Key Points
- Three of the most important AI firms, SingularityNET, Fetch.ai, and Ocean Protocol, agreed to merge their tokens in a new partnership.
- The new deal brings a unified ASI token to life, aiming to foster the development of decentralized artificial intelligence.
The latest reports confirmed by Bloomberg note that three of the most important crypto firms, SingularityNET, Fetch.ai, and Ocean Protocol, are set to sign a deal that will merge their tokens into one – ASI Token.
This merger aims to foster the development of a decentralized AI. The Superintelligence Collective would oversee the projects’ collab post-merger.
The enormous collaboration will result in the creation of an entity with a fully diluted value that’s estimated at $7.5 billion. This would definitely show a huge shift in the decentralized AI market.
AI crypto firms trio boosts the blockchain-based AI solutions
The three crypto firms are popular for their strong efforts in developing blockchain-based solutions in AI.
[TREE DAO] SingularityNET, https://t.co/JSH3iD5uiE and Ocean Protocol are discussing merging their tokens into an ASI token that would have a fully diluted value of about $7.5 billion, according to people familiar with the matter
— Tree News (@News_Of_Alpha) March 27, 2024
According to multiple sources close to the negotiations, it was said that we could expect the breaking announcement to take place today, March 27 which has just happened.
This is a strategic move that targets the development of a decentralized AI platform which is a vision that all of the three firms involved in the potential partnership share.
According to the latest reports, it seems that despite the merger of their tokens into a single one – ASI token, the three crypto AI firms would still maintain their operational independence.
On the other hand, they will be working together under the umbrella of the Superintelligence Collective. The new coalition would be led by Ben Goertzel, who is the founder of SingularityNET.
The rising race among AI platforms
The new deal highlights the speeding race among the AI-oriented platforms to pioneer decentralized AI tech.
Decentralized AI is seeking to democratize access to all AI technologies, and the target is to move away from the control of tech giants and make sure that corporations will not only prioritize shareholder interests.
Crypto analyst Yaroslav Krasko says that the move will end up pumping the AI-based indicator:
Wow !
It was right decision to develop #AI based indicator !
It will keep pumping !
— Yaroslav Krasko | Crypto Trader 🇺🇦 (@YaroslavKraskoo) March 27, 2024
As expected, the talks about such a massive merger triggered huge volatility in the AI token scenery.
The native tokens of SingularityNET (AGIX), Fetch.ai (FET), and Ocean Protocol (OCEAN) have seen important surges following the announcement.
Earlier, AGIX, FET, and OCEAN surged 11%, 13%, and 30%, respectively, on CoinMarketCap, as investors are anticipating more gains.
OCEAN is the leader, and at the moment of writing this article, the coin is trading in the green, and it’s priced at $1.47, up by almost 23% in the past 24 hours on CoinMarketCap.
The confirmation of the merger will probably trigger even more volatility in the AI crypto markets.