Artificial intelligence blockchain lab Fetch.ai has launched a new NFT marketplace for AI-generated art, giving users the ability to create digital collectibles collaboratively using machine learning technology.
Blockchain artificial intelligence lab Fetch.ai has introduced a new NFT marketplace for AI-generated art, providing users the power to develop digital collectibles in a collaborative setting through machine learning technology. The latest platform gave an unofficial name to Colearn paint giving groups of creators to automatically create and collectively own NFTs designed by a machine learning algorithm.
The platform is moving towards “abstract compositions” says Humayun Sheikh, CEO of Fetch.ai, who stated “collective learning” as a major trend for the future. Collective learning is an idea within artificial intelligence that means the application of deep learning algorithms to data and privacy. Users of Colearn paint will be introduced to a three-step process for developing aimlessly created NFTs. The initial step gives details om bidding through a dutch auction to participate in the collective learning process. The winning bidders will input a
“randomness pattern” and select art from the already set AI-generated options. The last move is creation and sale of the NFT, which will let the users to distribute the profits among themselves.
NFTs have come up as one of the most important and known blockchain use cases, with investors and venture funds interested to support this reputed future of creativity. With many high-profile NFT marketplaces introduced this year, each known for its level of concentration and desired utility. This budding industry has reached a hit in 2021, with NFT sales topping $2.5 billion in the first half of the year. Based on a recent report, the credit card gaint visa recently made a hit in the NFT space by buying a CryptoPunk for $150,000. During June, a CryptoPunk NFT was sold for $11.8 million on Sotheby’s auction house. Fetch.ai thinks that AI-generated art options could direct the journey of the NFT market by providing users a more streamlined process for developing and monetizing digital abstractions.