The launch of ChatGPT has garnered global attention, marking a significant milestone in the field of Generative Artificial Intelligence. While Generative AI has been in effect for the past decade, the introduction of ChatGPT has ignited a new wave of research and innovation in the AI domain. This surge in interest has led to the development and release of numerous cutting-edge tools, such as Bard, Stable Diffusion, DALL-E, Make-A-Video, Runway ML, and Jukebox, among others. These tools exhibit remarkable capabilities, encompassing tasks ranging from text generation and music composition, image creation, video production, code generation, and even scientific work. They are built upon various state-of-the-art models, including Stable Diffusion, transformer models like GPT-3 (recent GPT-4), variational autoencoders, and generative adversarial networks. This advancement in Generative AI presents a wealth of exciting opportunities and, simultaneously, unprecedented challenges. Throughout this paper, we have explored these state-of-the-art models, the diverse array of tasks they can accomplish, the challenges they pose, and the promising future of Generative Artificial Intelligence.