Fetch.ai Floats NFT Platform for Arts Built Using Machine Learning

Blockchain-based artificial intelligence startup, Fetch.ai has announced the launch of Colearn NFT Art, a platform that will allow creators to develop art pieces based on a trained Machine Learning (ML) models. Per the capabilities of the new platform, up to 100 creators can build a single artwork by creating an abstract composition together and collectively owning the AI-generated work of art.

Non-Fungible Tokens (NFTs) provides a secure way to prove ownership of a digital item on the blockchain. They are characterized by their rarity, and in the past years, they have grown to be a vital use case for blockchain technology. There is a three stage process to creating an NFT through the Fetch.ai platform. The first stage involves a dutch auction from a number of participants. The winners of this auction are selected to be a part of the team that will create the NFT.

The winners from the dutch auction are then drafted into the collective learning process to train the machine learning algorithm for the specific artwork meant to be generated. The participants makes use of a scribbling pad in this process, and the ML algorithm will create abstract drawings based on the images generated.

“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, chief executive 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.”

NFTs Going Mainstream

The NFT Metaverse is seeing a great deal of embrace, a move that is significantly trickling down to the retail investors. Initially, NFTs gained massive popularity with pioneering projects like CryptoKitties. However, with the record breaking sale of Beeple’s Everydays for about $69 million in Ethereum, many institutional brands understood there has been a shift to the new tech.

From Marvel Studios to American payments giant Visa, the embrace of NFTs is gradually going mainstream. Many have argued that the technology is a bubble about to burst, however, the latest re-engineering model through collective learning to generate NFTs being offered by startups like Fetch.ai has learnt more credence to the sustainability of the technology.

“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.