cryptonews.com
SingularityNET, Fetch.ai, and Ocean Protocol are reportedly engaged in discussions regarding a potential merger of their crypto tokens to establish a decentralized AI platform and foster collaboration among the three companies.
The companies are exploring the creation of an ASI token, which would possess a fully diluted value of approximately $7.5 billion, Bloomberg reported, citing people familiar with the matter.
While the merger plans are subject to approval from the respective communities, an official announcement could be expected as early as Wednesday.
The Three Companies to Maintain Separate Operations
Under the proposed arrangement, SingularityNET, Fetch.ai, and Ocean Protocol would maintain their separate operations while working together under the guidance of a newly formed entity called the Superintelligence Collective.
The collective would be led by Ben Goertzel, the founder and CEO of SingularityNET, with Humayun Sheikh, the CEO of Fetch.ai and an early investor in DeepMind, serving as the chairman.
When approached for comment, representatives from SingularityNET, Fetch.ai, and Ocean Protocol declined to provide any official statements on the matter.
Source: BBG pic.twitter.com/ypTeWGbYxd
— Tree News (@News_Of_Alpha) March 27, 2024
These discussions come at a time when major technology giants like Alphabet and Microsoft are making substantial investments in AI, recognizing its potential to revolutionize human interaction with technology.
In response, emerging AI-focused platforms such as SingularityNET, Fetch.ai, and Ocean Protocol are racing to develop decentralized AI technology on the blockchain, aiming to create an ecosystem that is not controlled by large corporations solely accountable to shareholders.
The proposed merger coulde help combine the strengths and expertise of the three companies, giving them a better chance to compete against tech giants.
SingularityNET, Fetch.ai, and Ocean Protocol Tokens Surge
The native tokens of SingularityNET, Fetch.ai, and Ocean Protocol have surged amid the merger news.
According to data from CoinMarketCap, SingularityNET’s AGIX token has gained more than 12% over the past day, while Fetch.ai’s FET has surged by almost 16%.
Ocean Protocol’s OCEAN has benefited the most, rising by more than 37% over the past 24 hours.
The broader AI-related tokens are largely flat over the past day.
Meanwhile, according to a research report from leading crypto exchange Coinbase, the surge in AI token market may be driven more by hype than actual utility.
The report suggested that the value potential of many AI tokens may be overstated due to the prevailing attention on the AI industry, and that these tokens may lack sustainable demand-side drivers in the short to medium term.
It also questioned the bold claims made by crypto-focused platforms asserting their unique disruptive potential within the AI industry.