Cryptocurrency AI Tokens Increase in the Wake of a Prospective Microsoft Acquisition for ChatGPT Creator OpenAI

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Last Updated on January 17, 2023 by Bitfinsider

After news broke that Microsoft might invest $10 billion in OpenAI, the company that created ChatGPT, interest in cryptocurrency tokens related to artificial intelligence increased.

Although nine currencies related to the industry have increased by more than 50% in the previous week, according to CoinGecko, the rally has somewhat slowed down since word of the deal initially surfaced last week. Since many of the tokens are seen as having limited liquidity and “small cap,” it doesn’t take much to cause price changes.

One of the top performances over the last week has been ImgnAI, a token connected to an AI picture generator based on anime. In the last 24 hours, there have been 750,198 transactions on the coin. The more liquid AI-related coin Fetch.ai witnessed $77.6 million in volume during the last day. It has increased 65.1% in the last week.

The crypto tokens that have gained popularity this week still need to demonstrate their long-term viability beyond the standard governance pledges found in other utility coins. Although the protocols themselves may employ AI, it is unclear how closely connected the tokens are to the system.

According to Dragonfly Capital Managing Partner Haseeb Qureshi, cryptocurrency may play a significant role in the widespread adoption of AI, especially as software, bots, and autonomous vehicles start to use money without human intervention. The majority of the excitement surrounding ChatGPT over the past few weeks has been generated by users asking the bot to do everything from writing code to marketing copy.

ChatGPT mentioned the bills that would have to be paid when asked why AI could need to utilize money. It didn’t want to say which particular token it could want.

The chat bot responded, “As for why AI bots may need money for themselves, it could be used for various reasons,” and further added: “To pay for their own maintenance and upgrades, similar to how humans use money to maintain and improve their standard of living.”


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