Fetch AI Surges 30% Following OpenAI’s Sora Launch: AI-Based Cryptos Also See Price Surge
OpenAI launched Sora and this event boosted AI-based cryptocurrencies. Will this uptrend last long?
Key Takeaways
- OpenAI’s launch of Sora marks a significant leap in artificial intelligence (AI) capabilities, generating high-quality videos from textual prompts.
- The news boosted AI-based cryptocurrencies, with Fetch AI jumping by 30%.
- How long will this uptrend last?
Tokens associated with artificial intelligence (AI) surged over the weekend following the debut of OpenAI’s groundbreaking text-to-video generator, Sora, igniting optimism among investors who consider the AI sector a lucrative opportunity for growth this year.
According to CoinGecko data , AI-related tokens experienced an impressive average increase of 7.7% on Sunday, February 18, 2024, and both Ocean Protocol’s OCEAN and Fetch.AI’s FET saw particularly remarkable gains, recording double-digits soars. Is this trend going to last long?
OpenAI’s New Product
Sora , a cutting-edge text-to-video AI model developed by OpenAI, represents a remarkable leap forward in artificial intelligence. This innovative technology effortlessly transforms text prompts into captivating video sequences, exemplifying its capabilities in the latest batch of releases.
OpenAI revealed in a recent blog post that Sora possesses the remarkable ability to fabricate intricate scenes featuring multiple characters, nuanced motions, and meticulous details of both subjects and backgrounds. The model not only comprehends the user’s prompt but also grasps how these elements manifest in the physical realm.
Presently, Sora undergoes rigorous scrutiny by security researchers tasked with ensuring its safety and reliability before its public debut, meticulously evaluating potential “critical risks.”
OpenAI has granted access to a select group of visual artists, filmmakers, and designers to explore Sora’s capabilities. However, the participants in this trial remain unnamed.
Fetch AI Jumped By 30%
Notably, Fetch.AI’s FET token surged to $0.8420, reaching a two-year pinnacle for the AI token.
Another significant factor driving Fetch AI’s momentum was the announcement of Deutsche Telekom’s partnership with the Fetch.ai Foundation. This marked the telecom giant as the foundation’s inaugural corporate collaborator. The Fetch.ai Foundation, dedicated to advancing cutting-edge AI and Web3 technologies within the Fetch.ai network, prioritizes fostering an inclusive and open platform accessible to a diverse user community.
Notably, as a validator, Deutsche Telekom’s subsidiary MMS plays a pivotal role in upholding the security and integrity of the decentralized Fetch.ai blockchain. It further solidifies the partnership’s significance within the blockchain ecosystem.
Other AI-based Cryptos Rose Too
What’s Next?
While the majority of individuals eagerly await their chance to experience Sora firsthand, a select group of early-access users has already begun showcasing Sora’s capabilities through numerous videos circulating online. Several of these videos are remarkably difficult to distinguish from real-life footage.
The anticipation of Sora and the broader advancements in AI may catalyze heightened investments in AI-based cryptocurrencies. This includes also projects from industry giants like Google and Microsoft. As of now, AI-based cryptos already involved in this burgeoning sector are reaping the benefits of the Sora-generated upward trend.
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