Is Artificial Intelligence Ruining Art? Two Ways To Make Money Off Other People's Art

Current culture tells us it's essential to have a side hustle. The phrase itself has made its way mainstream in recent years thanks to high-profile celebrities pushing the practice.

Warren Buffett has long preached the importance of seven streams of income. His influence reached Jay-Z, who famously said “I’m not a businessman; I’m a business, man.” Jay-Z’s songs routinely drop gems about ways to earn passive income. His sentiments are shared by Gary Vaynerchuk. The creator of VeeFriends (an NFT endeavor), chairman of VaynerX and CEO of VaynerMedia has a vast array of videos explaining side hustles to choose from. Videos and passionate speeches range from flipping everyday products to scouring yard sales to retail and real estate arbitrage. The main point, however, is always to just do it. Just. Start.

Savvy entrepreneurs are taking advantage of artificial intelligence (AI) to perform their side hustles for them. One way artists and photographers can make money is by selling their work to stock photography sites. How lucrative it is as an endeavor depends a bit on marketing, happenstance and talent.

A new crop of stock-art entrepreneurs is making waves. Artists have started selling AI-generated art. The quick results and lack of labor allow creative minds with an extensive vocabulary to submit tons of original art in a short amount of time. Results can be as silly or as complex as needed. The argument over whether this process constitutes art may be a debate that lingers for generations; however, it is efficient and here to stay. Say hello to an art form for the left-brained.

Art can be a good investment, too. Forbes mentions Jay-Z’s art portfolio in detail. Vaynerchuk’s VeeFriends endeavor is based around art and NFT technology. Buffett has actually spoken against art as an investment, famously providing math on the King of France’s purchase of the Mona Lisa, stating that placing the $20,000 price tag in a modest 6% investment package would have resulted in $1 quadrillion in 1963), as opposed to the $100 million it was worth in 1963. However, many of Buffett’s investment rules reflect favorably on art as an investment.

Billionaires exist for a reason. They routinely make smart investments and minimize dumb ones. You can do the same by mimicking their investment strategies. Stick with investments that have proven profitable time and time again over decades or centuries if you’re unsure about the stock market’s volatility or impending recession.

How can you invest in art?

If you don’t want to spend millions on a yellow Basquiat for your kitchen counter, you can still have a stake in a masterpiece. Consider something like Masterworks, a crowdfunded art ownership platform that allows investors to own shares of famous works of art. Artwork is held in a climate-controlled, secure environment while Masterworks searches for an independent collector or buyer to sell at a profit. When a piece is sold, investors receive a share of the profits proportional to their initial investment. With historic returns of around 16%, it’s an opportunity you can’t afford to miss.

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