Fetch.ai Shares Proposals to Improve NFT Ecosystem, FET Prices Soar Over 3%

Fetch.ai shared a new proposal on April 12 aimed at improving the NFT ecosystem on the blockchain. The latest proposal discusses funding an AI-focused NFT marketplace on the Fetch.ai network. The group has also started a poll under which the proposal will be approved.

Artificial intelligence driven NFT market

The AzoyaLabs team, a partner of the Fetch team and with whom they developed FetchStation, has proposed allocating crowdfunding funds to develop Fetch’s native NFT marketplace.

Interestingly, it will target AI-generated content and AI models for access and distribution using NFT as a medium.

Internet activity stimulus?

At press time, more than 25% of the total votes had been registered, with a majority agreeing to pass the proposal.

Source: Fetchstation

The NFT market is not only beneficial to the NFT ecosystem of the blockchain, but also helps to increase the overall network activity.

The official proposal mentions that a marketplace can increase gas usage on the network.

In fact, the proposal also provides a comparison to Ethereum, where NFTs account for about 20% of the network’s total gas usage.

Additionally, 25% of the fees collected will be returned to the community fund for future projects.

Fetch.ai NFT numbers drop

Fetch.ai’s NFT space saw strong growth in mid-March. Since then, however, it has lost steam. This is evident in FETs reducing the number of NFT transactions and USD transaction volume.

Source: Santiment

Interestingly, while the number of unique addresses buying over $100,000 in NFTs has decreased, the number of unique addresses buying over $1,000 in NFTs has increased over the last month.

Source: Santiment

FET prices remain under pressure

According to data from CoinMarketCap, the price of FET has fallen by more than 3% in the past seven days. However, at press time, the token is up more than 3 percent and is trading at $0.35 with a market cap of over $369 million.

However, the downtrend may end soon as some on-chain indicators look bullish. For example, FET outflows from exchanges have surged, indicating increased buying pressure.

Source: Santiment

Investor interest in FET trading was waning a few days ago. However, the situation has changed markedly compared to the supply held by top addresses last week.

At the time of writing, FET’s social volume is also on the rise, reflecting its popularity. Another positive indicator is network growth, which has remained relatively high over the past week.

board pass

According to AMBCrypto

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img