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U.K.-based artificial intelligence labs Fetch.ai has announced the launch of a new NFT marketplace ‘Colearn Paint’ that allows users to create and own NFT artwork generated by the machine learning algorithm.
Fetch.ai Launches AI-based Collaborated NFT Art Platform
The latest NFT marketplace ‘Colearn Paint’ will allow creators to generate NFT-based art using artificial intelligence. More than 100 artists can now create an abstract composition together and collectively own the AI-generated work of art, per the announcement.
Creating NFTs on the platform involves a three-step process. The first step includes bidding through a dutch auction to select participants. Winners then participate and select art from the AI-generated options. The final step involves the creation and sale of the NFT.
Remarking that collective learning framework is the future, Fetch.ai CEO Humayun Sheikh, said:
“Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model, not a human. As NFTs continue to gain popularity, trained machine learning algorithms will streamline the process for users to create and sell these abstract compositions. We know the collective learning framework is the future, and we see this model being adopted for a multitude of products beyond NFTs.”
The new NFT marketplace will be part of Fetch.ai’s Collective Learning framework for blockchain-based machine learning. Developers and creators can train the machine learning models combined with the benefits of decentralized technologies.
Explosive Growth of NFTs
NFTs have emerged as one of the most popular blockchain use cases with several high-profile NFT marketplaces being launched this year. The nascent industry went on a boom in July with NFT sales topping $2.5 billion, up from $13.7 million in the first half of 2020.
Since then, many platforms have launched to meet the surging demand where creators can mint NFTs they created and sell them through an auction.
Initially, the NFT metaverse saw massive popularity with projects like CryptoKitties. However, with the record-breaking sale of Beeple’s Everyday for about $69 million in Ethereum, many brands are taking the plunge into NFTs.