Leading artificial intelligence protocols SingularityNet, Fetch.ai, and Ocean Protocol are in talks to merge their tokens into a fully diluted $7.5 billion value AltSignals (ASI) token. According to Bloomberg M&A, the deal could be announced on March 27, subject to community approval, as per individuals familiar with the matter.
Significant Development in the Field of Artificial Intelligence
Although the three platforms will continue to operate as separate entities, the new agreement will promote collaboration under the newly established Superintelligence Collective, led by SingularityNet’s founder and CEO Ben Goertzel. According to anonymous sources, Fetch.ai’s CEO Humayun Sheikh will become the president of the new formation.
These three protocols unite in the common goal of developing blockchain-based decentralized artificial intelligence protocols that are not controlled by central parties or major stakeholders. Fetch.ai (FET) token currently has the largest market value among the three tokens, standing at $2.72 billion. According to CoinMarketCap data, SingularityNet’s (AGIX) token has a market value of $1.7 billion, while Ocean Protocol’s (OCEAN) token is valued at $927 million.
Details Shared on the Subject
The potential merger comes at a time when interest in artificial intelligence protocols has surged, a week after reports that the Saudi Arabian government is considering creating a $40 billion investment fund for AI development in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z).
The fund could become operational in the second half of 2024. If approved, this move would make the Saudi Arabian government one of the largest investors in the field of artificial intelligence. In contrast, Microsoft has provided $13 billion in incentives to OpenAI, the creator of ChatGPT, through various investments.
In Europe, Google accepted a 250 million euro fine on March 20th, following the French competition authority’s decision to fine the company for violating European Union copyright laws during the training of its artificial intelligence model. Developments in the field of artificial intelligence continue to be addressed by governments, institutions, and communities worldwide.
