8 months ago
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The potential merger follows an earlier partnership between SingularityNET and Fetch.ai.
Three renowned crypto Artificial Intelligence (AI) protocols, Fetch.ai (FET), SingularityNET (AGIX), and Ocean Protocol (OCEAN) are reportedly in discussion to merge their native coins into a single ASI token.
Details of the AI Crypto Merger
According to persons familiar with the matter, the merger may result in a fully diluted value of about $7.5 billion. Should this merger come to pass, it would be a major turning point in the development of Decentralized Finance (DeFi) and AI ecosystems.
“We may have a new AI powerhouse in the arena,” stated Miles Deutscher, a crypto analyst.
The merger may be made public later today, according to the sources, who have asked to remain unnamed. They did stress, though, that the agreement is contingent upon the consent of each community.
The people disclosed that upon approval of the merger, the three businesses would carry on as independent entities while cooperating under the direction of a Superintelligence Collective led by SingularityNET CEO Ben Goertzel. They also mentioned that Humayun Sheikh, the CEO of Fetch.ai, would serve as the chairman.
The proposed merger has promise since it might result in the formation of a more comprehensive ecosystem capable of solving a broader variety of AI crypto and blockchain industry concerns. Additionally, the ASI token may become more appealing to traders and investors if it is combined into a single entity. A higher market capitalization would also provide better stability and resilience to market swings, potentially attracting institutional investors.
However, careful planning and execution would be needed to integrate the Fetch.ai, Ocean Protocol, and SingularityNET technical infrastructures to enable the ASI token.
As of the time of writing, AGIX is trading at $1.33, demonstrating a 25% increase in the past 7 days. A major factor contributing to this surge is the ability of SingularityNET to mimic human cognition, unlike traditional AI systems that are limited to specific tasks.
Similarly, both FET and OCEAN have increased their prices by 21.7% and 35.6% over the same period to trade at $13.2 and $1.48 respectively.
The Expanding AI Technology
The potential merger follows an earlier partnership between SingularityNET and Fetch.ai. A report from Coinspeaker revealed that this collaboration focuses on overcoming massive language model hallucinations and improving multi-step reasoning through decentralized technologies.
Moreover, many US tech businesses have profited from the ongoing AI explosion, which has increased their market capitalizations by trillions in only a single year. A report from the venture capital firm Accel claims that beyond AI crypto, the technology has generally increased the valuations of US tech firms by $2.4 trillion last year.
Notably, American multinational tech giant Nvidia Corporation (NASDAQ: NVDA) has been a major beneficiary of the growing AI revolution. The company reported sales of $13.51 billion, an increase of 88% from the previous quarter. The company now ranks among the most capitalized in the United States.
