Artificial intelligence blockchain lab Fetch.ai has created a distinct NFT marketplace for AI-generated art, allowing users to collaborate on the creation of digital artifacts using machine learning technology. The novel Colearn Paint platform enables teams of artists to automatically develop and jointly own NFTs created by a machine learning algorithm.
As per Humayun Sheikh, CEO of Fetch.ai, the platform is oriented for “abstract compositions,” and “collective learning” is a major element for the coming years. Collective learning is an artificial intelligence phrase that applies to the use of deep learning algorithms to information and privacy.
Colearn Paint customers will be guided through a three-step procedure to create totally random NFTs. The foremost stage is to engage in the communal learning procedure by bidding in a Dutch auction. The successful bidders will enter a “randomness pattern” and choose art from a set of AI-generated choices.
The last stage is to create and sell the NFT, which will enable users to split earnings between themselves. NFTs have evolved as one of the most prominent applications of blockchain, with investors and venture capitalists eager to support this ostensibly creative era.
This year has seen the introduction of many high-profile NFT markets, each with its own emphasis and intended usefulness. In 2021, the fledgling business has really taken off, with NFT sales exceeding $2.5 billion in the first half of 2021.
Interestingly, credit card giant Visa created a stir in the NFT sector by paying $150,000 for a CryptoPunk. A CryptoPunk NFT was auctioned for $11.8 million at Sotheby’s auction house in June. Fetch.ai thinks that AI-generated art choices may influence the NFT market by making it easier for consumers to create and monetize digital representations.
