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AI tokens continue to rally following OpenAI's unveiling of Sora text-to-video generator
AI-related tokens have rallied in the past 24 hours, with the native cryptocurrencies associated with SingularityNET and Worldcoin posting double-digit gains.
The uplift comes amid the hype surrounding the unveiling of OpenAIs Sora text-to-video generator on Friday. AGIX, the native token of SingularityNET, a decentralized marketplace for AI-related services, gained over 11% in the past day, now trading for $0. 52.
The price of Worldcoins WLD +32. 17% token increased by over 28% in the past 24 hours, currently changing hands for $7. 51, according to The Blocks price page. WLD also set a new all-time high of $7. 95 today, with the market cap of worldcoin briefly exceeding $1 billion. Worldcoin is backed by Tools of Humanity, a company with Sam Altman as a co-founder and Chairman. Altman is also the CEO of OpenAI.
In the past 24 hours, CoinGeckos list of AI tokens has posted a gain of over 8%, with the market capitalization of the sector now standing at around $15 billion.
Other major AI-related cryptocurrencies such as FET, the native token of Fetch. ai, gained over 5% in the past 24 hours. Fetch. ai focuses on automating business tasks, particularly in data processing and trading, using AI and machine learning.
Speaking to The Block about the recent surge in AI token prices, Fetch. ai CEO and Founder Humayan Sheikh said he expects the global use of AI to increase exponentially, impacting the blockchain industry. "In particular, the decentralized architecture of blockchain technology lends itself remarkably well to AI applications, setting the stage for the widespread adoption of blockchain, which has thus far been confined largely to financial applications," Sheikh said.
The spike in prices in the AI-related cryptocurrency sector comes as the wider market has risen slowly over the last week, with The GMCI 30 Index up from 104 to 113.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
