SingularityNet, Fetch.ai, and Ocean Protocol, leading artificial intelligence protocols, are currently engaged in discussions to merge their tokens into a new AltSignals (ASI) token, which would have a fully diluted value of $7.5 billion. Bloomberg M&A has reported that the announcement of this deal is expected to take place on March 27, pending community approval, according to sources familiar with the matter.
Key Developments in the Field of Artificial Intelligence
The merger will not result in the consolidation of the three platforms into a single entity, but rather, it will foster collaboration through the newly established Superintelligence Collective. This collective will be spearheaded by SingularityNet’s CEO and founder, Ben Goertzel. Fetch.ai’s CEO, Humayun Sheikh, is said to assume the role of president within this newly formed collaboration.
These three protocols have a shared objective of developing decentralized artificial intelligence protocols based on blockchain technology, with the aim of eliminating control by central parties or major stakeholders. Currently, Fetch.ai’s (FET) token holds the highest market value among the three, standing at $2.72 billion. CoinMarketCap data reveals that SingularityNet’s (AGIX) token has a market value of $1.7 billion, while Ocean Protocol’s (OCEAN) token is valued at $927 million.
Further Details on the Merger
This potential merger comes at a time when interest in artificial intelligence protocols is rapidly growing. Just last week, it was reported that the Saudi Arabian government is considering establishing a $40 billion investment fund for AI development, in collaboration with Silicon Valley venture capital firm Andreessen Horowitz (a16z). If approved, this venture would make the Saudi Arabian government one of the largest investors in the field of artificial intelligence. In contrast, Microsoft has already invested $13 billion in incentives to OpenAI, the creator of ChatGPT.
In Europe, Google recently accepted a €250 million fine after the French competition authority found the company guilty of violating European Union copyright laws during the training of its artificial intelligence model. Governments, institutions, and communities worldwide continue to address and explore advancements in the field of artificial intelligence.
Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any investment decisions.
