase without incurring a significant cost.

3D printing will build the homes of the future

… and we don’t mean just figuratively. Dubai has already stated that by 2023, 25% of their homes will be built with the 3D printing method.

ICON, a Texas-based 3D technology business, began the construction on what will become the world’s largest 3D-printed neighbourhood back in November. A few weeks later ICON received a roughly $60 million contract from NASA’s Small Business Innovation Research (SBIR) program, enabling the continuous research of extraterrestrial settings including the Moon and Mars. Translation: They want to build stuff in space using 3D printers.

So if that’s not an indicator that 3D printed homes and sustainable house building are the future of architecture, we don’t know what is.

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What Happened With FTX And What Does It Mean? https://stage.thenextcartel.com/observatory/what-happened-with-ftx-and-what-does-it-mean/ https://stage.thenextcartel.com/observatory/what-happened-with-ftx-and-what-does-it-mean/#respond Mon, 26 Dec 2022 11:41:39 +0000 https://stage.thenextcartel.com/?p=36456 If you, in any way, shape or form, have been in contact with anything remotely crypto-related in the past couple of months, you will have unavoidably come across the FTX scandal. The whole ordeal has only gotten exponentially worse since pardon our language, shit hit the fan in early November. With the gravity and magnitude of the damage and implications revealing themselves to be significantly worse than anyone could have anticipated. Since November the account of what truly went down has shocked the crypto-community to the core. While it can all seem a little complicated if you’re not well-versed in financial and crypto-terms it boils down to one thing: Fraud. 

Here’s what you need to know. Let’s start with the basics, shall we?

What is FTX?

FTX is a, now bankrupt, cryptocurrency exchange. A business that allowed people to trade cryptocurrencies for other assets, be that other digital currencies or actual money. FTX was the second cryptocurrency exchange before its demise, just behind Binance, and ahead of Coinbase. 

Is FTX a cryptocurrency then?

Not exactly. FTX is the cryptocurrency exchange, FTX’s token is called FTT. FTT is the cryptocurrency, the token. However, some people have been known to use the terms FTX and FTT interchangeably, which is confusing. To us at least. 

How did FTX begin?

FTX was founded in 2019 by 27-year-old MIT graduate Sam Bankman-Fried, known in the crypto world as SBF. The California native entrepreneur grew one of the most, apparently, successful crypto-businesses in just a couple of years. Bankman-Fried was even considered a crypto-hero after coming to the rescue of TerraUSD, a cryptocurrency that crashed hard in May. Funnily enough, SBF is now being accused of manipulating the market and actually causing said crash. 

Source: IFLR

What happened to FTX? 

The beginning of the end for FTX was shed light on November 2nd by CoinDesk which questioned FTX’s solvency. But the foundations for FTX’s demise were laid from the beginning, CoinDesk merely pointed it out. Basically, FTX was built on a house of cards, and Alameda Research was the first card to fall. FTT on the other part was the first card to be laid. For the record, Alameda Research was a crypto-hedge fund created, also by SBF, to provide liquidity to FTX.

FTX was a Ponzi scheme

FTT was revealed to be a Ponzi scheme, SBF even bragged about it in a podcast. Like WTF? FTX was a Ponzi scheme which SBF then used to buy billions in collateral which he then couldn’t pay back. What he did do with that real-life money was buy sinking ships. Companies that were failing massively to sweep in, “save them” and add them to his crypto empire.

When people bought from FTX they thought they were buying crypto, when in fact they were buying an IOU. What is an IOU? It’s an informal acknowledgement of debt but it’s not an actual purchase. So when someone wanted to withdraw money, FTX would simply move around client money. It usually works as long as IOU holders don’t all decide to cash in their debt at the same time. However, clients and investors weren’t aware of this, since the lenient and lax regulations for crypto allowed for quite the opacity in the way it worked. Trusting SBF’s words, which turned out to be lies.

When Alameda Research was unmasked, the domino fall began

When Coindesk pointed out that Alameda Research’s balance sheet was mostly dependent on the asset of ‘unlocked FTT’ ($14.6 billion) and ‘FTT collateral’ ($2.16 billion) it was clear that Alameda and Research and FTX did not operate as separate entities, meaning Alameda Research was completely vulnerable in the face of FTT volatility. 

When news broke out, Binance, who owned a sizeable portion of FTX holdings, initially offered to bail out FTX. However, after investigating the company further they must’ve found quite a few irregularities because they parted ways with FTX instead and liquidated all the FTT they owned. People began to follow suit, trying to liquidate their money and leave FTX. It immediately became apparent that FTX could not pay people their money, because there was no money so to speak of. 

FTX declared bankruptcy after being unable to meet around $8 billion in customer withdrawal requests. 

Where did all the FTX money go?

The 32 billion dollars he amassed in years seem to have vanished into thin air. But how is this possible? Well, Sam Bankman-Freid would use investor money and clients’ money to carry out his own activities. He fooled everyone into believing that FTX was immensely profitable and that it did not use client assets to invest and that it had enough money to cover all client holdings. But nothing was further from the truth, he misappropriated billions here and there, left, right, and centre. Trying to save his family’s hedge fund, Superbowl commercial, countless properties in the Bahamas, contributions to political parties… The list goes on and on. 

Where is SBF now?

For these past two months, people could not believe that SBF was walking free, even being invited to interviews after all this news broke out. It seemed preposterous. Last week, however, he was finally arrested in the Bahamas and taken to the US to face court for orchestrating one of the biggest frauds in US history. 

What does all of this mean for crypto?

Unfortunately, the backlash of the FTX Scandal has reverberated all throughout the cryptocurrency world. Many crypto-sceptics have taken this as an opportunity to have their “I told you so” moment. The lack of regulations in crypto and its astronomically exacerbated growth are precisely what have allowed something like this to happen. The venture grew significantly faster than the infrastructure around it, and instead of nurturing and caring for it, ensuring it was being built in a sustainable, efficient manner, SBF did the complete opposite. 

Source: Photo by Ant Rozetsky on Unsplash

Many worries that the crypto world is now in danger, at risk of becoming highly regulated. But isn’t this what happened to the traditional financial industry too? People took advantage of it, ruined the system for everyone and so harder regulations were put in place after the 2008 financial crisis in order to protect investor assets and limit the risk banks and other firms could take.  

Clearly, there is an element of regulation that might have helped avoid all of this, but many of the crimes committed by SBF were actually possible due to holes in the actual system. While outside of the crypto-world companies are forced to be a hell of a lot more transparent, Fraud is widespread, and bribing politicians is ridiculously common, as are Ponzi schemes. 

Do we need harsher crypto regulations?

Sure it would be lovely to believe that we don’t need regulations, but we can’t seem to trust ourselves. Time and time again we prove that we can’t trust a society where greed is rampant, and bad apples can cause the demise of a system others have worked hard to build and protect. Are harsh regulations our only hope?

It just seems like we have our priorities all wrong. Something that could be a beautiful use of technology fostering community and innovation was turned into a quick buck scheme to exploit and throw away. Clearly, we should start catching on earlier by now that if someone’s becoming a billionaire overnight, someone else is getting screwed. 

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Digital Fashion Film At Its Finest: METAGALA 22 https://stage.thenextcartel.com/observatory/digital-fashion-film-at-its-finest-metagala-22/ https://stage.thenextcartel.com/observatory/digital-fashion-film-at-its-finest-metagala-22/#respond Fri, 23 Dec 2022 15:57:14 +0000 https://stage.thenextcartel.com/?p=36451 The fashion film METAGALA 22 just premiered on R2W TV and what can we say… We love it. The carefully curated depiction of the Metaverse through an underwater hotel is enthralling, to say the least. The visuals are a love letter to digital fashion lovers, the underlying theme, on the other hand, is a love letter to ocean conservation and the protection of natural ecosystems.

Visually striking, consciously deep, and exciting as can be. METAGALA 22.

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