Blockchain artificial intelligence laboratory Fetch.ai has launched a new NFT marketplace for AI-generated art that enables users to create digital collectibles in a collaborative environment through machine learning technology.
The new platform, called Colearn Paint, enables groups of developers to automatically generate and jointly own NFTs designed by a machine learning algorithm. The platform is geared towards “abstract compositions”, according to Humayun Sheikh, CEO of Fetch.ai, who named “collective learning” as an important future trend.
Collective learning is a concept within artificial intelligence that describes the application of deep learning algorithms to data and privacy.
Colearn Paint users are guided through a three-step process of creating randomly generated NFTs. The first step is to bid through a Dutch auction to participate in the collective learning process. The successful bidders enter a “random sample” and select works of art from the previously arranged AI-generated options. The final step is to create and sell the NFT, which will allow users to split the profits among themselves.
Related: Fetch.ai (FET) reaches a two-year high after DeFi integration and Bosch partnership
NFTs have become one of the most popular blockchain use cases where investors and venture funds want to support this so-called future of creativity. Several high-profile NFT marketplaces have been launched this year, each with its own focus and purpose. The emerging industry really made headway in 2021, with NFT sales exceeding $ 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 buying a CryptoPunk for $ 150,000. In June, a CryptoPunk NFT was sold for $ 11.8 million at Sotheby’s auction house. Fetch.ai believes that AI-generated art options could steer the direction of the NFT market by providing users with a streamlined process for creating and monetizing digital abstractions.
Related: Alethea AI, backed by Mark Cubans, completes private token sale valued at $ 16 million