Blockchain artificial intelligence lab Fetch.ai has launched a new NFT marketplace for AI-generated art, giving users the ability to create digital collectibles in a collaborative setting through machine learning technology.
The new platform, dubbed Colearn Paint, allows groups of creators to automatically generate and collectively own NFTs designed by a machine learning algorithm. The platform is geared towards “abstract compositions,” according to Humayun Sheikh, CEO of Fetch.ai, who cited “collective learning” as a major trend for the future.
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 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.
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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 Cointelegraph 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. 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.
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