Cambridge-based artificial intelligence lab Fetch.ai has just announced the release of its new non-fungible token (NFT) platform for creators to launch AI-generated art, with unique features.
According to a press release shared with Coinfomania, the new platform is called “Colearn Paint” and will take another step away from the regular NFT style. Instead of having real human creators mint NFTs and then auction them for sale, an art model, not a human will be behind each NFT.
At the same time, the NFT platform will allow creators in their groups to generate NFT automatically, and also, users will be able to create compositions by using machine learning. Other features of the Colearn NFT platform include the ability of users to gain ownership of randomly generated artwork that will be designed by machine learning algorithms.
The CEO of Fetch.ai Humayun Sheikh spoke on the new launch. He said,
“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.”
Creators who partake in the initial round of artwork will follow a simple three-step creation protocol. First, users are required to bid via a dutch auction to participate in the collective learning process.
Second, the winner in the first step will insert random patterns and pick an art from shortlisted AI-generated art to determine NFT art generation.
The final step is the actual NFT creation where users will access their profit as an indication that the collective learning process is at the creator’s disposal.
Only a few weeks back in July, NFT was trading at an all-time high of $2.5billion as against what it was in the first half of 2020 when it was selling at $13.7million resulting in a growing thirst for more NFTs.
In recent times, NFTs are gradually gaining high demand within the crypto and blockchain space. In a bid to meet market demand, several platforms like Solana have launched a Creator Fund to boost their NFT ecosystem even though it is a relatively new high-performance blockchain network.
