Artificial intelligence blockchain Fetch.ai has developed a new NFT marketplace for AI-generated art, allowing users to collaboratively create digital collectibles using machine learning technology.
Colearn Paint is a new platform that allows groups of producers to automatically make and own NFTs created by a machine learning algorithm.
According to Humayun Sheikh, CEO of Fetch.ai, the platform is focused on “abstract compositions,” and “collective learning” is a big trend for the future.
The use of deep learning algorithms to data and privacy is referred to as collective learning in artificial intelligence.
Colearn Paint users will be guided through a three-step method for making random NFTs. The first stage is to participate in the collaborative learning process by bidding in a Dutch auction.
Winning bidders will enter a “randomness pattern” and choose artwork from a list of AI-generated possibilities. The development and selling of the NFT is the final phase, which allows users to split profits among themselves.
NFTs have become one of the most prominent blockchain use cases, with investors and venture capitalists eager to back this ostensibly creative future.
This year has seen the creation of several high-profile NFT marketplaces, each with its own focus and desired value. In 2021, the fledgling business struck its stride, with NFT sales exceeding $2.5 billion in the first half of the year.
Fetch.ai believes that AI-generated art solutions could help push the NFT market in the right direction by making it easier for users to create and monetize digital abstractions.