What do you get when you cross cryptocurrencies with artificial intelligence? A seemingly sentient bitcoin that codes itself in the style of Japanese haikus? Alas not, though you do get billions of dollars of trading in a new class of crypto tokens. The machine mania sweeping the tech world amid the launches of bots like ChatGPT and Bard has reached...
What do you get when you cross cryptocurrencies with artificial intelligence?
Average daily volumes for the biggest coins including SingularityNET, Fetch.AI and Render topped US$1 billion in early February, hitting a two-year high, according to data firm Kaiko. So far, the investment returns are strong. The CoinDesk Indices Computing Index, which includes AI-linked tokens, has risen 60 per cent this year with a significant spike in February as OpenAI's ChatGPT saw a surge in usage.
Some projects may be riding the AI wave without a sustainable plan, with the relative newness of the space meaning winners will likely be few and far between, market players warned. He separates the AI-crypto world into products likely to see near-term adoption as they solve immediate problems, and longer-term bets.
SingularityNET is one of the biggest such marketplaces and has seen the market cap of its token jump from $52 million to over $414 million this year.
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