Fetch.ai, the Blockchain artificial intelligence lab has recently launched a new NFT marketplace for artwork generated from Artificial Intelligence. This new platform is allowing users to create digital collections in a collaborative environment using machine learning technology. They call this new platform Colearn Paint. Furthermore, it allows teams of creators to automatically create, share and collectively own NFTs developed using machine learning algorithms. Also, according to Humayun Sheikh, CEO of Fetch.ai, the platform is focused on “abstract compositions”, and he said it involves “team learning” which is a key trend of the future.
Collective learning is an AI concept that describes the application of deep learning algorithms to data and privacy. Colearn Paint users will go through a three-step process to develop randomly generated NFTs. The first step is to apply at a Dutch auction to participate in the collective learning process. Competition winners will input a “randomness pattern”. They will select the art from AI-generated presets. The last step includes the creation as well as the sale of their NFTs. This will allow the users to distribute profits among them.
Booming NFT Market
NFT has become one of the most popular blockchain use cases as investors and hedge funds seek to support this so-called future of innovation. Moreover, several premium NFT markets have been launched this year, each with its desired focus and usefulness. The nascent industry has now reached its pace in 2021, with NFT sales in the first half of the year reaching a whopping $2.5 billion. As earlier reported, Credit card giant, Visa has recently caused a stir in the NFT space with its $150,000 purchase of CryptoPunk.
In June, CryptoPunk NFT was sold at Sotheby’s for $ 11.8 million. Fetch.ai firmly believes that these AI-generated artworks can shape the NFT marketplace. It will provide users with a more streamlined process for creating and thus monetizing digital abstract artwork.