Fetch.ai, an artificial intelligence lab based in Cambridge, UK, today announced the launch of its new non-forgeable token (NFT) platform, Colearn Paint, which will allow creators to automatically generate NFTs using machine learning algorithms.
The NFT market has surged along with the surge in NFT sales over the past year. According to DappRader, NFT marketplace OpenSea has generated more than $1.84 billion in sales in the past 30 days. Various forms of NFT – from collectibles to artwork to games like Axie Infinity – have also gained visibility. Just this week, payments giant Visa purchased an NFT avatar – CryptoPunk #7610 – for $150,000.
But unlike the usual practice of creators designing and then casting their NFTs in the marketplace, Fetch.ai’s Colearn Paint NFT Art Square, controlled by smart contracts, uses trained machine learning models to create randomly generated abstract art that will be collectively owned.
According to Fetch.ai, interested users will have to participate in a collective learning process through a Dutch auction. The winning user will then collectively direct the generation of NFT art by loading a randomness model and choosing from pre-selected AI-generated art options. users can share in the profits from sold NFTs, Fetch.ai says, demonstrating the utility of the collective learning process.
“Fetch.ai’s NFT platform is unique because the real artist behind each NFT is an art model, not a person,” Humayun Sheikh, CEO of Fetch.ai, said in a statement.” As NFTs continue to grow in popularity, trained machine learning algorithms will simplify the process of creating and selling these abstract works for users. We know that collective learning frameworks are the future, and we see this model being adopted for numerous products beyond NFTs.”