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Addition date
Aug 25, 2021 8:19 AM
Column
LAN
Image: Fetch.ai
Fetch.ai, an artificial intelligence lab based in the British city of Cambridge, today announced the launch of its new non-fungible token (NFT) platform, Colearn Paint, that will allow creators to automatically generate NFTs using a machine learning algorithm.
Fast facts
- Alongside the surge in NFT sales over the past year, NFT marketplaces have proliferated. According to DappRader, NFT marketplace OpenSea saw over US$1.84 billion in sales volume in the last 30 days. NFTs in various forms — from collectibles to artworks to games like Axie Infinity — have also gained visibility. Just this week, payments giant Visa purchased an NFT avatar — CryptoPunk #7610 — for US$150,000.
- But unlike the usual approach where creators design and then mint their NFTs on a marketplace, Fetch.ai’s Colearn Paint NFT art plaform, which is controlled by smart contracts, uses a trained machine learning model to create randomly generated abstract art that would be collectively owned.
- According to Fetch.ai, interested users will have to bid via a dutch auction to participate in the collective learning proces. Winning users will then collectively guide the NFT art generation by loading a randomness pattern and selecting from preselected AI-generated art options. Users can share the profits of the NFT sold, demonstrating the utility of the collective learning process, Fetch.ai said.
- “Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model, not a human,” said Humayun Sheikh, CEO of Fetch.ai, in a statement. “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.”
Michelle is a journalist at Forkast. Prior to joining the team, she wrote for CNN and served with the Singapore Foreign Service. She holds a Master of Journalism from the University of Hong Kong and a Bachelor of Business Administration from the National University of Singapore.