Fetch.ai Launches New NFT Platform for AI-Generated Art
Aug 18, 2021
The Collective Learning Model Lets Over One Hundred Artists Create Randomized Works of Art to Sell as NFTs
Cambridge — Fetch.ai (https://fetch.ai/), a Cambridge-based artificial intelligence lab building an open-access decentralized machine learning network for smart infrastructure, announced today the launch of its new NFT platform, Colearn Paint. The first of its kind art creation platform will allow groups of creators to automatically generate NFTs using Machine Learning to create abstract compositions, and collectively own a randomly generated work of art that was designed through a trained machine learning algorithm.
In July 2021, NFT sales hit $2.5 billion, up from $13.7 million in the first half of 2020. Since then, many platforms have launched to meet the surging demand, with the standard model being a marketplace where creators can mint NFTs they created and sell them through an auction. Fetch.ai’s model is veering from the traditional course and employing a machine-learning model which is trained using Fetch.ai’s collective learning framework.
“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. “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.”
At launch, users interested in participating in the first round of artwork will take part in a 3-step creation process. The first step will be bidding through a dutch auction to take part in the collective learning process, then the winning users will input a randomness pattern and select art from the preselected AI-generated art options which will steer the direction of the NFT art generation. The last step is the creation of the NFT, which will allow users to share the profits, demonstrating the utility of the collective learning process.
The NFT platform will be controlled by smart contracts with the goal of creating a way for users to collectively own and train a machine learning model and access rewards and will combine the randomness of different patterns from the successful winners of the auction, allowing for the creation of collective artwork.
To learn more about Fetch.ai’s NFT platform, please visit: https://colearn-paint.fetch.ai/
Fetch.ai, a Cambridge-based artificial intelligence lab, is building the infrastructure required for autonomous software agents to begin performing useful economic work on behalf of individuals, machines, businesses, and organizations. Fetch.ai’s network is based around open-source technology and gives users access to the power of AI on a world-scale secure dataset to carry out complex coordination tasks in the modern economy. For more information, please visit https://www.fetch.ai.