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 seemed satisfactory.

Fetch.ai [FET] shared a new proposal on April 12 that aims to improve the blockchain NFT ecosystem. The latest proposal is about funding an AI-focused NFT marketplace on the Fetch.ai network. The team has also launched a poll based on which the proposal would be approved.

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 worked with them on the development of FetchStation, proposed to allocate community funding for the development of a native NFT marketplace for Fetch.

The interesting thing is that it would target both AI-generated content and AI models of access and distribution using NFTs as a medium.

Stimulate network activity?

At the time of going to press, more than 25% of the total votes had been registered, and the majority agreed to pass the proposal.

Source: Fetchstation

The NFT marketplace will not only be beneficial to the blockchain NFT ecosystem, but can also help increase network activity in general.

The official proposal stated that the market could increase gas consumption on the network.

This proposal even drew comparison to Ethereum, where NFTs are responsible for about 20% of the network’s total gas consumption.

It was further stated that 25% of the fees generated will be returned to community funds for future projects.

Fetch.ai’s NFT stats are decreasing

Fetch.ai‘s NFT space experienced tremendous growth in mid-March. However, it has since lost momentum. This was evidenced by the reduced number of NFT trading numbers and USD trading volume of FET.

Source: Sentiment

Interestingly, while the number of unique addresses purchasing over $100,000 worth of NFTs declined, the number of unique addresses purchasing over $1,000 worth of NFTs increased over the past month.

Source: Sentiment

FET price still under bearish pressure

According to CoinMarketCap, the price of FET is down more than 4% in the past seven days. At the time of writing, it was trading at $0.341 with a market cap of over $279 million.

However, the downtrend could soon end as several on-chain metrics looked bullish. For example, FETThe outflow from the stock market peaked, indicating increased buying pressure.

Source: Sentiment

How many 1.10.100 FETs worth today?

It was noted a few days ago that investor interest in trading FET was declining. However, the situation has changed, as evidenced by the supply of top addresses that 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 over the past week.

This post Fetch.ai Introduces Proposal for Its NFT Marketplace – What Could Be the Verdict?

was published first on https://ambcrypto.com/fetch-ai-introduces-a-proposal-for-its-nft-marketplace-what-could-be-the-verdict/


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