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SingularityNET, Fetch.ai and Ocean Protocol eyeing token merge, report says

By:
on Mar 27, 2024
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  • SingularityNET, Fetch.ai and Ocean Protocol are reportedly eyeing token merge.
  • The AI projects are looking at a decentralised AI platform with one token ASI.
  • AGIX, FET and OCEAN prices rose sharply amid the Bloomberg news report.

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SingularityNET (AGIX), Fetch.ai (FET) and Ocean Protocol (OCEAN) prices soared today amid what could be a huge move for the three of the top blockchain-based artificial intelligence (AI) protocols.

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Reportedly the SingularityNET, Fetch.ai and Ocean Protocol projects are looking to merge, creating one decentralised AI platform.

In this case, the AGIX, FET and OCEAN tokens could merge into a single token dubbed ASI, if the discussions between the AI startups come to fruition, Bloomberg reported on Wednesday.

Despite the merger, should it happen, SingularityNET, Fetch.ai and Ocean Protocol will continue to offer their services as separate entities. The deal will, however, see more collaboration as part of a “Superintelligence Collective”.

Ben Goertzel, the founder and CEO of SingularityNET will lead the initiative, with Fetch.ai CEO Humayun Sheikh as chairman

AGIX, FET and OCEAN prices soar on report

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Per the Bloomberg report, people familiar with the development say that news of the deal could be out as early as Wednesday.  A deal would see “ASI” have a fully diluted valuation of $7.5 billion, the report added.

Currently, the FDV of SingularityNET, Fetch.ai and Ocean Protocol stand at $1.86 billion, $3.7 billion and $2.2 billion respectively.

AGIX, FET and OCEAN tokens soared amid the potential merger news. AGIX rose more than 10% to above $1.37; FET spiked 13% to above $3.28 and OCEAN soared more than 27% to reach highs of $1.64.

AI tokens have surged in recent months amid growing interest in the artificial intelligence powered blockchain ecosystem.

The AI narrative has also gained impetus from the staggering traction that major companies such as Nvidia, Microsoft and Google have made in the sector.

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