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Artificial intelligence-based crypto assets have been on a notable rise in the past few months, continuing to attract attention as transaction volumes and market values on various exchanges surged last month. Data from the crypto platform Bitget revealed a surprising 400% increase in transaction volume for AI-based projects throughout February, reaching a total market value of over 39 billion dollars.
Intense Interest in AI Projects
The primary reason for this rapid surge is investors flocking to AI-centric concepts such as Worldcoin (WLD), Livepeer (LPT), and Arkham (ARKM), all of which have seen price increases in the past few months. WLD, a token associated with Sam Altman’s AI-supported universal basic income project, saw an approximate 350% increase to over 7 dollars per token from its listing price at the beginning of March 2023. Similarly, LPT and ARKM have also achieved triple-digit percentage gains of approximately 140% and over 100%, respectively, since their launches.
Furthermore, the average market value of AI tokens listed on Bitget increased by a surprising 77% in February compared to January, while the average daily number of investors also rose by 80% during this period. The exchange witnessed a 480% increase in AI token transaction volumes between February 15-29.
Another reason for this excitement could be the upcoming release of OpenAI’s Sora, an AI model that converts text to video, which has already created significant buzz among AI investors and enthusiasts. The AI token frenzy shows no signs of abating, especially as industry giants like Nvidia achieve record revenues and profits due to increasing demand for AI computing power.
Nvidia’s earnings of 22.1 billion dollars in the fourth quarter of 2023 exceeded expectations, and the AI boom was identified as the primary factor supporting the company’s latest blockbuster results, further fueling the flames of the AI crypto craze.
Expert Commentary on Artificial Intelligence
Despite significant advancements in artificial intelligence technology, it’s possible to say that this field is still in its early stages. Can these projects truly justify the nearly 40 billion dollar AI token market value, or is it merely a facade?
According to Calanthia Mei, co-founder of Masa Network, a blockchain platform offering resources for AI developers, the market currently displays a strong mix of real potential and possible deception:
“I encourage everyone entering this market to ask themselves an important question: Is a token truly necessary for this project, and does decentralization play a crucial role in the core focus? Also, where will the ultimate value of this token accrue in the long term?”
While the current market valuation may seem filled with speculative deceptions, Mei sees a tremendous long-term potential and value in AI technologies. She adds that the presence of AI in crypto is definitely here to stay.
