In brief:
- Crypto currencies specializing in artificial intelligence (AI) and data are leading the recent rally in the crypto market.
- Microsoft and Google are betting a bit on AI chatbots after ChatGPT trends.
Artificial intelligence (AI) and big data tokens are rallying amid the sudden fascination with AI chatbots. Google is promoting its Bard bot, while Microsoft relaunched its Bing search engine with ChatGPT built in.
Crypto assets in the AI and big data space have jumped. Big data protocol (BDP), the proprietary token of an emerging decentralized data marketplace, leads the pack with a rally of 1,400% over the past week, to trade around $0.48, according to data from CoinGecko.
It is closely followed by AI-focused tokens such as SingularityDAO (SDAO) and SingularityNET (AGIX), with gains of 170%-200%. Fetch.ai (FET), measurable data (MDT), matrix AI network (MAN), deepbrain chain (DBC), oraichain (ORAI) and Vectorspace AI (VXV) are some of the other notable risers in the AI and data intelligence environment with share price gains of 75%-95%.
AI craze
The recent hype around text and image generation models such as ChatGPT, StableDiffusion and DALL-E has fueled the speculative rally for crypto projects operating in this niche.
Many of the projects offer blockchain-based data analytics and distributed infrastructure to support decentralized AI and data science models.
SingularityNET, for example, encourages individuals to contribute data that improves proprietary AI models. Users are then compensated with tokens. Projects like DeepBrain Chain lower the cost of training AI models by letting users contribute data and processing power on a distributed network.
Although traders seem to be flocking to these tokens, not everyone is convinced.
"Blockchain and AI are not complementary, and for now everyone who jumps on the 'AI' train is just doing so to pummel and dump," said Andre Cronje, lead developer at Fanton.
"Projects that plunge into AI probably run out of ideas and are floating aimlessly," said the Yearn Finance founder.
"If we get to a point where blockchain can handle the kind of throughput needed for neural nets, we might be able to see them on chain," he said, before adding that this still begs the question of why anyone would want to do that. "Blockchains don't improve AI, and AI doesn't improve blockchain."
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