Trends show that artificial intelligence (AI) will be an important topic in 2023, as data indicates an increase in interest. Since interest peaked and Microsoft invested billions in Chatgpt, the demand for AI-focused cryptocurrency projects has increased dramatically. For example, crypto project Fetch.ai has seen its native token FET rise 212% in the past 30 days, and another AI project, Singularitynet, has seen its token AGIX rise 293% against the US dollar.
There has been a surge in interest in AI-focused cryptocurrency projects
During the week of 22–28 as of January 2023, the worldwide Google Trends score for the term “AI” was 94 out of 100. In the first week of December 2022, the search term reached its highest Google Trends score of 100. It is safe to say that the world has become increasingly focused on artificial intelligence (AI) since the launch of AI-infused art platforms such as Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe and others. Over the past two months, the Openai platform Chatgpt or GPT-3 has become a widely used AI phenomenon.
Google Trends shows that the worldwide score for the keyword “Chatgpt” was 100 during the week of 22-28. January 2023 and it has been rising since the first week of December 2022. Reports also show that Microsoft has entered the third week. phase of its long-term partnership with Openai through a “multi-year, multi-billion dollar investment,” said to be as much as $10 billion in funding. The growing trend in artificial intelligence (AI) and the demand for the technology has spilled over into blockchain projects that integrate AI into their protocols.
For example, a crypto asset created by the project singularitynet.io has seen its native token AGIX rise by 293% in the past month. Although the Singularity (AGIX) decreased by more than 6% on January 29, 2023, it has increased by 17.5% in the last two weeks. The project aims to support the next generation of decentralized AI. Another blockchain-powered AI project, Vectorspace AI (vspb.science), has a token called VXV that has risen 95.9% in the past month. The Fetch.ai project has experienced similar demand over the past four weeks.
In the last 30 days, the Fetch.ai project’s FET token has risen 212% against the US dollar. The Fetch.ai team says the project creates “autonomous agent technology” for peer-to-peer applications with automation and AI capabilities, with or without direct blockchain access. Another AI-based blockchain project, Ocean Protocol, and its OCEAN token have risen 130% against the US dollar in the past 30 days. Ocean Protocol, named a technology pioneer by the World Economic Forum, aims to unlock data at scale through encrypted data monetization.
It is uncertain how long the demand for AI-based cryptoassets and the popularity of these tokens will last. All of the AI-related cryptoassets are currently ranked below the top 75 in terms of market capitalization and have recently seen price increases due to increased interest in AI/Chatgpt.
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What do you think is driving the rise in demand for AI-focused cryptocurrency projects? Share your thoughts in the comments below.
Jamie Redman
Jamie Redman is the news editor at Bitcoin.com News and a financial technology journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
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