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AI tokens briefly retreat following OpenAI product hype

ai-tokens-briefly-retreat-following-openai-product-hype
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AI tokens briefly retreat following OpenAI product hype

Several cryptos related to artificial intelligence surged in value after AI research company OpenAI announced new products. However, on Nov. 7, they went red as the market slumped.

AI tokens briefly retreat following OpenAI product hype - 1
Top AI tokens by market cap | Source: CoinMarketCap

Graph (GRT) price

Earlier today, market data showed that The Graph (GRT), an Ethereum (ETH) token that powers a decentralized protocol for querying blockchain data, rallied 17.67% over the last 24 hours and 35.66% in the previous seven days. When a market downturn hit earlier today, GRT ended up being up 1.67% over 24 hours and 29% for the last seven days.

The Graph aims to be the Google of blockchains, indexing and organizing data from networks like Ethereum and Filecoin (FIL) into open APIs. It is often qualified as an AI coin due to its heavy focus on AI applications and features.

AI tokens briefly retreat following OpenAI product hype - 2
Graph (GRT) price | Source: CoinMarketCap

SingularityNet (AGIX) price

SingularityNet (AGIX), a token enabling decentralized AI services, rose 2.6% over 24 hours and 5.4% over seven days before ending up in the red by 7% today and up by 1.21% over the last seven days.

SingularityNet operates an AI marketplace where users can buy and sell AI algorithms and services. The native AGIX token facilitates transactions on the network.

AI tokens briefly retreat following OpenAI product hype - 3
SingularityNet (AGIX) price | Source: CoinMarketCap

Fetch (FET) price

Fetch (FET), an Ethereum token for decentralized machine learning, gained 5.81% in 24 hours and 6.7% in seven days. Following the market slump, those metrics corrected to a loss of 7.13% today and a gain of 1.4% over the last seven days.

AI tokens briefly retreat following OpenAI product hype - 4
Fetch (FET) price | Source: CoinMarketCap

Fetch powers AI agents to automate trading, energy optimization, and more. Their first application helps automate DeFi trading on Uniswap (UNI).

OpenAI’s recent event

While these tokens are now mainly in the red after the general market slump, they had all seen notable gains over the last seven days and rose significantly during the previous 24 hours. This shows that AI tokens have enjoyed significant market interest until the market changed direction.

While there is no way to ensure a causal link, the rally followed an OpenAI’s AI Developer Day event on Nov. 6 announcing new AI capabilities like custom GPT chatbots, upgraded GPT-4 and GPT-3.5 natural language models, an Assistants API, and more. The new products are likely to spur the development of more AI-based products based on the OpenAI API — which may have a straightforward impact on some AI tokens.

For example, the new GPT-4 Turbo model supports longer contexts of up to 128,000 tokens, over 3x cheaper pricing, and new features like reproducible outputs. GPT-3.5 Turbo also received upgrades.

The Assistants API allows developers to build AI agents for specific use cases that can call models and external APIs. This could enable AI assistants for data analysis, vacation planning, visual canvas apps, and more.

Investors are likely betting these advanced tools will accelerate the development and adoption of AI services relying on blockchain networks and tokens like GRT, AGIX, and FET.