Artificial intelligence pioneers SingularityNet, Fetch.ai, and Ocean Protocol are currently engaged in discussions to merge their respective tokens into a new AltSignals (ASI) token, which would have a fully diluted value of $7.5 billion. Bloomberg M&A reports that an official announcement could be made on March 27, pending approval from the community.
While the three platforms will maintain their individual operations, the merger will encourage collaboration under the newly formed Superintelligence Collective, led by SingularityNet’s CEO and founder, Ben Goertzel. According to sources, Humayun Sheikh, CEO of Fetch.ai, will assume the role of president within this new formation.
These protocols share a common objective of developing blockchain-based decentralized artificial intelligence protocols that operate independently from central entities or major stakeholders. Currently, Fetch.ai’s token (FET) holds the highest market value among the three, totaling $2.72 billion. SingularityNet’s token (AGIX) holds a market value of $1.7 billion, while Ocean Protocol’s token (OCEAN) is valued at $927 million, according to CoinMarketCap data.
This potential merger comes at a time when interest in artificial intelligence protocols is growing. Just last week, reports emerged that the Saudi Arabian government is contemplating the creation of a $40 billion investment fund for AI development in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z). If approved, this fund could be operational by the second half of 2024, making the Saudi Arabian government one of the largest investors in the field of artificial intelligence. In contrast, Microsoft has invested $13 billion in OpenAI, the creator of ChatGPT.
In Europe, Google recently faced a 250 million euro fine for violating European Union copyright laws during the training of its AI model. This fine, imposed by the French competition authority, highlights the ongoing developments in the field of artificial intelligence that are being addressed by governments, institutions, and communities worldwide.
Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.