AI Protocols SingularityNet, Fetch.ai, and Ocean Protocol Consider $7.5 Billion Token Merger
Crypto News – Three leading artificial intelligence (AI) platforms—SingularityNet, Fetch.ai, and Ocean Protocol—are currently engaged in negotiations aimed at merging their respective tokens into a unified AltSignals (ASI) token, boasting a fully diluted valuation of $7.5 billion.
Sources familiar with the matter, as reported by Bloomberg M&A, suggest that an official announcement regarding the deal could be imminent, potentially as early as Wednesday, pending community approval.
Under the proposed arrangement, although the three platforms would maintain their autonomy, they would collaborate more closely under a newly established entity called the Superintelligence Collective. This collective would be spearheaded by Ben Goertzel, the founder and CEO of SingularityNet, with Humayun Sheikh, CEO of Fetch.ai, slated to assume the role of chairman, according to insiders.
Cointelegraph has reached out to SingularityNet, Fetch.ai, and Ocean Protocol for their comments on the matter.
A shared vision unites these protocols—to develop decentralized AI frameworks built on blockchain technology, thus mitigating the influence of centralized entities or dominant stakeholders.
As of the latest CoinMarketCap data, Fetch.ai‘s (FET) token commands the largest market capitalization among the three, standing at $2.72 billion, followed by SingularityNet‘s (AGIX) token at $1.7 billion, and Ocean Protocol‘s (OCEAN) token at $927 million.
This potential merger coincides with a surge in interest surrounding AI protocols, occurring shortly after reports emerged of the Saudi Arabian government contemplating the establishment of a $40 billion investment fund dedicated to AI development. This initiative, in collaboration with Silicon Valley venture capital giant Andreessen Horowitz (a16z), is anticipated to materialize in the latter half of 2024, potentially positioning the Saudi government as the foremost investor in the AI domain.
In comparison, Microsoft’s investments in OpenAI, the creator of ChatGPT, total $13 billion across multiple rounds.
Meanwhile, in Europe, Google recently agreed to a €250 million fine on March 20th, following a ruling by the French competition authority that found the tech giant in breach of European Union copyright laws during the training of its AI model.
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