In the wake of OpenAI’s recent unveiling of the Sora text-to-video generator, the market for AI related tokens keep rallying. Major players like SingularityNET and Worldcoin have seen their native cryptocurrencies post impressive double-digit gains over the past 24 hours.
Worldcoin’s native token, WLD, soared by 30%, reaching a new all-time high at $7. The remarkable surge positions Worldcoin as a standout player among AI tokens. The company’s connection to OpenAI CEO Sam Altman has led some traders to perceive WLD as a strategic bet on the growth of OpenAI.
The broader AI token market keeps rallying and has witnessed a collective 7.7% increase, showcasing renewed investor confidence. Notable performers include Ocean Protocol’s OCEAN and Fetch.AI’s FET, posting gains of over 10% in the past 24 hours. In comparison, the CoinDesk 20 Index, a benchmark for major cryptocurrencies, rose 2.68%.
Ethereum co-founder Vitalik Buterin’s tweet expressing excitement about AI-assisted formal code verification triggered positive movements for lesser-known tokens like 0x0 and TokenFi’s TOKEN, both experiencing up to 15% gains.
Interest in AI-related tokens, which initially spiked in early 2023 with the rise of ChatGPT and image generation software, experienced a lull in recent months. However, OpenAI’s Sora launch on Friday has rekindled enthusiasm, driving a fresh wave of interest and investment in the sector.
Experts believe that AI holds the potential to be the most disruptive technological invention of this era. PwC data suggests that AI could contribute up to $15.7 trillion to the global economy by 2030, surpassing the combined output of China and India. Developers highlight the commercial usage of AI, currently centred around virtual tools and chat software.
SingularityNET’s AGIX Gains 11%
SingularityNET’s native token, AGIX, witnessed an 11% surge, now trading at $0.52. SingularityNET operates as a decentralized marketplace for AI-related services, and the positive momentum is attributed to the excitement surrounding OpenAI’s innovative Sora technology.
Worldcoin’s WLD Skyrockets by 28%
Worldcoin, the native token associated with Tools of Humanity, soared by over 28%, reaching $7.51. The surge also marked a new all-time high at $7.95, momentarily pushing Worldcoin’s market cap past the $1 billion mark. Tools of Humanity, co-founded by Sam Altman, is closely linked to OpenAI, where Altman serves as the CEO.
AI Token Market Cap Hits $15 Billion
The broader AI token market keeps rallying and has seen an 8% gain in the past 24 hours, according to CoinGecko. The total market capitalization for AI-related tokens now stands at around $15 billion, showcasing the growing interest and investment in this sector.
Fetch.ai’s FET and the Wider AI Landscape
Fetch.ai’s native token, FET, experienced a 5% increase in the past day. CEO and Founder, Humayan Sheikh, highlighted the potential for exponential growth in global AI usage, particularly in conjunction with blockchain technology. Sheikh emphasized that the decentralized nature of blockchain aligns well with AI applications, potentially expanding the adoption of blockchain beyond the financial realms.
AI Integration Accelerated by Automation
Humayan Sheikh also pointed out that the adoption of blockchain applications has been hindered by the complexity of web3 user interfaces. He believes that AI’s automation capabilities will play a pivotal role in overcoming this challenge, fostering innovation, and enabling the development of diverse blockchain applications.
As AI-related tokens continue to surge, reaching new highs and gaining widespread attention, the synergy between artificial intelligence and blockchain technology is becoming increasingly evident. The integration of AI is expected to propel the adoption of blockchain beyond financial applications, creating a fertile ground for innovative developments in the intersection of these two transformative technologies.
Also Read: Japan Greenlights Historic Move: Allows Investment Funds to Hold Crypto Assets.
