SingularityNET's token AGIX, AGIX/USD, has seen a significant price increase of over 245% in January, starting at just 5 cents and trading at $0.162 per token on Friday.
The popularity of artificial intelligence applications among the masses, such as the language model ChatGPT, has contributed to the soaring of SingularityNET's token price.
This trend was further reinforced when Microsoft Corporation MSFT announced its desire to invest $10 billion in the creators of ChatGPT and OpenAI.
The Context On SingularityNET: For The cryptocurrency market for AI and Big Data is currently valued at $2 billion, almost double what it was at the start of the year, according to CoinMarketCap.
The SingularityNET platform, which is an artificial intelligence project being built on the Cardano ADA/USD blockchain, announced plans to enable interoperability between Ethereum ETH/USD and Cardano.
The platform aims to launch AGIX-ADA staking on Cardano in the first quarter of 2023, which would directly affect the value of Cardano's native token, ADA.
Also read: The Story Behind BONK Token's Meteoric Price Rise And Why Its Liquidity Fee Rate Is Unsustainable
AGIX is the native token of the AI services marketplace being developed by SingularityNET.
The platform has already launched a bridge between the Ethereum and Cardano networks, allowing AGIX to be converted between them. Additionally, the platform has also launched an AGIX-ADA rewards program.
The Last Word: The significance of the AI industry became apparent with Microsoft's announcement of a $10-billion investment in the creators of ChatGPT and OpenAI.
This underlines the growing interest and potential in the AI industry.
SingularityNET's ambitious plans to enable cross-chain interoperability on Ethereum and Cardano is a significant step toward realizing the full potential of AI.
#SingularityNET’s partnership with #Cardano is central to our future direction, and migration to the Cardano blockchain got well underway in 2022.— SingularityNET (@Singularity_NET) January 12, 2023
Read more on our busy year #BuildingOnCardano in our end of year report: https://t.co/ZWJEdIDS4r#AI #CardanoCommunity #blockchains pic.twitter.com/b4gUitFAqR
The launch of AGIX-ADA staking on Cardano will provide users with more options and flexibility in how they use and benefit from the AI services marketplace being developed by SingularityNET.
Next: Hodlnaut's Key Creditors Reject Restructuring Plan, Push For Liquidation Of The Troubled Crypto Lender
Photo via Pixabay.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Get ready to uncover the secrets of decentralized finance and security in the crypto market with Crypto Unlocked , Benzinga's new virtual crypto event series. Don't miss out on this opportunity to learn from the experts and connect with fellow crypto enthusiasts — subscribe and turn on notifications for Crypto Unlocked on YouTube today !