A day after a merger announcement, AI tokens connected to Fetch.AI, SingularityNET, and Ocean Protocol are up 30% for the week, according to CoinGecko.
On Wednesday, the three projects announced plans to combine into a single entity. If approved by their respective communities, the merger would effectively create a massive decentralized AI ecosystem called the Superintelligence Alliance.
A day after news of the merger broke, Fetch.AI’s FET token is $3.41, up 33%, SingularityNET’s AGIX is $1.43, up 36.2%, and Ocean Protocol’s OCEAN is $1.50, up 32.5%.
The news of the merger comes as generative AI becomes more ubiquitous, and AI hallucinations continue to be a problem in the industry. In December, Fetch.AI and SingularityNET announced a partnership to curb the problem.
According to Fetch.AI, the alliance will bring together Fetch.AI’s autonomous AI agents and blockchain infrastructure, SingularityNET’s research and development, and Ocean Protocol’s data sharing and monetization.
While AI tokens have been on the market for many years, the rise of OpenAI’s ChatGPT and Anthropic’s Claude AI has seen new interest in artificial intelligence-themed cryptocurrencies.
On Tuesday, other AI tokens surged after news that the IOTA Foundation—the group supporting the Internet of Things Application (IOTA) cryptocurrency—will launch a $10 million investment fund at this year's Investopia event in Abu Dhabi. Launched in 2016, IOTA is currently $0.35, up 11.2% for the week.
On Thursday, SingularityNET invited its community members to vote on the proposed Superintelligence Alliance.
“We are excited to invite AGIX token holders on the Ethereum and Cardano networks to participate in a community governance vote about the formation of the Artificial Superintelligence Alliance,” SingularityNET said on Twitter, adding that the vote would run from April 2nd to April 16th. “Your participation is crucial in shaping the future of decentralized AI!”
“It is imperative, as the AI revolution intensifies, to ensure that AGI and ASI as they develop are not owned and controlled by any particular party with its biased interests. They should be rolled out in an open, democratic, and decentralized way,” SingularityNET founder and CEO Dr. Ben Goertzel said in a statement.
“This has been the joint vision of SingularityNET, Fetch.AI, and Ocean Protocol from their inception,” Goertzel continued. “For this reason, it makes total sense that our three projects come together to form a tokenomic network that has greater power to take on Big Tech and shift the center of gravity of the AI world into the decentralized ecosystem.”
Edited by Ryan Ozawa.
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