Fetch AI, a British artificial intelligence lab with the goal of building an open-access decentralized machine learning network for smart infrastructure, has launched Fetch NFTs (non-fungible tokens).
The Colearn Paint platform will allow 100 exclusive designers and collectives to use the new collective learning paradigm to mint cutting-edge AI non-fungible tokens in an industry first (NFTs).
In an industry first, it is intended that the works produced would be unique abstract compositions that will jointly facilitate ownership of randomly generated pieces of art built by a trained machine learning system.
Fetch.ai’s CEO, Humayun Sheikh, explained how the new platform would aid in the delivery of a future powered by collective learning frameworks.
Acoording to Humayun, Fetch.ai’s NFT platform is unique in that the true artist behind each NFT is an art model rather than a human. He also stated that when NFTs become more popular, trained machine learning algorithms will make creating and selling these abstract compositions easier for users.
As the popularity of NFTs grows, trained machine learning algorithms will make the process of creating and selling these abstract compositions easier for users. They see that the collaborative learning framework is the way of the future and see it being used to a wide range of goods beyond NFTs.
Smart contracts will govern the NFT platform, allowing users to collectively own and train a machine learning model while also receiving benefits.
According to Fetch.ai, interested users will have to bid via a dutch auction in order participate in the collective learning process. Winners will guide the NFT art generation by loading randomness patterns and selecting from AI-generated preselected options. Users can share profits of any NFT sold, demonstrating utility of this process for all participants involved as well as other potential buyers/collectors who may observe successful auctions
The artificial intelligence lab at Cambridge is developing the infrastructure needed for autonomous software agents to undertake valuable economic activity on behalf of individuals, machines, enterprises, and organizations.
The network of Fetch.ai is built on open-source software. It provides users with access to the power of AI on a global scale and a secure dataset to perform complicated coordinating tasks in the modern economy.
Since then, many platforms have emerged to accommodate the surge in demand, with the most common model being a marketplace where developers can mint NFTs and sell them in an auction.
Fetch.ai’s methodology is unique in that it aims to use cutting-edge AI technology through a machine-learning model that is developed using Fetch.ai’s collective learning framework and powered by FET token holders rather than the usual approach.