{"id":6729,"date":"2023-05-03T21:08:53","date_gmt":"2023-05-03T21:08:53","guid":{"rendered":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/03\/how-a-digital-artist-used-chat-gpt-to-create-a-50m-meme-coin\/"},"modified":"2023-05-03T21:08:53","modified_gmt":"2023-05-03T21:08:53","slug":"how-a-digital-artist-used-chat-gpt-to-create-a-50m-meme-coin","status":"publish","type":"post","link":"https:\/\/nft.runfyers.com\/index.php\/2023\/05\/03\/how-a-digital-artist-used-chat-gpt-to-create-a-50m-meme-coin\/","title":{"rendered":"How a Digital Artist Used Chat GPT to Create a $50M Meme Coin"},"content":{"rendered":"

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Anything can happen in Web3. In fact, one of the most alluring aspects of the crypto and NFT space is its Wild West-like nature; play your cards right, and you might stumble into generational wealth in a way that just isn\u2019t possible anywhere else. And while scams, fraud, and ruin certainly rank among the seemingly endless possibilities the space has to offer, it\u2019s important to remember that innovation and even altruism do, too.\u00a0<\/p>\n

One of the more encouraging stories Web3 has seen in the last few days is the rise of $TURBO<\/a>, a meme cryptocurrency<\/a> created as both an experiment and piece of performance art by artist Rhett Dashwood (AKA Mankind). Mankind is a Sotheby\u2019s-selling<\/a> OG crypto artist whose work often depicts ethereal and otherwordly scenes and figures covered in saturated colors.<\/p>\n

The gimmick behind the token\u2019s rise? Mankind created the coin with a $69 budget and the help of ChatGPT \u2014 and with no experience in coding or creating a coin to speak of.<\/p>\n

You might say his experiment has been a success. $TURBO currently has a market cap of $50 million<\/a> and has done over $26 million in volume in the last 24 hours alone. Here\u2019s how he did it.<\/p>\n

Starting from scratch<\/h2>\n

\u201cI gave ChatGPT-4 a budget of $69 and asked it to make the next great meme coin,\u201d read Mankind\u2019s April 23 tweet<\/a>. The simple premise was the product of Mankind\u2019s reflection on the current state of the crypto art space.\u00a0<\/p>\n

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I gave GPT-4 a budget of $69 and asked it to make the next great meme coin.<\/p>\n

I will follow all instructions it gives me and document the process here. <\/p>\n

Follow and participate \ud83d\udc47 pic.twitter.com\/bBxkxkg7eS<\/a><\/p>\n

\u2014 Rhett Mankind (@rhett) April 23, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

\u201cI\u2019ve been in crypto art for quite a few years, and this year has been absolutely dead for trying to sell digital art,\u201d Mankind said in a recent YouTube video<\/a> in which he describes his reasoning for starting the project.\u00a0He\u2019s not wrong. NFT sales volumes<\/a> are at 20-month lows, and the entire Web3 ecosystem is feeling the weight of a crypto winter that nobody can see the end of. <\/p>\n

Mankind says he figured that it was the perfect time to play around with some AI tools he\u2019d been exploring lately, with ChatGPT being front of mind. Perhaps, he thought, he could draw people\u2019s attention to his artwork through an experiment.\u00a0<\/p>\n

The first thing ChatGPT told him to do was flesh out the concept. This included coming up with a name for the coin, a catchy backstory, and a logo. Mankind then asked ChatGPT to further assist in the creation of a name or come up with other ideas.\u00a0<\/p>\n

As part of the experiment, he encouraged his Twitter followers to help him with the decision-making process. Giving them four options from GPT\u2019s suggested list of ten meme coin names \u2014 HypeHound, AstroCorgi, FomoFeline, and TurboToad \u2014 his followers overwhelmingly selected TurboToad as the way to go.<\/p>\n

After coming up with a name for the coin\u2019s mascot, a character called Quantum Leap, Mankind used Midjourney<\/a> to help him create the logo. Again polling his followers to choose the mascot image, he settled on a cute, Pixar-esque image of a yellow-orange toad character wearing a spacesuit.\u00a0<\/p>\n

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TurboToadToken \u2013 GPT-4 described the mascot, affectionately known as Quantum Leap, as a futuristic toad. I merged this with top 4 styles on Midjourney. Which do we go with? pic.twitter.com\/6I9940exlb<\/a><\/p>\n

\u2014 Rhett Mankind (@rhett) April 24, 2023<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Code big or code home<\/h2>\n

At this point in the experiment, Mankind encountered a hurdle. ChatGPT\u2019s capabilities are limited as the program is trained on data up until September 2021<\/a>, with no access to developments beyond that point. This caused the artist to consider how the lack of access to trends in the coin economy beyond that point might affect the kind of information he was getting from the AI. After feeding new and updated context back into ChatGPT, the AI gave him new information and advised him to write the code for the project. The only problem was that he had no idea how to code. <\/p>\n

\u201cThis was probably the first stumbling block,\u201d Mankind said of his experience. It was problematic because the AI had instructed him to go learn how to code, something he had neither the time nor desire to do. So, Mankind\u2019s natural next question was, \u201cCan you help me do the Solidity coding?\u201d After hours of back and forth with Mankind and the AI creating and checking the code together, the artist succeeded.\u00a0<\/p>\n

By the end of the first day of the experiment, Mankind had developed<\/a> the concept of the coin, the tokenomics, its white paper, and had 75 percent of its smart contract written.\u00a0<\/p>\n

\u201cI thought that was amazing. In one day, to be able to get that far.\u201d Mankind said.<\/p>\n

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