Artificial intelligence could provide nonfungible token creators with a
more streamlined approach for creating and selling their digital art.
Blockchain artificial intelligence lab Fetch.ai has launched a new
NFT marketplace for AI-generated art, giving users the ability to create
digital collectibles in a collaborative setting through machine
learning technology.
The new platform, dubbed Colearn Paint,
allows groups of creators to automatically generate and collectively own
NFTs designed by a machine learning algorithm. The platform is geared
towards “abstract compositions,” according to Humayun Sheikh, CEO of
Fetch.ai, who cited “collective learning” as a major trend for the
future.
Collective learning is a concept within artificial intelligence that describes the application of deep learning algorithms to data and privacy.
Users
of Colearn Paint will be taken through a three-step process for
creating randomly generated NFTs. The first step entails bidding through
a dutch auction to participate in the collective learning process. The
winning bidders will input a “randomness pattern” and select art from
the prearranged AI-generated options. The final step is the creation and
sale of the NFT, which will allow users to distribute the profits among
themselves.
Related: Fetch.ai (FET) hits a 2-year high after DeFi integration and Bosch partnership
NFTs
have emerged as one of the most popular blockchain use cases, with
investors and venture funds keen to back this so-called future of
creativity. Several high-profile NFT marketplaces have launched this year, each with its own focus and desired utility. The nascent industry has truly hit its stride in 2021, with NFT sales topping $2.5 billion in the first half of the year.
As Cointelegraph reported, credit card giant Visa recently made a splash in the NFT space by purchasing a CryptoPunk for $150,000. In June, a CryptoPunk NFT sold
for $11.8 million on Sotheby’s auction house. Fetch.ai believes that
AI-generated art options could steer the direction of the NFT market by
giving users a more streamlined process for creating and monetizing
digital abstractions.
Related: Mark Cuban-backed Alethea AI closes $16M private token sale
source link : https://cointelegraph.com/news/fetch-ai-launches-nft-platform-for-ai-generated-art
