According to reports, SingularityNET, Fetch.ai, and Ocean Protocol are in discussions regarding a potential merger of their crypto tokens to create a decentralized AI platform and promote collaboration among the three entities.
Bloomberg, citing sources familiar with the matter, mentioned that the companies are considering the formation of an ASI token, which could have a fully diluted value of around $7.5 billion.
However, these merger plans are contingent upon approval from the respective communities, and an official announcement might be forthcoming as soon as Wednesday.
Each of the three companies will continue to operate independently.
As per the proposed arrangement, SingularityNET, Fetch.ai, and Ocean Protocol would uphold their individual operations while collaborating under the oversight of a newly established entity named the Superintelligence Collective. Ben Goertzel, the founder and CEO of SingularityNET, would lead the collective, with Humayun Sheikh, CEO of Fetch.ai and an early investor in DeepMind, appointed as chairman.
Upon reaching out for comment, representatives from SingularityNET, Fetch.ai, and Ocean Protocol opted not to provide any official statements regarding the matter.
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These deliberations occur amid significant investments by tech giants such as Alphabet and Microsoft in AI, acknowledging its capacity to transform human interaction with technology.
In reaction, emerging AI-focused platforms like SingularityNET, Fetch.ai, and Ocean Protocol are vigorously pursuing the development of decentralized AI technology on the blockchain. Their aim is to establish an ecosystem free from the sole control of large corporations that are primarily answerable to shareholders.
The proposed merger could potentially amalgamate the strengths and expertise of the three companies, providing them with an improved competitive edge against tech behemoths.
Tokens from SingularityNET, Fetch.ai, and Ocean Protocol experience significant surges.
Following the announcement of the potential merger, the native tokens of SingularityNET, Fetch.ai, and Ocean Protocol have witnessed notable surges.
Data from CoinMarketCap reveals that SingularityNET’s AGIX token has seen an increase of more than 12% over the past day, while Fetch.ai’s FET has surged by nearly 16%. Ocean Protocol’s OCEAN, however, has experienced the most significant rise, climbing by over 37% within the same 24-hour period.
Interestingly, the broader market for AI-related tokens appears relatively stagnant over the past day.
Meanwhile, a research report from leading crypto exchange Coinbase sheds light on the surge in AI token markets, suggesting that it may be driven more by hype than actual utility. The report raises concerns about the potential overvaluation of many AI tokens, attributing this phenomenon to the heightened attention surrounding the AI industry. Furthermore, it posits that these tokens may lack sustainable demand-side drivers in the short to medium term.
The report also casts doubt on the bold claims made by crypto-focused platforms regarding their unique disruptive potential within the AI industry, suggesting a need for caution and critical evaluation amidst the hype surrounding AI-related tokens.
