Fetch.ai Introduces a Proposal for Its NFT Marketplace – What Can the Verdict Be?
- Fetch.ai introduced a proposal that focuses on developing a new AI-focused NFT marketplace.
- Fetch.ai’s NFT ecosystem recorded a decline, but FET’s on-chain performance looked satisfactory.
Fetch.ai [FET] shared a new proposal on April 12 that aims to improve the blockchain’s NFT ecosystem. The latest proposal talks about funding an AI-focused NFT marketplace on the Fetch.ai network. The team has also started a poll based on which the proposal would be approved.
Management proposal #18 is live! 📢
This proposal launched by @AzoyaLabs team is a Community Pool Funding request to build an AI-focused NFT marketplace on the network.
Be sure to vote and let your voice be heard ⚡️👇
— Fetch.ai (@Fetch_ai) 12 April 2023
Read Fetch.ai’s [FET] Price prediction 2023-24
AI enabled NFT marketplace
The AzoyaLabs team, which is a partner of the Fetch team and has collaborated with them on the development of FetchStation, proposed to allocate community funds to the development of a native NFT market for Fetch.
The interesting part is that it will target both AI generated content and AI models for access and distribution using NFTs as a medium.
Network activity to increase?
At press time, over 25% of the total votes were registered, and the majority of them agreed to adopt the proposal.
Source: Fetchstation
The NFT marketplace will not only be beneficial to the blockchain NFT ecosystem, but can also help boost network activity in general.
The official proposal mentioned that the marketplace could increase gas usage online.
In fact, this proposal also drew a comparison with Ethereum, where NFTs are responsible for around 20% of the total gas usage of the network.
It was further mentioned that 25% of the fees generated will be sent back to community funds for future projects.
Fetch.ai’s NFT calculations are down
Fetch.aiThe NFT space witnessed massive growth in mid-March. Since then, however, it has lost momentum. This was evident from FET’s reduced number of NFT trading figures and trading volume in USD.
Source: Sentiment
It was interesting to see that while the number of unique addresses that bought more than $100,000 of NFTs went down, the number of unique addresses that bought more than $1,000 of NFTs went up in the last month.
Source: Sentiment
FET price still under bearish pressure
In accordance CoinMarketCap, FET’s price decreased by more than 4% in the last seven days. At press time, it was trading at $0.341 with a market capitalization of over $279 million.
However, the downtrend may end soon, as several of the metrics on the chain looked bullish. For example, OILYExchanges on the stock exchanges increased, which indicates increased buying pressure.
Source: Sentiment
How much is 1,10,100 FET worth today?
A few days ago it was noted that investors’ interest in trading OILY was decreasing. However, the situation has changed as can be seen from the supply of prime addresses, which increased last week.
At press time, FET’s social volume was also on the rise, reflecting its popularity. Another positive metric was network growth, which remained relatively high throughout the last week.
