Increased Interest in Artificial Intelligence (AI) is likely to be a major theme in 2023. Data suggests that the fascination with AI is growing. Ever since the peak of enthusiasm when Microsoft invested billions of dollars into Openai’s Chatgpt, the demand for AI-centric crypto projects has increased significantly. For instance, the native cryptocurrency FET token of the blockchain venture Fetch.ai has gained 212% against the US dollar in the last month. This is in addition to other AI-focused crypto projects. For example, the AGIX token of the Singularitynet platform has climbed 293% against the US dollar.
The Interest in AI-Centric Cryptocurrency Projects is Rising
Google Trends data for the search term “AI” during the week of January 22-28, 2023 revealed a rating of 94 out of 100. This is the highest the rating has been since the first week of December 2022. This shows that Artificial Intelligence (AI) has been gaining prominence in the world with the emergence of AI-powered art platforms such as Dall-E, Deep AI, Jasper Art, Starry AI, Nightcafe, and others. Further, Openai’s Chatgpt GPT-3 platform has become an incredibly popular AI phenomenon in the past two months.
Google Trends data also shows the global rating for the search term “Chatgpt” was 100 for the entire week of January 22-28, 2023. This figure has been rising since the first week of December 2022. Reports have also indicated that Microsoft has added a third party to its long-term partnership with Openai, investing a “multi-million dollar, multi-year investment” estimated to be worth $10 Billion. This has led to an increase in the demand for Artificial Intelligence (AI) and the development of Synthetic Intelligence has extended to the blockchain projects that incorporate AI into their protocols.
For example, the native AGIX token of the Singularitynet platform has seen a growth of 293% against the US dollar in the last month. Although the AGIX token was below 6% on Jan 29.2023, it has jumped by 17.5% in the past two weeks. The platform is striving to support the upcoming era of decentralized AI. Another AI-driven blockchain initiative, Vectorspace AI (vspb.science), has seen its native VXV token surge by 95% in the last month. Fetch.ai has also witnessed comparable demand.
The FET token of the Fetch.ai enterprise has increased by 212% versus the US dollar in the last 30 days. According to Fetch.ai team, the project creates “autonomous agent technology” for peer-to-peer applications that combine automation and AI capabilities with peer-to-peer functionality, with or without direct access to blockchain. Another AI-based blockchain initiative, Ocean Protocol, has seen its native OCEAN token surge by 130% against the US dollar in the last 30 days. The platform, which was named as a technology pioneer by the World Economic Forum, aims to unlock data at large scale through the monetization of encrypted data.
It is unclear how long the demand for recognizing crypto-based AI asset tokens and their appreciation will last. All AI-related crypto assets are currently outside the top 75 in market capitalization. However, they have yet to see their values surge due to the rising interest in AI/Chatgpt.
What do you think is behind the surge in demand for AI-focused crypto projects? Share your thoughts in the comment section below.
