In a groundbreaking move within the artificial intelligence sector, top AI protocols SingularityNet, Fetch.ai, and Ocean Protocol are engaged in discussions to consolidate their cryptocurrencies. The fusion aims to produce a new token, AltSignals (ASI), with an anticipated combined value of $7.5 billion. The announcement of the merger is expected on March 27, contingent on the approval of their respective communities. These negotiations have been disclosed by individuals acquainted with the ongoing talks.
Superintelligence Collective Formation
In spite of the merger, the three firms will maintain their distinct operations. The newly formed Superintelligence Collective, however, will serve as a platform for cooperative endeavors. Spearheaded by Ben Goertzel, founder and CEO of SingularityNet, the collective will also see Fetch.ai’s CEO Humayun Sheikh assume the role of president. This alliance is set to foster the progression of decentralized AI protocols built on blockchain technology, aimed at diminishing centralized control.
Market Positions of the Involved Tokens
Presently, Fetch.ai’s token, FET, holds the highest market valuation among the three, totaling $2.72 billion. SingularityNet’s AGIX token follows with a $1.7 billion valuation, and Ocean Protocol’s OCEAN token is valued at $927 million, as per the latest data from CoinMarketCap.
This potential merger emerges amidst heightened global interest in AI protocols. A recent report highlighted that the Saudi Arabian government is contemplating a significant $40 billion AI investment fund, in collaboration with Andreessen Horowitz (a16z), which could be operational by the second half of 2024. Microsoft has also invested substantially in OpenAI, contributing $13 billion to the creators of ChatGPT. Moreover, on the European front, Google has recently accepted a fine of 250 million euros imposed by the French competition authority for AI copyright law infringements.
These developments underscore the rapidly growing investment and regulatory attention directed at the artificial intelligence industry around the globe.