Fetch.ai, the blockchain artificial intelligence lab, has launched a new non-fungible token (NFT) marketplace for AI-generated art, giving users the ability to create digital collectibles in a collaborative setting through machine learning technology.
It has been reported that the new platform, named Colearn Paint, allows groups of creators to automatically generate and collectively own NFTs designed by a machine learning algorithm.
Humayun Sheikh, the CEO of Fetch.ai, said that the platform is geared towards “abstract compositions,” who cited “collective learning” as a major trend for the future.
However, collective learning is a concept within artificial intelligence that describes the application of deep learning algorithms to data and privacy. Users of Colearn Paint will be taken through a three-step process for creating randomly generated NFTs. The first step entails bidding through a dutch auction to participate in the collective learning process.
The report said that the winning bidders will input a “randomness pattern” and select art from the prearranged AI-generated options. The final step is the creation and sale of the NFT, which will allow users to distribute the profits among themselves.
Likewise, NFTs have emerged as one of the most popular blockchain use cases, with investors and venture funds keen to back this so-called future of creativity. Several high-profile NFT marketplaces have launched this year, each with its own focus and desired utility. The nascent industry has truly hit its stride in 2021, with NFT sales topping $2.5 billion in the first half of the year.
As reported, credit card giant Visa recently made a splash in the NFT space by purchasing a CryptoPunk for $150,000. In June, a CryptoPunk NFT sold for $11.8 million on Sotheby’s auction house.
Thus, Fetch.ai believes that AI-generated art options could steer the direction of the NFT market by giving users a more streamlined process for creating and monetizing digital abstractions.