Fetch AI – a leading British artificial intelligence lab aiming to build an open-access decentralised machine learning network for smart infrastructure – has launched a new NFT platform.
In an industry first, the Colearn Paint platform will enable 100 exclusive designers and collectives access to utilise the new collective learning model to mint cutting-edge AI non-fungible tokens (NFTs).
It is hoped the works produced will be unique abstract compositions, and collectively facilitate ownership of randomly generated works of art designed through a trained machine learning algorithm in an industry first.
Humayun Sheikh, the CEO of Fetch.ai, explained how the new platform would help deliver a future powered by collective learning frameworks.
“Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model, not a human,” he said.
“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.”
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.
We are excited to announce the launch of our New NFT Platform CoLearn pAInt! 🎨
— Fetch.ai (@Fetch_ai) August 24, 2021
The 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 organisations.
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.
In an interview with Coin Rivet, the Fetch.ai co-founder and COO Toby Simpson explained the mission of delivering functional artificial intelligence technologies to the masses.
“You start joining these together and you can start building things that were just simply not possible before,” he said.
“That’s really how Fetch.AI came about, but it’s been 10 years in the making.
“People don’t really want technology, but they want to get things done.
“These days, you need five different apps in order to work out how to get from Cambridge to London without finding yourself standing on a random platform waiting for a train.
“You start joining these together and you can start building things that were just simply not possible before. That’s really how Fetch.AI came about, but it’s been 10 years in the making.”
The summer of 2021 has seen a boom for NFTs. In July, 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 differs from the traditional course, seeking to employ cutting-edge AI technology through the machine-learning model which is trained using Fetch.ai’s collective learning framework and powered by FET token holders.
NFT prices have skyrocketed. Just this week, an EtherRock sold for a staggering $836k, and the crypto influencer and Tron founder Justin Sun bought another EtherRock over the weekend for $611k.
Visa, the payment card provider, has also moved to invest in the NFT space, purchasing a cryptopunk for $150k.
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