Ordinals + AI = Fun
So I came up with this idea of an ordinal wallet that uses a midjourney API to make the metadata to inscribe in a satoshi, then you you have another AI service that gives an appraisal of the ordinal based on the rarity of the serial number.
### The problem with NFTS (On Altcoins)
Although these tokens are nonfungible, they are not finite. In fact, there is no cap on the supply, that's up to the developer.
What gives art its value is its true scarcity, a one of a kind collection is what makes are rare.
When you upload metadata to IPFS or Arweave as many times as you want, the art becomes intrinsically worthless.
### The solution.
Bitcoin does everything better than Ethereum, including NFTs. This is because ordinal theory solves for the digital scarcity problem by assigning serial numbers to satoshis. Not mention, the metadata is hosted on chain and is by default immutable.
This presents a massive untapped market for artists, collectors and creatives!
An AI Ordinal Wallet
The wallet would work as a dockerized environment building Bitcoind, the Ord wallet, and the midjourney API.
``` +--------------------------------------------------------+
| Docker Compose |
+--------------------------------------------------------+
| |
| +-----------------------+ +-------------------+ |
| | Bitcoin Core | | Ordinal Wallet | |
| | Service |<----| Service | |
| +-----------------------+ +-------------------+ |
| ^ ^ |
| | | |
| | | |
| +------------------------+ | |
| | Volumes | | |
| | (bitcoin-data) | | |
| +------------------------+ +------------------+ |
| | |
| | |
| +-----------------+ |
| | Midjourney API | |
| | Service | |
| +-----------------+ |
| |
+--------------------------------------------------------+
```
- The outer box represents the Docker Compose setup.
- Inside, there are three boxes representing the three services: Bitcoin Core Service, Ordinal Wallet Service, and Midjourney API Service.
- The arrows represent the dependencies between the services. For example, the Ordinal Wallet Service depends on the Bitcoin Core Service.
- There is also a Volumes box which is used by the Bitcoin Core Service for data persistence.
The Frontend would look something like this...
```plaintext
User ChatBot MetadataSelection AI_Appraisal
| | | |
|---Inputs Art Description--->| | |
| |<--Confirms Art Description--| |
| | | |
|<---Asks for Metadata--| | |
|---Selects Metadata--->| | |
| |<--Confirms Metadata--------| |
| |---Metadata to Wallet------->| |
| | |<--Requests Appraisal-------|
| | |---Sends Serial Number----->|
| | |<--Returns Appraisal--------|
|<---Shows Appraisal----| | |
```
Explanation:
- User interacts with a ChatBot, describing the art to be generated.
- ChatBot confirms the description of the art.
- ChatBot then asks for metadata selection.
- User selects the metadata and ChatBot confirms it.
- ChatBot sends metadata to Wallet (assuming the wallet is a separate module/service here).
- MetadataSelection (wallet) requests an appraisal from the AI_Appraisal service.
- AI_Appraisal takes the serial number of the sat (Satoshi, the smallest unit of Bitcoin) and returns the appraisal for the what the creative should sell their ordinal for.
- The ChatBot then shows the appraisal to the user.
- The user would then auction the ordinal and we would get a commission 5-7% commission.
Lastly, the user would use lightning for micropayments of each service.
The backend I have a good grasp with, I have dockerized the oridnal wallet before. I really need a frontend dev that uses figma and an additional backend dev that knows about how to implement lightning payments on a service.
Would really appreciate your thoughts on the design and feedback guys!
Thanks!