Three prominent artificial intelligence (AI) protocols—SingularityNet, Fetch.ai, and Ocean Protocol—deliberate on the possible merger of their respective tokens.
The deal could be disclosed as early as Wednesday, pending community approval, according to Bloomberg M&A’s sources with knowledge of the situation.
Although the three platforms would maintain their operations, the new agreement would facilitate their cooperation through a newly established Superintelligence Collective, which would be led by Ben Goertzel, the founder and CEO of SingularityNet.
The sources indicate that Humayun Sheikh, the current CEO of Fetch.ai, would assume the role of chairman of the newly formed organization.
The three protocols are similar to constructing decentralized AI protocols based on blockchain technology, which are impervious to control by centralized entities or significant stakeholders.
The Fetch.ai (FET) token currently holds the largest market capitalization among the three cryptocurrencies, amounting to $2.72 billion. Data from CoinMarketCap indicates that the market capitalization of SingularityNet’s (AGIX) token is $1.7 billion, and that of Ocean Protocol’s (OCEAN) token is $927 million.
A week after reports that the Saudi Arabian government was considering forming a $40 billion investment fund in collaboration with Silicon Valley venture capital firm Andreessen Horowitz to facilitate the development of AI, the potential merger occurred during a period of increased interest in AI protocols.
The fund’s establishment may occur during the latter part of 2024. If granted approval, this would position the government of Saudi Arabia as the preeminent investor in artificial intelligence.
Comparatively, Microsoft invested $13 billion across multiple investments in ChatGPT creator OpenAI.
Following a sanction of 250 million euros imposed by the French competition authority on March 20, Google acquiesced to the European Union’s concerns regarding the company’s training of its AI model in violation of copyright laws.
