Microsoft, Google chatbot frenzy prompts rally in AI, big data tokens
Quick Take
- Crypto tokens specializing in artificial intelligence (AI) and data are leading the recent crypto market rally.
- Microsoft and Google are betting 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 the big data space have jumped. Big data protocol (BDP), the native token of an emerging decentralized data marketplace, leads the pack with a 1,400% rally in the last week, to trade around $0.48, according to CoinGecko data.
It's closely followed by AI-focused tokens such SingularityDAO (SDAO) and SingularityNET (AGIX), with gains anywhere from 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 gainers in the AI and data intelligence space, with price gains ranging from 75%-95%.
AI buzz
The recent hype around text and image generation models like ChatGPT, StableDiffusion, and DALL-E has fueled the speculative rallies for crypto projects operating in the niche.
Many of the projects offer blockchain-based data analytics and a distributed infrastructure to support decentralized AI and data science models.
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SingularityNET provides incentive for individuals to contribute data that improves proprietary AI models, for example. Users are then compensated with tokens. Projects like DeepBrain Chain reduce the cost of training AI models, letting users contribute data and processing power on a distributing network.
While traders appear to be piling into these tokens, not everyone is convinced.
"Blockchain and AI are not complementary, and (for now) anyone that jumps on the 'AI' bandwagon is simply doing so for pump & dump reasons," Andre Cronje, lead developer at Fantom, said.
Projects that pivot into AI were likely running out of ideas and are "dead in the water," the Yearn Finance founder said.
"If (and that's very unlikely if) we get to a point where blockchain could handle the kind of throughput required for neural net needs, we may be able to see them on-chain," he said, before adding this would still raise the question as to why someone would want to do that. "Blockchains don't improve AI, and AI doesn't improve blockchain."
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