SingularityNet, Fetch.ai, and Ocean Protocol, leading artificial intelligence (AI) protocols, are currently in discussions about merging their tokens to create the AltSignals (ASI) token, which could have a fully diluted value of $7.5 billion. Bloomberg M&A has reported that the announcement of the merger is expected to be made on March 27, pending community approval, according to sources familiar with the matter.
This merger represents a significant development in the field of AI. While the three platforms will maintain their separate identities, they will collaborate under the newly formed Superintelligence Collective, which will be led by SingularityNet’s founder and CEO, Ben Goertzel. Humayun Sheikh, the CEO of Fetch.ai, is expected to become the president of the new entity.
The main objective of this collaboration is to develop blockchain-based decentralized AI protocols that are not controlled by centralized entities or major stakeholders. Currently, Fetch.ai’s token (FET) holds the highest market value among the three, standing at $2.72 billion. SingularityNet’s token (AGIX) has a market value of $1.7 billion, while Ocean Protocol’s token (OCEAN) is valued at $927 million, according to CoinMarketCap data.
This potential merger comes at a time when interest in AI protocols is on the rise. Recent reports have indicated that the Saudi Arabian government is considering establishing a $40 billion investment fund for AI development in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z). If approved, this move would make the Saudi Arabian government one of the largest investors in the AI field. In contrast, Microsoft has invested $13 billion in OpenAI, the creator of ChatGPT, as part of its efforts to support AI development.
In Europe, Google has recently accepted a €250 million fine for violating European Union copyright laws during the training of its AI model. This highlights the ongoing focus of governments, institutions, and communities worldwide on addressing developments in the AI field.
It is important to note that the information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research.
