Fetch, SingularityNET, and Ocean Merge to Create Shared ‘Tokenomic Network’

Three prominent web3 projects focusing on the rapidly growing artificial intelligence sector are uniting. On March 27, Ocean Protocol, SingularityNET, and Fetch AI revealed their collaboration to merge tokens and work together on research and development efforts.

This partnership aims to establish a decentralized alternative to the dominant centralized tech companies leading AI development.

The teams aspire to foster the creation of decentralized AI infrastructure on a large scale, attract investment into initiatives targeting Artificial General Intelligence (AGI), and expedite the expansion of their individual platforms.
Fetch AI (FET), founded by Humayun Sheikh, a founding investor in DeepMind, focuses on building a decentralized platform for deploying AI agents, enabling users to interact with applications through natural language prompts.

SingularityNET (AGIX), led by founder Ben Goertzel, is a blockchain-based marketplace for AI services and algorithms. Ocean Protocol (OCEAN) facilitates the private exchange of tokenized data assets.

Each project has proposed governance plans for merging and will hold 14-day voting windows closing on April 16. If approved, FET will convert into the new ASI token, while AGIX and OCEAN migrations will occur at a ratio of roughly 0.433 to every ASI.

The announcement stated that ASI will have a fully diluted valuation of $7.5 billion and a total supply of 2.6 billion tokens post-merger.

The newly formed “tokenomics network” will be supervised by the Superintelligence Collective, with Goertzel as CEO, Sheikh as chairman, and Ocean’s co-founders Pon and McConaghy representing their protocol.

While the foundations of the three projects will remain separate entities, they will collaborate on overseeing the Superintelligence Collective and the shared ASI tokenomic ecosystem.
This news comes amidst increased interest in the broader artificial intelligence industry, spurred by the competition between neural network-based large language models like ChatGPT.

Despite AI’s struggle to gain traction within the web3 sector, AI tokens have shown strong performance in recent months.

The combined market capitalization of digital assets related to artificial intelligence surged over 830% in five months, from $3.18 billion in late October to $29.6 billion today, according to CoinGecko.

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