Case Study: Eponym by Art AI
Art AI is an art technology company that uses artificial intelligence to generate bespoke artwork for customers. Given a prompt, their proprietary AI technology is able to produce artwork in an array of painting styles. Art AI were looking to monetise their AI-generated art using a traditional e-commerce solution. The goal was to provide customers with the ability to create unique artwork, purchase it online, and have it shipped to them.
Key technologies:
Technical Leadership and Advice for Monetisation
As the technical consultant for Eponym's AI Art monetisation project, our team provided technical leadership and advice to help Eponym monetise their AI-generated art. After consultation with the client, our team created an e-commerce solution, using Stripe, that allowed customers to create bespoke artwork using the AI. The solution provided a seamless and easy-to-use interface that allowed customers to choose from a wide range of styles and designs. Customers could then preview their artwork before purchasing it.
Advising on the pivot of the product to a novel Web3 NFT experience
After the launch of the e-commerce product, the conversion rate was not as high as hoped. We had two options ahead of us: Iterate on the initial product, highlight areas we could improve on the drop off rate and increase the purchase conversion rate. Alternatively, pivot and come up with a different means of monetising their AI. Ultimately, with runway running out, it was decided that we would focus efforts on a higher risk monetisation solution on the blockchain. Our team provided advice on how to pivot the product to the web3 market, detailing the technical requirements needed to develop a novel NFT minting experience.
Generative AI Art on the blockchain
Our team's guidance and technical leadership were critical in helping Art AI create a one of a kind NFT minting experience. Utilising the Ethereum blockchain, we allowed users to pre generate artwork from a prompt using the AI before minting it as part of a 10,000 item NFT collection. We also made introductions in the space to web3 marketing professionals.
The new product, called Eponym, was a huge success - earning $3 million in revenue in just 10 hours. The Web3 NFT experience provided customers with a unique opportunity to purchase and own AI-generated artwork as NFTs, which provided a level of ownership and scarcity not available with traditional e-commerce solutions.
Continued support and consultancy for follow-on Ethereum NFT products
As Eponym by Art AI sought to continue their success in the Web3 space by developing new NFT products, our team provided continued support and consultancy to ensure that the products were technically sound and met customer expectations. Our team provided advice and hands on technical solutions on best practices for smart contract development, security auditing, and blockchain integration. Our continued support helped Eponym maintain its position as a leader in the blockchain AI art space.
Conclusion
Our technical consultancy for Eponym's AI Art monetisation project was critical in helping the company pivot to a new market and develop a novel Web3 NFT experience. Our technical leadership and advice helped Eponym monetise its generative art AI, resulting in a highly successful Web3 NFT product that earned $3 million in just 10 hours. Our continued support and consultancy helped Eponym maintain its position as a leader in the AI art space and develop new NFT products on Ethereum and over $16 million in volume on the secondary market.