Fetch.ai, a Cambridge-based artificial intelligence company, today announced the launch of Colearn Paint, a new non-fungible token (NFT) platform that will allow creators to develop NFTs using a machine learning algorithm.
NFT marketplaces have sprung up in tandem with the increase in NFT sales over the last year. The NFT marketplace OpenSea, according to DappRader, saw approximately US$1.84 billion in sales volume in the last 30 days. NFTs have gained popularity in a variety of forms, including collectibles, artwork, and games like Axie Infinity. Visa, the payments behemoth, has paid US$150,000 for an NFT avatar, CryptoPunk #7610.
Fetch.ai’s Colearn Paint NFT art platform, which is managed by smart contracts, uses a trained machine learning model to create randomly generated abstract art that would be collectively owned, rather than the conventional technique of creators designing and then minting their NFTs on a marketplace.
According to Fetch.ai, people who want to participate in the communal learning process would have to bid in a Dutch auction. By loading a randomness pattern and selecting from pre-selected AI-generated art possibilities, the winning users will collaboratively guide the NFT art generation. Users can split the earnings from NFT sales, illustrating the value of collaborative learning, according to Fetch.ai.
In a statement, 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 the popularity of NFTs grows, trained machine learning algorithms will make it easier for people to develop and sell these abstract compositions. We know that the collective learning framework is the way of the future, and we expect to see this paradigm used to a wide range of goods beyond NFTs.”