Three notable AI protocols, SingularityNet, Fetch.ai, and Ocean Protocol, plan to merge their tokens into an AltSignals (ASI) token, potentially valued at $7.5 billion. The merger aims to foster collaboration among the platforms while maintaining their separate operations. The deal, reportedly set to be announced soon with community approval, would establish a Superintelligence Collective led by Ben Goertzel of SingularityNet and Humayun Sheikh of Fetch.ai as chairman.
Major AI Protocols Explore Token Merger to Form Superintelligence Collective
Three leading artificial intelligence (AI) protocols, SingularityNet, Fetch.ai, and Ocean Protocol, are reportedly engaged in negotiations to merge their tokens into a unified AltSignals (ASI) token, potentially valuing the combined entity at $7.5 billion.
According to sources familiar with the matter, the deal could be announced as early as Wednesday, subject to community approval. Bloomberg M&A reports that the three platforms will continue to operate independently, fostering collaboration under the newly formed Superintelligence Collective. Ben Goertzel, Founder and CEO of SingularityNet, will serve as the Collective's leader, while Humayun Sheikh, CEO of Fetch.ai, will assume the role of Chairman.
The three protocols share a common vision of developing blockchain-based decentralized AI protocols that are immune to the control of centralized entities or large stakeholders. At present, Fetch.ai's (FET) token holds the highest market capitalization of the three at $2.72 billion, followed by SingularityNet's (AGIX) token at $1.7 billion and Ocean Protocol's (OCEAN) token at $927 million, as per CoinMarketCap data.
This potential merger comes amid heightened interest in AI protocols, a trend that has been fueled by recent reports of Saudi Arabia's intention to establish a $40 billion investment fund dedicated to AI development in partnership with Silicon Valley venture capital firm Andreessen Horowitz (a16z). This fund, targeted for the second half of 2024, would position Saudi Arabia as the primary investor in the AI sector.
In comparison to the Saudi Arabian fund, Microsoft has made significant investments in OpenAI, the creator of ChatGPT, amounting to $13 billion. Google, meanwhile, was fined 250 million euros by the French competition authority on March 20 for violating European Union copyright laws during the training of its AI model.
The proposed merger of SingularityNet, Fetch.ai, and Ocean Protocol represents a significant development in the AI industry, consolidating the efforts of leading protocols towards the realization of decentralized, blockchain-based AI solutions. The creation of the Superintelligence Collective, led by Ben Goertzel and Humayun Sheikh, promises to foster collaboration and innovation in the AI space.
