July 20, 2024

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SingularityNet, Fetch.AI, Ocean Protocol are Allegedly Talking about Merging Tokens

2 min read

SingularityNet, Fetch.ai, and Ocean Protocol—three well-known artificial intelligence (AI) protocols—are in talks to combine their tokens into an AltSignals (ASI) token, which would be valued at $7.5 billion when fully diluted.

Those with knowledge of the situation said that the deal might be disclosed as early as Wednesday, subject to community approval, Bloomberg M&A reported.

The agreement would encourage cooperation between the three platforms under a newly established Superintelligence Collective, led by SingularityNet founder and CEO Ben Goertzel, even though the three platforms would still function as independent businesses. The anonymous sources stated that the head of the new organization will be Humayun Sheikh, the CEO of Fetch.ai.

The development of blockchain-based decentralized AI protocols that are immune to control by powerful actors or centralized parties unites the three protocols.

The largest of the three coins, Fetch.ai (FET), has a market valuation of $2.72 billion at the moment. CoinMarketCap data shows that the market capitalization of SingularityNet’s (AGIX) token is $1.7 billion, while Ocean Protocol’s (OCEAN) token is valued at $927 million.

A week ago, there were rumors that the Saudi Arabian government was considering establishing a $40 billion investment fund to fund AI research, in collaboration with Silicon Valley venture capital firm Andreessen Horowitz (a16z). This news coincided with a surge in interest in AI protocols.

The fund might be established in 2024’s second half. The Saudi Arabian government would become the biggest investor in the AI industry if this were permitted.

In contrast, Microsoft invested a total of $13 billion over multiple years in OpenAI, the company that created ChatGPT.

On March 20, Google agreed to pay a fine of 250 million euros to the French competition authorities for violating copyright laws in the European Union while training its AI model.

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