Microsoft and Google’s chatbot race drives AI-token rally
AI and big-data tokens surged as chatbots were announced in Google’s Search and Microsoft Bing.
According to CoinGecko, over the past week the price of the Big Data Protocol (BDP) token rose 759%. At the time of writing, the token trades at around $0.36.
Other AI-related crypto assets rose by between 75% and 200% over the same period.
Many of the projects offer blockchain-based data analytics and distributed infrastructure to support AI and data science models.
SingularityNET incentivizes people to share data that improve proprietary AI models. In return, users receive compensation in tokens.
The DeepBrain Chain project aims to reduce the cost of training algorithms by enabling data and computing power sharing in a distributed network.
However, despite the rising popularity of AI crypto assets, some experts are not confident about their prospects.
“Blockchain and AI do not complement each other, and anyone who attaches themselves to AI does so for pump-and-dump reasons,” said Fantom’s lead developer Andre Cronje.
According to him, AI-focused projects are likely running out of ideas and are “stuck.”
“If (and this is very unlikely) we reach a point where blockchain can handle the throughput required by neural networks, we may see them on-chain,” Cronje said.
The entrepreneur is also convinced that blockchain does not improve AI, and vice versa.
Please stop asking Fantom about AI.
AI and Blockchains don’t mix.
— Andre Cronje (@AndreCronjeTech) February 8, 2023
In February, the overall market value of AI-tokens reached $5 billion.
In January, the prices of nine AI-related crypto assets surged by 50%.
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