Fetch.ai launches NFT marketplace for AI-generated artworks

Fetch.ai’s laboratory, which is building a decentralised platform for collaborative development of AI algorithms, has launched the NFT marketplace Colearn Paint for creating and selling artworks generated by AI.

We are excited to announce the launch of our New NFT Platform CoLearn pAInt! 🎨

Using this first of its kind art creation platform, you can:
✅ Co-create art and collectively own #NFTs
✅ Generate original artwork via #AI trained #MachineLearning algorithm pic.twitter.com/iaxdVWVqXy

— Fetch.ai (@Fetch_ai) August 24, 2021

According to company representatives, the platform enables users to collaboratively create and sell collectible items generated by machine-learning algorithms.

Participants in Colearn Paint will go through a three-step process to create a randomly generated NFT.

In the first stage, applicants must bid in an auction to secure the right to collective learning of the algorithms. The auction winners will then choose one of the proposed options to create the artwork. After the AI generates an abstraction, developers will be able to create and sell the NFT, and share the profits among themselves.

CEO Humayun Sheikh said that Colearn Paint is aimed at \”abstract compositions.\” He also called collective learning \”the main trend of the future.\”

In August, the trading volume on the NFT marketplace OpenSea exceeded $800 million.

At the end of August Visa bought a CryptoPunk NFT for $150,000 and sparked buzz around the project.

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