- Fetch.ai has published a new proposal for creating an AI-focused NFT marketplace.
- If passed, this could have a positive impact on the dwindling NFT metrics.
- Another encouraging indicator was network growth, which remained relatively high over the last week.
On April 12, Fetch.ai announced a new proposal to improve the blockchain’s NFT ecosystem. The most recent proposal proposes funding for an AI-focused NFT marketplace on the Fetch.ai network. The team has also started a poll to determine whether or not the proposal should be approved.
NFT marketplace powered by Artificial Intelligence
The AzoyaLabs team, which works with the Fetch team on the development of FetchStation, proposed allocating community funding for developing a native NFT market for Fetch.
The intriguing aspect is that it would be geared toward AI-generated content and AI models for access and distribution via NFTs.
Will network activity increase?
At the time of publication, more than 25% of the total votes had been cast, with the majority supporting the proposal.
The NFT marketplace will benefit the blockchain’s NFT ecosystem and help increase network activity in general.
According to the official proposal, the marketplace could increase gas usage on the network.
This proposal parallels Ethereum, where NFTs account for roughly 20% of total network gas usage. It was also stated that 25% of the fees collected would be returned to community funds for future projects.
Fetch.ai’s NFT Metrics are Declining
During the middle of March, Fetch.ai‘s NFT space experienced explosive growth. However, it has slowed since then. This was evident from FET’s reduced number of NFT trade counts and trade volume in USD.
The Price of FET is Still Falling
FET’s price has dropped by more than 4% in the last seven days, according to CoinMarketCap. It was trading at $0.4136 at the time of publication, with a market capitalization of more than $279 million.
However, the downward trend may be coming to an end soon, as several on-chain metrics appear bullish. For example, FET exchange outflows increased, indicating increased buying pressure.
It was recently reported that investor interest in trading FETs was waning.
However, the situation has changed, as evidenced by the increase in supply held by top addresses last week.
FET’s social volume was also increasing at the time of publication, indicating its popularity. Another encouraging indicator was network growth, which remained relatively high over the last week.