• SingularityNET (AGIX) price has risen by over 774% in the past month.
• AGIX is a blockchain platform that allows users to create, share, and monetize AI services.
• The current bull run of AGIX started after Microsoft announced plans to invest $10 billion in OpenAI.
What is SingularityNET?
SingularityNET is a blockchain-powered platform that enables users to create, share, and monetize artificial intelligence (AI) services. Through the platform’s marketplace, AI developers can sell their tools and libraries while those interested in AI services can purchase any AI service uploaded on the platform. Additionally, if a user desires a customized AI service they can utilize the Request for AI portal (RFAI) or reach out to the extensive SingularityNET community of AI specialists. Users use the native token AGIX to purchase these services and developers receive AGIX tokens when they fill RFAI requests or sell their services. AGIX holders are also able to vote on changes to network operations as well as stake their tokens to earn interest payments.
Why Is The Price Of AGIX On The Rise?
The surge in popularity of ChatGPT has caused an increase in demand for AI-focused cryptocurrencies such as AGIX. On Tuesday, Microsoft announced plans to invest $10 billion into OpenAI, which is behind ChatGPT, resulting in an immediate 18% rise in price for AGIX as well as increased trading volume with people rushing towards it. Since then, its price has continued its upward trend and currently stands at $0.4579 with a 40.13% increase from just today alone.
Other Factors Contributing To The Price Surge
The growth of cryptocurrencies since the start of this year has been significant and certainly plays a role in increasing the value of SingularityNET’s native token; however there are other factors contributing to this success including:
Community Support
SingularityNET has an active online community who not only provide support but also help spread awareness about its benefits through various channels such as Reddit and Twitter which helps attract more investors looking for potential returns on investment (ROI).
Growing Adoption Of Blockchain Technology
As blockchain technology continues to be adopted by more companies worldwide it helps bolster confidence among investors who have realized its many advantages compared with traditional methods such as providing transparency and traceability throughout transactions which appeals directly to many industries such as finance where trustworthiness is highly valued.
Strong Backers
Big players within the industry have shown strong support for SingularityNET from entities like Binance Labs who recently invested into them along with other venture capital firms signaling that they believe strongly enough in what this project offers that it will be successful long-term thus inspiring others who may be wary about investing into new projects due their uncertainty about future performance or success rate may consider giving them a chance due these endorsements from identified people/firms within crypto space who are known for making good decisions when it comes investments so if they’re backing this project then perhaps one should too!
Partnerships With Key Players In Other Sectors
By partnering with key players within other sectors such healthcare & insurance companies which need data analysis & insights provided by machine learning algorithms powered by Artificial Intelligence like what SingularityNet offers could potentially lead more customers wanting access these kinds services thereby increasing demand even further helping drive up prices even higher than before!
