Surge in AI Crypto Tokens Following Robust NVIDIA Earnings and Increased Market Interest
Summary:
In the wake of NVIDIA's robust earnings announcement, AI crypto tokens, including Worldcoin and Arkham Intelligence's native token, have seen a substantial surge in value. Many crypto projects are capitalizing on the AI boom. Sleepless AI, backed by Binance Ventures, revealed its impressive 2024 roadmap, while Fetch.ai announced its partnership with Deutsche Telecom to advance enterprise AI. Additionally, crypto exchange Bitget reported a significant increase in trading volume and participants for its listed AI tokens, largely attributed to OpenAI's innovative text-to-video model, Sora. Notably, Y Combinator is calling on startups to focus on developing AI, stablecoin, and metaverse solutions.
Following a strong earnings announcement by leading GPU manufacturer NVIDIA, the value of AI cryptocurrency tokens has significantly risen. As of the time of writing, Worldcoin (WLD), the pet project of OpenAI CEO Sam Altman, trades at $8.04, marking a 240% increase over the past month. Likewise, the Arkham Intelligence native token (ARKM), property of the AI blockchain analytics company, has experienced a 211% uptick in the same timeframe, now valued at $1.68 per token. On February 21, NVIDIA reported Q4 2024 revenue and earnings of $22.1 billion and $12.3 billion respectively, indicating a growth of 265% and 769% from Q4 2023. NVIDIA's founder and CEO, Jensen Huang, attributed this impressive quarter to the demand for sophisticated AI and accelerated computing, rampant across sectors, enterprises and countries.
Cryptocurrency projects are experiencing the AI boom as well. Recently, Binance Ventures-backed Sleepless AI, an AI companion platform operating on the Web3 model, shared its 2024 roadmap. The company promised to deliver authentic simulated interactions with humans through AI conversations, AI voices, and other experiences. They previewed Her 2.0, their upcoming AI blockchain game releases this year that lets users interact with virtual partners, compete in PvP battles and earn rewards through card boxes and mystery boxes.
Another AI platform tailored for decentralized applications, Fetch.ai, proclaimed their partnership with Deutsche Telecom to boost enterprise AI on Feb 13. Under this agreement, Deutsche Telecom will verify transactions on the Fetch.ai blockchain. The AI-driven autonomous agents at the heart of this technology govern resources, carry out deals, and analyze network flows. Fetch.ai's services are utilized across multiple industries like healthcare, automotive, supply chain management, and digital identities. Deutsche Telecom MMS will also partake alongside Fetch.ai in the Bosch Connected Experience, Europe's biggest AI and IoT hackathon, on February 28 and February 29.
On the other hand, Bitget, a crypto exchange, recorded an impressive 361% surge in the weekly trading volume of its listed AI tokens. Also, a 136% hike was observed in the traders' count. According to the researchers, the primary reason for this surge is the introduction of OpenAI's text-to-video model Sora that can generate 60-second videos inclusive of intricate scenes, complex camera movements, and eloquent characters. This breakthrough upped the creativity quotient of AI, drawing significant market attention.
Since 2020, the decentralized computing blockchain iExecRLC has collaborated with NVIDIA through its Inception Program to explore AI edge computing. iExecRLC, which currently boasts a market capitalization of $323 million, has been included in the NVIDIA Inception Program.
In related news, on February 20, Cointelegraph reported that Y Combinator urges startups to pioneer in developing stablecoin, metaverse, and AI solutions. Coincidentally, this Silicon Valley venture capital firm has financed 81 cryptocurrency and Web3 startups so far, including renowned names like Coinbase, OpenSea, TRM Labs, and Quantstamp. In a comment, Y Combinator analysts drew a parallel between the digital music transition from unauthorized file sharing in the early 2000s to broader acceptance with players like Apple making inroads.
Published At
2/26/2024 6:42:31 PM
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