Fetch.ai FET/USD is a platform that was initially developed to connect Internet of Things (IoT) devices and algorithms to enable collective learning.

Now they are using this technology for NFT purposes. Let’s dive in.

On August 24, Fetch.ai announced the launch of a new NFT marketplace for AI-generated art. This new platform is dubbed Colearn Paint and allows creators to generate and collectively own NFTs automatically. The unique aspect of it is the fact that each of them is designed by a machine learning algorithm.

It is a platform tailored to abstract compositions. 

The users of this marketplace are taken through a three-step process to create these AI-based NFTs. 

They bid through a Dutch auction and participate in the collective learning process. Then the winning bidders input a randomness pattern, after which they select art from prearranged AI-generated options.

Last but not least comes the creation and sale of the NFT that allows users to distribute the profits.

On August 25, Fetch.ai (FET) had a value of $0.522.

That being said, to get a clearer perspective about what kind of value point this is, we will be comparing it to its all-time high value and its more recent performance in July.

Fetch.ai (FET)’s all-time high value was achieved on March 31 at a value of $0.865. This made it at its all-time high value, 65% higher.

In terms of July’s performance, its lowest value point was on July 17 with a value of $0.197, while its highest point was on July 31, with a value of $0.421. This led to a 113% increase in value through the span of the month. According to data from IntoTheBlock, FET saw a 30-day average of 8,780 addresses.

This gives us a perspective of blockchain usage. 

In terms of the average transaction size, we can also see a 7-day average of $12,489.

With all of this in mind, and the launch of Colearn Paint, we can expect the value of the FET token to increase to $0.626 by the end of September, making it a good purchase.

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