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Fetch AI Surges 30% Following OpenAI’s Sora Launch: AI-Based Cryptos Also See Price Surge

Last Updated February 19, 2024 2:46 PM
Giuseppe Ciccomascolo
Last Updated February 19, 2024 2:46 PM

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%

Following the debut of OpenAI’s Sora, Fetch AI  became the leading AI-based cryptocurrency, surging by 30% on Sunday, February 18, 2024. This surge spearheaded a broader rally in AI-based cryptocurrencies. Fetch AI now boasts a market capitalization of $771.5 million as of February 19, 2024, securing its position as the 94th largest cryptocurrency. CoinMarketCap data  shows Fetch AI consistently adding $10 million per day to its market capitalization following the Sora announcement.

Notably, Fetch.AI’s FET token surged to $0.8420, reaching a two-year pinnacle for the AI token.

Fetch AI price performance
Fetch AI remarkable surge after OpenAI’s launch of Sora I Credit: CoinMarketCap

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

Fetch AI’s surge following the Sora announcement was part of the broader excitement sparked by OpenAI‘s text-to-video generator. The news boosted AI-related tokens and renewed enthusiasm for AI technology advancements.

Tokens such as Worldcoin’s WLD, Bittensor’s TAO, and Sleepless AI’s AI experienced significant increases, with some witnessing gains of up to 10%. OpenAI’s Sora has reignited optimism regarding the growth potential of AI technology.

Worldcoin’s WLD emerged as a standout performer among AI tokens, soaring by 30% and hitting a record high of $7. Notably, Worldcoin’s parent company, founded by Sam Altman, CEO of OpenAI, led some traders to perceive WLD as a speculative investment tied to OpenAI’s future expansion.

Additionally, Ethereum co-founder Vitalik Buterin’s tweet  about AI’s potential role in smart contract auditing drew attention. He led to price increases of up to 15% for lesser-known tokens such as 0x0 and TokenFi’s TOKEN.

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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