As the NFT market keeps booming, a growing number of blockchain-oriented companies are extending their services. The latest company to expand into the NFT realm is blockchain artificial intelligence platform, Fetch.ai.
Fetch.ai announced the launch of its new NFT marketplace, designed especially for AI-generated art. The platform, called Colearn Paint, will allow users to collectively create and own NFT art through a machine learning algorithm. More than 100 artists can create an abstract composition together.
“Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model, not a human,” said CEO of Fetch.ai Humayun Sheikh. “As NFTs continue to gain popularity, trained machine learning algorithms will streamline the process for users to create and sell these abstract compositions.”
Users will have to go through a three-step process to create an AI-generated art NFT. This first step is bidding through a Dutch auction to participate in the collective creation. Secondly, the winning bidders select art from the prearranged AI-generated art options such as floral, pastel or Cubist. And thirdly, minting and selling the NFT. With the use of smart contracts, all of the winners and creators of the abstract art NFT will be able get a share in the proceeds from the sale.
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Ivelina is an NFT and Blockchain lover. She has a knack for putting complex concepts into simple words.