Artificial intelligence (AI) and blockchain solutions company Fetch.ai has launched an NFT marketplace for AI-generated artwork.
Fetch.ai reported on Twitter, which launched the Colearn Paint NFT marketplace, which will allow groups of artists to automatically create and collectively own NFTs developed using a machine learning algorithm. According to Fetch.ai CEO Humayun Sheikh, the platform is focused on “abstract compositions.” He added that the main trend of the future is “group learning”. It is an artificial intelligence concept that describes the application of deep learning algorithms to data and privacy.
Colearn Paint users will go through a three-step process to create randomly generated NFTs. The first step is to bid on the auction to participate in the group learning process. The winners of the competition will then submit a “random pattern” and select a work of art from pre-prepared AI-generated options. The final step is creating and selling NFTs, and distributing profits among users.
More and more companies are entering the NFT industry. In the middle of the month, Alibaba launched an NFT marketplace for the sale of tokenized intellectual property licenses by trademark owners. This week, international bank card operator Visa announced the purchase of NFT CryptoPunks for its own collection of “commercial artifacts.”
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