The AI-generated Colearn NFT Art platform brings creators together while streamlining the entire process of creating and selling NFTs.
Creators of non-fungible tokens (NFTs) and digital art now require a streamlined way of creating and selling digital art. Fetch.ai, a blockchain artificial intelligence lab, announced a new NFT marketplace for AI-generated art.
The idea is to give its users the ability to create digital collectibles in a collaborative setting while leveraging the power of machine learning. Dubbed as Colearn NFT Art, the Fetch.ai platform brings creators together. These groups of creators can automatically generate NFTs besides collectively owning them.
Humayun Sheikh, CEO of Fetch.ai believes that “collective learning” is the trend of the future. Sheikh adds that collective learning is a concept within artificial intelligence. It also describes the application of deep learning algorithms to data and privacy. “Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model, not a human,” said Sheikh.
Fetch.ai Platform: Creating Randomly Generated NFT
Users on the Colearn NFT platform will have to undergo a three-step process for creating these randomly generated NFTs. The first step involves bidding through a Dutch auction. It encourages users to participate in the collective learning process.
The winning bidders have to input a “randomness pattern”. The users can further select the art from the AI-generated options. Lastly, the final step then involves the creation and sale of NFT. This, in turn, will allow users to distribute profits among themselves by leveraging smart contracts. Sheikh said:
“As NFTs continue to gain popularity, trained machine learning algorithms will streamline the process for users to create and sell these abstract compositions”.
The NFT market has witnessed explosive growth this year in 2021. The first half of 2021 itself witnessed sales of a staggering $2.5 billion. This was like growing almost 20x year-over-year. Popular marketplaces like OpenSea and Rarible have witnessed NFT sales for millions of dollars. Much recently, even tech giants like Visa have started dabbling into NFTs.
The Colearn NFT platform from Fetch.ai has also been based entirely on the collective learning framework. Besides, it allows multiple participants to collaboratively train a machine learning model. Interestingly, the Colearn platform doesn’t compromise user privacy.
“We know the collective learning framework is the future, and we see this model being adopted for a multitude of products beyond NFTs,” Sheikh said.
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